Billionaire Nirav Modi, who is now being investigated by the CBI for the mega bank fraud, is a luxury diamond jewellery designer who figured in Forbes India's Richest People List 2016 with a net worth of $1.74 billion. State-run Punjab National Bank (PNB) has detected some "fraudulent and unauthorised" transactions worth about Rs 11,300 crore at one of its branches in Mumbai. The value of the fraudulent transactions works out to more than 8 times PNB's annual net profit of Rs 1,324 crore during 2016-17. The bank said in a regulatory filing with the BSE that the transactions were "for the benefit of a few select account holders with their apparent connivance" and that "based on these transactions other banks appear to have advanced money to these customers abroad."
9.48pm: Congress spokesperson Sanjay Jha says over Rs 9000 crore exposure on Mehul Choksi's companies of Public Sector Banks could enhance the loss figure.
The INR 9000 cr approximate exposure on Mehul Choksi's firms of the various PSU banks might further enhance the loss figure of many of the 30 banks involved with #NiravModi . This is a full-blown corruption scandal. #ModiRobsIndia- Sanjay Jha (@JhaSanjay) February 15, 2018
9.33pm: The Enforcement Directorate seeks revocation of the passports of Nirav Modi and Mehul Choski, reports ABPLIVE.
9.09pm: Former RBI governor SS Mundra tells CNBC-TV 18 that there's need to do a national-level check.
8.40pm: Congress spokesperson Priyanka Chaturvedi says no agency was alerted even after the 'letter' mentioning 'fraud' was received by the PMO.
8.36pm: AAP leader Ashutosh says the BJP frustration reminds him of the days when Congress spokespersons will have to defend indefensible.
A letter sent to PMO in 2016 giving details of the #ModiFraud#ModiScam, acknowledged by PMO office too but no agencies alerted.- Priyanka Chaturvedi (@priyankac19) February 15, 2018
In the meanwhile he was with PM Modi in Davos too.
All on high alert after Nirav Modi and family escape. Convenient.
Today BJP govt is caught red handed on Nirav Modi. So BJP leaders's irritation on different TV channels can be understood. Few of them are so swollen face. I am reminded of last years of UPA govt when Congress spokespersons were to defend indefensible.- ashutosh (@ashutosh83B) February 15, 2018
8.30pm: Actor Priyanka Chopra's spokesperson says she is seeking advice from her legal counsel to terminate her contract with the jeweller.
8.04pm: Nirav Modi was a part of the CEO delegation meeting with PM Modi in Davo WEF 2018 event on January 23, reports CNBC-TV18.
7.50pm: Finance Ministry sources say the ED and CBI officials have seized gold, diamonds, precious stones worth Rs 5,100 crore.
7.22pm: Congress leader Sanjay Jha says the Modi government can't absolve its responsibility from the Rs 11,400 crore fraud related to Nirav Modi, and the suspected fraud related to Mehul Choksi, which may also be in many thousand crores.
7.15pm: The government has already seized properties worth over Rs 5,000 crore in the case, says BJP spokesperson Amit Malviya.
7.12pm: Congress spokesperson Sanjay Jha says if the fraud is of such a mammoth scale, it is likely that people at the higher level were not involved.
6.20pm: BJP national spokesperson Nitin Kohli says majority of the loans that were given to Nirav Modi were given during between 2011 and 2014. He adds that the Congress government was in power at that time not the BJP, reports Firstpost.
6.02pm: According to agency reports, the CBI has seized over 95 documents, including bills and other important documents, related to Nirav Modi's company.
5.55pm: BJP spokesperson GVL narasimha Rao says total income of Gitanjali Jewels had doubled during the Congress regime.
Congress party's #PNBScam- GVL Narasimha Rao (@GVLNRAO) February 15, 2018
Total income of Gitanjali jewels (a company involved in the PNB scam and owned by Mehul Choksi) doubled between 2011 and 2013. Was it the Congress government's fraudulent help that helped Geetanjali double it's income? Investigation to probe this angle.
5.46pm: AAP leader Sanjay Singh has alleged the BJP has tried to shelter Nirav Modi. "Nirav Modi was able to commit such a big fraud because he is somehow associated with the Ambani family, and which is why they have permission to commit any fraud."
घर में पैसा रखोगे तो नरेंद्र मोदी का ख़तरा,बैंक में पैसा रखोगे तो निरव मोदी का ख़तरा, IPL में पैसा रखोगे तो ललित मोदी का ख़तरा, मितरो "स्वच्छ भारत अभियान के तहत देश की सभी बैंको को साफ़ कर दिया जायेगा"- Sanjay Singh AAP (@SanjayAzadSln) February 15, 2018
5.32pm: Assets worth Rs 1,300 crore have been seized. Revocation of Passport has been initiated. Lookout notice has been issued, says the minister.
5.31pm: Nirav Modi was not part of the Prime Minister's delegation. He was part of the photo op arranged by CII, says Ravi Shankar Prasad.
