The country’s largest banking scam has happened in the Punjab National Bank. The scam is more than Rs. 11,000 crores. On Wednesday, PNB gave the stock market a scam in the Mumbai-based branch.

In this biggest scandal, the name of businessman Neerav Modi has emerged. After the scam came to light, PNB has suspended 10 officials. PNB pointed out that transactions were done to benefit some account holders. On the basis of these transactions, other banks have given loans in foreign countries. After this news, shares of Punjab National Bank were slashed by 10 percent.

PNB has admitted that it has been a scandal to benefit some account holders from the collusion of some people. The bank also says that on the basis of this transaction, it seems that other banks have advised these customers abroad also, that is, the other banks may have an impact on them. This news came at a time when India’s banking sector is already going through a crisis.

Following are the 10 things related to this Scam News By Punjab National Bank which you need to know:

# 1 – In less than ten days, this is the second case of bank fraud that has emerged. Earlier on February 5, the CBI had registered a fraud case involving Rs 280.70 crore with PNB in 2017 against billionaire diamond trader Neerav Modi, his wife, brother, and a business partner.

# 2 – On the complaint of PNB, the CBI has registered a case against Modi, his brother Nishal, wife Ami, and Mehul Chinubhai Vakasi, with the bank officials for allegedly cheating and misusing the bank in the conspiracy.

# 3 – CBI has also raided the residence of Modi, his brother Nishal, wife Amy, and Mehul Chinubhai. All these are partners in diamonds business in the US. The name of the Diamond Companies is Solar Exports and Stellar Diamonds. Immediately after, the raids also took place at the residence of two bank officials.

# 4 – The Punjab National Bank has also intimated Bombay Stock Exchange (BSE) about this unauthorized and fraudulent transaction.

# 5 – Enforcement Directorate (ED) has registered a case of money laundering against Neerav Modi and others in connection with fraud of Rs 280 crore in Punjab National Bank (PNB). This case has been registered on the basis of the FIR of the Central Bureau of Investigation (CBI).

# 6 – The finance ministry dismissed the fears of PNB’s over Rs 11,000 crores scam and said that this case is not ‘out of control’ and proper actions are taken about it.

# 7 – The Finance Ministry has asked all the banks to report such incidents if it has any by the end of this week.

# 8 – Four big jewelers, namely, Gitanjali, Guinea, Nakshatra, and Neerav Modi are under the scanner. The CBI, as well as the Enforcement Directorate, are looking at these people’s arrangements with different banks.

# 9 – CBI and Enforcement Directorate are investigating the last use of money from their various banks. The immediate response from these companies was not met.

# 10 – Neerav was also there in the list of Forbes’ Richest Indian in 2017.

You would also like to read next article: Criminal Elements In Our Assemblies – What You Need To Know?


Rohit Raj

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