Four major developments in PNB fianancial fraud case

Punjab National Bank, the second largest public sector bank in India, is battling a major financial fraud in one of its Mumbai branches. The PNB stocks are tumbling and the bank has already suspended ten of its staffers for complicity in the fraud. Here are four major developments in the case.

• DETECTION OF SCAM: The Rs 11365 crore scam began way back in 2011, when the country was under the UPA rule, but was detected only on January 3 this year. The bank has already lodged complaints and has filed FIRs on the incident. The bank has also initiated action against the erring staff.
• PROMPT ACTION: The enforcement directorate has already slapped a money laundering case against jewellery designer Nirav Modi and his relatives. It has also conducted raids on several of their houses and properties. His Kurla home, boutique in Kala Ghoda, company offices in Bandra, Lower Parel, showroos in Chakakyapuri, defence colony in Delhi and also in Surat.
• CENTRE MOVES IN: The bank has also booked retired deputy manager Gokulanth Setty and single window operator Manoj Karat, who issued LoUs to Nirav’s company. Setty retired just three months after doing this. The central Government has asked all other banks to send reports of similar cases in their offices.
• Actress Priyanka Chopra has slapped a case on Nirav Modi for not paying her for her advertisement. Priyanka is the brand ambassador for Nirav’s diamond products.