Bigger India

PNB Fraud: CBI Examines Three Officials of Foreign Branches of Indian Banks

The CBI and other agencies are investigating into the PNB fraud which was allegedly perpetrated through issuing and rolling over of guarantees in violation of the rules.

A fraud of around $2.2 billion took place in PNB, the second largest in public sector, by diamond trader Nirav Modi and his uncle Mehul Choksi. ED has sent letters rogatory (LRs) -or, formal request from a court to foreign courts seeking judicial assistance – to Singapore, South Africa, the United Kingdom, Dubai, Belgium, the United States, Russia, France, China, and Hong Kong among others where Modi and Choksi are believed to have business interests in.

Read it at Insider

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