NCP MP raises allegations based on a report and says it hinted at an accused-BJP connivance
Youth Congress activists burn effigies of Nirav Modi as they raise slogans against the PNB fraud case in New Delhi. File pic/PTI
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Nationalist Congress Party (NCP) MP Majeed Memon has quoted a report alleging that the accused celebrity jeweller, Nirav Modi, had deposited cash worth '90 crore at one of the branches of the scam-hit Punjab National Bank (PNB), hours before the announcement of demonetisation.
"When Nirav Modi left India, at that time it was reported that some hours prior to the PM's announcement of demonetisation in 2016, Nirav Modi deposited '90 crore of cash in one branch of PNB, and he probably exchanged it for bullion or something," Memon was reported as saying. He also added, "I think that there should be proper investigation to see if there is any element of truth to it."
Memon also took to Twitter to convey the same, and hinted on suspicion of connivance between the accused and the BJP-led government at the Centre, by adding, "What does it suggest?" Prime Minister announced the ban on '500 and '1,000 rupee notes, on November 8, 2016.
The PNB detected a 1.77 billion dollar ('11,400 crore) scam earlier this month, in which Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders. Mehul Choksi, Nirav Modi's uncle, is also being probed for his involvement. PNB lodged two financial fraud complaints of '11,400 crore and '280 crore against Nirav Modi, his family and the owner of Gitanjali Gems.
PNB's ED questioned for second day
The CBI has examined Punjab National Bank's Executive Director K V Brahmaji Rao for the second day on Sunday in connection with the '11,400 crore PNB scam allegedly involving jewellers Nirav Modi and his uncle Mehul Choksi, officials said. Rao, who started his career in banking 35 years ago as a probationary officer in Vijaya Bank, handled the Mumbai zone, among others, in the bank where the crime was allegedly detected, they said.
CII calls for hi-tech control systems
In the wake of an alleged '11,400 crore fraud on PNB, the Indian industry urged for better and hi-tech control systems to check financial frauds, as also a gradual decrease in government holding in public sector banks.
Rs 11,400 cr
Total estimate of the scam
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