Global

More arrests in PNB fraud case

More arrests in PNB fraud case

Mehul Choksi's Gitanjali Group has not repaid working capital loans of almost Rs 5,280 crore to a consortium of 31 banks, including ICICI Bank and Axis Bank, people familiar with the matter said. While the ICICI bank was one of the lead bankers in the consortium, Axis Bank too had a major exposure.

The sources said the two top bank officials were summoned for giving loan facility to Gitanjali Group and would be questioned.

Earlier, a senior official of the ICICI Bank was summoned to the CBI office in Mumbai. Modi, his family and Choksi had left the country in early January.

Chitalia was stopped at the airport and brought to the CBI office at the Bandra-Kurla Complex for questioning, a CBI official said.

"We have summoned Mehta (the head of the beleaguered bank) and he is expected to appear before us tomorrow", said an SFIO official.

Saying that the bank was fully cooperating with the investigation agencies, the ICICI Bank said: "Our exposure to the Gitanjali group of companies is not the largest among lenders in the consortium".

Axis Bank also confirmed in a statement to exchanges that SFIO has sought information on the accounts of Modi and the Gitanjali group. Prominent among 31 banks in the Consortium which played a role in the grant of these loans were ICICI Bank and Axis Bank. It is alleged that firms colluded with officials at a city branch of state-run PNB to clear letters of undertakings without proper diligence, resulting in the scam. He didn't unveil some other insights about Chitalia's affirmed part in the PNB misrepresentation.

The fraud was allegedly perpetrated by billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems.

Bankers say in many Indian banks the SWIFT system, which is used for global transactions, and the core banking system work independently of each other.

Arunachal Pradesh Youth Congress (APYC) today staged dharna and protest in front of Punjab National Bank (PNB) branch at Ganga demanding arrest of all accused involved in the multi crore fraud which is ruining the several banks of the country.


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