Nirav Modi - PNB scam Explained
What is the PNB scam?
The Punjab National Bank Fraud Case relates to the fraudulent letter of undertaking worth ₹14,356.84 crore (US$ 2.1 billion) issued by the Punjab National Bank at its Brady House branch in Fort, Mumbai; making Punjab National Bank liable for the amount. The fraud was allegedly orchestrated by jeweller and designer Nirav Modi. Nirav, his wife Ami Modi, brother-in-law Nishal Modi and uncle Mehul Choksi, all partners of the firms, M/s Diamond R US, M/s Solar Exports and M/s Stellar Diamonds; along with PNB officials and employees, and directors of Nirav Modi and Mehul Choksi's firms have all been named in a charge sheet by the CBI. Nirav Modi and his family absconded in early 2018, days before the news of the scam broke in India. Nirav Modi is currently in the United Kingdom and the Indian government has officially asked for his extradition. The Enforcement Directorate has begun attaching assets of the accused and is seeking to immediate confiscation under the Fugitive Economic Offenders Ordinance.
The bank initially said that two of its employees at the branch was involved in the scam, as the bank's core banking system was bypassed when the corrupt employees issued LOUs to overseas branches of other Indian banks, including Allahabad Bank, Axis Bank, and Union Bank of India, using the international financial communication system, SWIFT. The transactions were noticed by a new employee of the bank. The bank then complained to the CBI, who are currently investigating the scam apart from ED and RBI. On a later date, CBI named key officials Usha Ananthasubramanian, former CEO of PNB, executive directors KV Brahmaji Rao and Sanjiv Sharan in a charge sheet holding them responsible for failure to implement several circular and caution notices issued by the RBI regarding the reconciliation of SWIFT messages and core banking systems.
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