Nirav Modi case: Mamata demands time-bound probe into PNB fraudhttps://indianexpress.com/article/cities/nirav-modi-case-mamata-banerjee-demands-time-bound-probe-into-pnb-fraud-5065450/

Nirav Modi case: Mamata demands time-bound probe into PNB fraud

"Look what happened at Punjab National Bank. A scam of more than Rs 11,000 crore. People's savings are not safe. There must be a thorough, time-bound enquiry," the chief minister said in a tweet.

Mamata Banerjee on West Bengal 2018 Panchayat Polls
West Bengal Chief Minister Mamata Banerjee on Thursday called for a thorough probe into the fraudulent transactions made in state-owned Punjab National Bank.

West Bengal Chief Minister Mamata Banerjee on Thursday called for a thorough probe into the fraudelent transactions made in state-owned Punjab National Bank (PNB). Taking to Twitter, the Trinamool Congress chief alleged that a scam of more than Rs 11,000 crore had been unearthed, suggesting that people’s savings are not safe.

“Look what happened at Punjab National Bank. A scam of more than Rs 11,000 crore. People’s savings are not safe. There must be a thorough, time bound enquiry,” the chief minister said in a tweet.

Earlier in the day, Congress President Rahul Gandhi also took an apparent dig at PM Modi and tweeted “a guide to looting India”. Gandhi listed four points and said the first involved “hugging PM Modi” and “be seen with him in Davos”. Next, he said the diamond jeweller used the clout to “steal” Rs 12, 000 crore and “slip out of the country like Mallya”.

In what could be the biggest banking fraud in India, PNB on Wednesday said that it had detected fraudulent transactions worth $ 1,771.7 million (over Rs 11,000 crore) in its mid-corporate branch at Brady House, South Mumbai, in a case related to billionaire diamond jeweller Nirav Modi. Modi, along with his wife Ami Modi, brother Nishal Modi and maternal uncle Mehul Choksi were booked by the CBI on January 31 for allegedly cheating PNB of over Rs 280 crore in 2017. They were booked under sections of the IPC for criminal conspiracy and cheating and provisions of Prevention of Corruption Act.

On Thursday, PNB Managing Director Sunil Mehta said the Finance Ministry was taking stock of the matter on a day-to-day basis and it “will not spare anyone” involved in the wrongdoing.

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Read | Nirav Modi case: Finance Ministry monitoring situation, guilty will not be spared, says PNB MD Sunil Mehta

Several raids were also conducted across multiple properties of Modi across the country by the Enforcement Directorate. Around 60 officials from the agency raided at least 12 properties including Modi’s jewellery showrooms as well as his corporate office in Mumbai, apart from locations in Surat and Delhi. The ED also sealed his house in Worli in Mumbai.

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