5.30pm: "Today, India's voice is heard across the globe, and we'll not allow the taxpayers' money to be lost. The person can be probed in foreign country as well. We have shown this in case of Vijay Mallya," says the minister.
5.28pm: Jinke apne ghar aise sheeshe ke hon jo tukde tukde hochuke hai, woh dusron ke ghar par pathar na feke, says the Union minister.
5.23pm: The Congress party should stop playing Davos photo politics. We also have photos of Mehul Choksi with Congress laders, though we don't want to stoop to that level, says the minister.
Congress photo ki rajneeti bandh kare. Many good and cosy photographs of many of the Congress leaders with Mehul Choksi is available with us, but we don't want to stoop to that level: Union Minister Ravi Shankar Prasad in Delhi #NiravModipic.twitter.com/XFczfMw9KE- ANI (@ANI) February 15, 2018
5.20pm: Congress leader Randeep Surjewala has tweeted Nirav'Modi Scam' has hit India the hardest.
'Loot & Escape" has become the hallmark of Modi Government.#From1MODI2another
Post-escape of 'Lalit Modi' i.e. 'Chhota Modi' and 'Vijay Mallya', another '#ModiScam' has hit India's banking sector the hardest.
Our Statement:- pic.twitter.com/idvUxjoOhe- Randeep S Surjewala (@rssurjewala) February 15, 2018
5.19pm: They are asking us about Vijay Mallya, though it was the Congress government that supported him, says the minister.
5.16pm: The Opposition has used derogatory language in connecting Nirav Modi with PM Modi, by calling Nirav as 'Chhota Modi'. Our party takes a strong offence of such derogatory statements, says the Union Minister.
5.15pm: No matter who's involved in the fraud, we'll bring him or her to book.
5.14pm: We will carry out a thorough probe, and no one will be spared, says Ravi Shankar Prasad.
5.13pm: Union Minister Ravi Shankar Prasad says both the CBI and ED have taken speedy action and Nirav Modi's three stores have been sealed in Surat, four in Mumbai, and two more have been sealed in Delhi.
5.08pm: Among the 40 properties raided by the Central Bureau of Investigation (CBI) in connection with the alleged fraud involving Nirav Modi, nine properties belonged to Nirav himself.
5.06pm: Gitangali Gem, Ginni, and Nakshatra Jewellers are also under the CBI scanner, say sources.
4.50pm: Bengaluru-based businessman SV Hari Prasad had first written a letter to the PMO, highlighting the fraud. Prasad told India Today: "I was the franchisee of Gitanjali India Lifestyle Ltd. There we got to know these companies are taking huge loans without having substantiated assets. I shared the information with the CBI, ED, Sebi, Registrar of Companies (RoC) but no action was taken."
4.47pm: AAP has alleged that those who flee from country are first seen "hanging around the BJp office".
4.20pm: Senior lawyer Prashant Bhushan says PM Modi claims all frauds were committed during the Congress Party time.
On 24/1/18 Modiji is seen at Davos with Nirav Modi. PNB waits for 5 days to complain to CBI about Modi's 280 Cr fraud in 2017. CBI registers FIR on 31/1/18, by which time Nirav Modi had fled like Mallya. Now we learn that fraud is >11K Cr! But PM says all bank fraud in Cong time! https://t.co/PQbKmP1YEu- Prashant Bhushan (@pbhushan1) February 15, 2018
4.00pm: CPM leader Sitaram Yechuri says the Modi government needs to clarify how Nirav Modi fled the country.
If this person had fled India before the FIR on Jan 31, then he is here, photographed at Davos with PM, a week before the FIR, after having escaped from India? Modi govt must clarify. #NiravModi#PublicMoneyLootpic.twitter.com/gQQnKQNjDo- Sitaram Yechury (@SitaramYechury) February 15, 2018
3.49pm: Nirav Modi's brother Nishal, a Belgian citizen, also left the country on January 1, while wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of Gitanjali jewellery chain, departed on January 6.
3.48pm: Congress leader Sanjay Jha told India Today that the alleged fraud involving jeweller Nirav Modi is a serious scam of epic proportions. Talking about Nirav Modi in a group picture with OM Modi, which was taken in Davos during WEF 2018, Jha asked how there was no background check done on those posing with the PM?
3.47pm: CPI leader D Raja says the BJP government is responsible for the biggest banking scam. Raja asks the government to form JPC to inquire the case.
3.38pm: The ED has sealed 40 properties of Nirav Modi and Gitanjali Group chairman Mehul Choksi in Mumbai in fear of leaking sensitive documents. On Wednesday, Gitanjali Group sent a release saying Gitanjali Gems has not had any 'unauthorised' dealings with PNB or its officials.
3.33pm: Delhi chief minister and AAP leader Arvind Kejriwal alleges the 'BJP govt' might be involved helping Nirav Modi.
