PNB fraud: Charge of criminal breach of trust added to FIR

PNB fraud Nirav Modi allegedly managed to get 1,212 LoUs- which the RBI has discontinued now- in 74 months

PNB fraud Nirav Modi allegedly managed to get 1,212 LoUs- which the RBI has discontinued now- in 74 months

Two officials at PNB's Brady House branch in Mumbai issued LoUs without authorisation to firms linked to diamantaires Nirav Modi and his uncle Mehul Choksi.

According to the CBI, PNB filed a supplementary complaint for "defrauding PNB in the sanctioned limit of the marginally noted companies (Gitanjali Gems, Gili India and Nakshatra Brand) and Asmi Jewellery India Ltd for an additional amount of Rs 942.18 crore".

Punjab National Bank told police on Tuesday that it had uncovered additional exposure of about 9.42 billion rupees ($144.83 mln) to Gitanjali group of companies, taking its overall exposure in connection with the fraud to well over the $2-billion mark.

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The total amount that has been swindled in the country's biggest banking scam ever has now gone up to a humungous Rs 13,578 crore.

"The acts of Shetty prima facie disclose commission of offence punishable under section 409 IPC along with other offences already alleged in the FIR", read the CBI's submission before the special court. Choksi's Gitanjali Group defrauded Rs 7,080.86 crore while the rest is attributed to companies of Modi. This is with response to a Hindustan Times Report mentioning that Nirav Modi in an email had offered jewelry worth Rs. 2,000 crore, current account deposits of Rs 200 crore and immovable properties of Rs 50 crore to settle part of his liabilities.

Earlier the agency had pressed the charge of cheating under the IPC and relevant charges under the Prevention of Corruption Act.

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When Central government is looking upon Central Bureau of Investigation (CBI) for probe into the Punjab National Bank (PNB) fraud case, the agency headed by IPS officer Alok Kumar Verma expressed their limitation in expediting the investigation citing shortage of manpower.

"However due to the magnitude of the case as stated above their services are falling short". Section 409 deals with criminal breach of trust by a public servant, banker, agent or merchant and the maximum punishment is life imprisonment. On Tuesday, arrested PNB general manager Rajesh Jindal moved a bail plea.

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