PNB scam: Raids to the showroom of Delhi, Mumbai, Surat, Nirav Modi

PNB scam: Raids to the showroom of Delhi, Mumbai, Surat, Nirav Modi sought 6 months time at the bank

Mumbai: State Bank has increased bank scam in India, Punjab National Bank. The scam is about Rs 11,500 crore. In this scandal, the name of the businessman Nirav Modi emerged. After coming from sources in his name NDTV 11500 crore scam received news that PNB bank Nirav Modi asked the six-month time to pay off the bank letter is written PNB, that the money. ED attacked Thursday Nirav Modi Kurla West, Mumbai, Mumbai Kalagodha, Bandra Mumbai IST-, Lower Prel- Mumbai, SEZ-Surat, Delhi Gate, Surat, Chanakyapuri- Delhi, Defense Colony- Delhi nine bases.

Letter written statement Modi bank without noise to repay the money. He said that his company is FIRESTAR DIAMOND Total cost 6.435 million and pay money to the bank. In this case, the raids of the Directorate of the execution take place Thursday. ED raids nine places. Let us tell you that Nirvana Modi is now out of the country.

How did Froad come
PNB contacted for a letter of credit to import Diamond. Neerav had paid PNB providers for Modi. After this money was collected from Nirav Modi. PNB officials have issued a false letter of commitment. foreign branches of the Indian bank, using the loan in dollars and loans made to finance the Nostro account of the bank. Funds were sent to some companies abroad from the accounts. Nostro account is an Indian bank account in a foreign bank.

What is lou?
LoU = commitment letter. It is a kind of bank guarantee and the bank guarantees a customer. The second bank money and Lou is the responsibility of the bank to Difoltr the holder. Loewer Bank will reimburse the bank account of the bank.

These banks will fall on impact
This will affect two public sector banks and one private bank. It will have an impact on the Union Bank of India, Bank Allahabad, and Axis Bank. All three banks offered credit to the accused. PNB function of the letter of commitment branch.

Previous Post Next Post