Is it possible to believe that he or vijay mallya left the country without active connivance of BJP govt? https://t.co/6iMFf9VAkF- Arvind Kejriwal (@ArvindKejriwal) February 15, 2018
3.32pm: Nirav Modi, who has already left India, has sought 6-month time to repay the loan to PNB.
3.27pm: West Bengal Chief Minister Mamata Banerjee has demanded a thorough inquiry into the fraud.
Look what happened at Punjab National Bank ? A scam of more than Rs 11,000 crore. People's savings are not safe. There must be a thorough, time bound enquiry- Mamata Banerjee (@MamataOfficial) February 15, 2018
3.26pm: The CBI has issued lookout notices against Nirav Modi, his wife, brother, and Mehul Choksi, reports India Today.
3.14pm: Nirav Modi's wife, who's an American citizen, left India on January 6. Nirav Modi might be in Switzerland. The CBI has already issued look out circulars against all accused on January 31. Now the Enforcement Directorate may also issue lookout circulars.
#NiravModi's wife, an American citizen, left India on 6 Jan 2018, Mehul Choksi left the country on 4 Jan 2018., #NiravModi's brother Nishal Modi, a Belgian citizen, left India on 1 Jan 2018. CBI had issued look out circulars against all accused on 31 Jan 2018: Official Sources- ANI (@ANI) February 15, 2018
3.13pm: The BJP says whatever is coming out is the result of the previous UPA govt.
Whatever is coming out is the result of the previous UPA govt, action will be certainly taken on it: Nirmala Sitharaman,Union Defence Minister on #PNBFraudCase in Shillong, earlier today pic.twitter.com/n7qYVaMY3K- ANI (@ANI) February 15, 2018
3.06pm: Surjewala asks should PM Modi have permitted such a person (Nirav Modi) to be a part of a business delegation in Davos?"
3.04pm: When PM Modi is asked a question, he starts talking about the past 70 years of the country, says Congress.
3.03pm: Famous actor Priyanka Chopra, who's the global brand ambassador of Nirav Modi's diamond jewellery brand, has reportedly sued the company for defrauding her.
3.00pm: The congress says the government needs to answer who's responsible for the biggest bank loot.
2.55pm: The MoS Finance SP Shukla says the BJP was not in power in 2011 when the fraud happened.
How can #NiravModi and Mehul Choksi dupe the entire banking system through forged Letters of Understanding under the nose of Modi govt? Who is responsible for biggest bank loot scam unleashed by chhota Modi?: Randeep Surjewala, Congress pic.twitter.com/ECW6auBk63- ANI (@ANI) February 15, 2018
2.54pm: The Congress says the BJP once again is trying to hide the scam, and is protecting the accused. "The BJP's is also trying to divert the issue. It's the way BJP works. It had happened during Bank of Baroda case, and it's happening once again," says Surjewala.
We were not in govt in 2011, if Congress is making allegations, were they sleeping from 2011-14? They should've probed it. This govt is taking cognizance of matters & probing them. Congress' was a govt of scams & they established these scamsters: MoS Finance SP Shukla #PNBScampic.twitter.com/HfubZ01WaT- ANI (@ANI) February 15, 2018
2.40pm: The biggest bank look scam of independent India, says Surjewala.
2.39pm: This government has mismanaged the risk management system of the banking system, says Congress leader Randeep Surjewala.
3.27pm: Congress president Rahul Gandhi says the government has looked the other way when Nirav Modi fled the country like Mallya.
Guide to Looting India
by Nirav MODI
1. Hug PM Modi
2. Be seen with him in DAVOS
Use that clout to:
A. Steal 12,000CrFebruary 15, 2018
B. Slip out of the country like Mallya, while the Govt looks the other way.
2.37pm: Congress says the common man's money was used for bank recapitalisation, which used it to fund 'fraudsters'.
2.35pm: Nirav Modi last week gave us informal email saying he plans to repay the entire amount. We have told him to come up with repayment plan, says Mehta.
2.34pm: We have already imitated the process for recovery. We hope good amount will be recovered. We are confident to protect the interest of all the lenders.
2.32pm: We conduct forensic probe in such cases of fraudulent transactions, says Mehta.
2.28pm: Mehta says the fraud was internally detected when the customer came for renewal on January 25.
2.27pm: We detected the fraud on January 3. We got to know that 2 of our employees did some unauthorised transactions. The bank initiated criminal action against our staff members, says Mehta.
2.23pm: Two of our employees had taken some unauthorized transactions, and the probe is on. We'll update you as the probe moves forward, says Mehta.
2.21pm: PNB is perusing clean banking. We want to convey this to our investors that we'll not tolerate any lapse, says Mehta.
2.20pm: We will not tolerate any lapse on our part. We have taken suitable action against out staff, and all those involved have been made part of the criminal complaint.
2.16pm: The PNB is trying its best to take appropriate actions against the culprits, says the PNB management.
2.14pm: Our bank was the first one to detect the fraud, says Sunil Mehta, PNB Managing Director.
2.12pm: The bank has the capacity and capability to come out of this situation, says the PNB Managing Director.