Nirav Modi accuses PNB of destroying his business

Nirav Modi accuses PNB of destroying his business

Nirav Modi accuses PNB of destroying his business

Modi's lawyer had earlier denied the allegations against him. "Bank has made enough arrangements to ensure no customer is put to any inconvenience", reads the bank statement.

"With the help of Ministry of External Affairs through Consulate General of Shanghai and Istanbul and office of the National Cyber Security Council (PMO) all possible efforts through diplomatic and legal channels are being taken to repatriate the money", it said.

The committee, RBI said, has been set up in view of large divergences observed in asset classification and provisioning in the credit portfolio of banks as well as the rising incidence of frauds in the banking system.

Lenders had not fully implemented all of the required measures, the central bank said.

The RBI added it had mandated lenders on Tuesday to implement measures to strengthen their oversight of the SWIFT platform.

The finance ministry pointed a finger at the Reserve Bank of India for failing to pick up the fraud, which took place at a single branch of PNB in Mumbai, according to local media. "Everything is documented", Aggarwal told Reuters over telephone. The ED and the Income Tax department have zeroed in on about 200 dummy or shell companies in India and overseas that were being used to route or receive funds as part of the alleged fraud.

Modi and his representatives were not immediately reachable for comment. However, the mall in Delhi has written to IANS saying no such raid was conducted by the ED in Ambience, Vasant Kunj, "as we do not have any Gitanjali group store operating in our premises".

Modi claimed the money owed by him to the bank was less than Rs 5,000 crore.

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On the over Rs 11,000-crore loss claimed by PNB in the FIR, Nirav Modi said, "as you are aware, this is entirely incorrect and the liability of the Nirav Modi Group is substantially less".

The remaining three, who were more senior ranking, were arrested late on Monday, and will be held for 14 more days by the police.

The PNB fraud surfaced when companies of Nirav Modi and Mehul Choksi approached PNB's Brady Road branch, Mumbai, in January this year seeking LoU for payments to suppliers.

No one has yet been charged.

CBI has said that cases have been registered against all the three accused under 120 (B), 420 of IPC.

Sawant, a Scale I officer, posted in the forex department of the bank between 2015 and 2017, did not "deliberately" check the details of SWIFT messages sent daily and whether the same were entered in the core banking solutions system of the bank.

They said Vipul Ambani was holding the position for last three to four years. It also calls for making the officials/employees of the bank who sanctioned the loan liable for the recovery of the loan by affecting the recovery from their properties even after their retirement.

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