Tuesday, 19 June, 2018

More arrests in PNB fraud case

CBI detains Gitanjali Group's VP Vipul Chitalia at Mumbai Airport Vipul Chitalia was detained at Mumbai airport earlier today
Chelsea Rogers | 07 March, 2018, 00:15

Multiple media houses reported that ICICI Bank CEO, Chanda Kochchar and Axis Bank MD Shikha Sharma, were summoned by the Serious Fraud Investigation Office (SFIO). As many as 31 banks had extended loan worth Rs 5,280 crores to Choksi's Gitanjali Gems. A consortium of 31 banks had given working capital facility to Gitanjali Group, it said.

Meanwhile, the CBI has detained Vipul Chitalia, the Vice President of Gitanjali Group of Companies as a part of the probe into the case. He was brought in for questioning to the CBI office from Mumbai Airport.

"We have summoned Mehta (the head of the beleaguered bank) and he is expected to appear before us tomorrow", said an SFIO official.

The Rs 12,636-crore fraud was allegedly perpetrated by billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems. But, in case of a default, the bank that has issued the LoU has to pay the liability to the credit giving bank along with the accruing the interest. "We (the bank) have not issued any Letter of Undertaking (LOU) nor do we have any buyer's credit exposure against LOUs with respect to the Nirav Modi group of companies as well as the Gitanjali Group of companies".

Hundreds Flee Eastern Ghouta as Aid Delivery Stalls
At least 76 pro-regime fighters and 43 rebels from Jaish al-Islam have also been killed in clashes since Feb 25, it said. The Observatory said Turkish forces had advanced to within 12 km (7 miles) of Afrin.

An LoU is a guarantee given by an issuing bank to Indian banks with branches overseas to grant short-term credits to applicants. PNB dropped 2.3% and Axis Bank fell 1.4%, pushing the 10-member S&P Bankex Index to its fifth day of decline.

"The examination of the documents, including the bank's internal inspection report, revealed, inter alia, non-compliance with the directions issued by RBI on KYC norms", RBI said.

The court, set up under the Prevention of Money Laundering Act (PMLA), had issued the NBWs on applications filed by the Enforcement Directorate (ED), one of the agencies probing the bank fraud cases registered in February.

The accused officials of PNB did not enter the instructions for these LoUs in their internal software to avoid scrutiny.

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