Was Nirav Modi trying to route some overseas funds into India to get reprieve from Indian banks?

Why was he pumping back money into India from overseas? Was it the same money that he siphoned off via letter of credit (LoU) and was trying to placate Indian banks by paying the interest or commission portion.

Were Indian banks aware of Nirav Modi's changed status as NRI?

There are already reports of Modi taking up the citizenship or permanent resident status of some other country. The documents where Modi clearly states that he is a NRI have been filed with the Registrar of Companies.

Nirav Modi case: Bank officials may have made close to Rs 823 crore in PNB fraud

As per the information shared by a chartered accountant with India Today, PNB officials were charging a commission of around 2 per cent on each LoU per year which was never shown in bank's account books.

Sensex falls 200 pts to 33,807, Nifty below 10,400 as selling resumes amid higher Asian markets

While the Sensex was trading 136 points lower 33,874, the Nifty  was down 45 points to 10,406 level. The BSE bankex resumed its decline and fell 126 points (0.44%) to 28,270 level.

PNB scam: Do you know these terms?

Punjab National Bank on Monday detected fraudulent transactions worth Rs 11,300 crore at its Brady House branch in Mumbai. The PNB in its cautionary note to other public and private sector banks used terms like LoU and SWIFT while explaining the modus operandi of the scam. Watch BusinessToday.in's video to find out what does these terms mean 

Mon Feb 19 11:23:03 IST 2018

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