National
Nirav fraud: PNB officials took commission to sign LoUs
By Anand Singh
New Delhi, Feb 18 (IANS) Punjab National Bank officials used to take percentage commissions in lieu of issuing letters of undertaking and foreign letters of credit to diamond czar Nirav Modi and his partner Mehul Choksi and their firms, according to the probe into the Rs 11,300 crore banking scam.
The fresh revelation in the banking fraud has come after the Central Bureau of Investigation (CBI) questioned former PNB Deputy Manager Gokulnath Shetty, Single Window Operator Manoj Kharat, and Hemant Bhatt, the authorised signatory of prime accused Nirav Modi’s group of companies.
They were arrested on Saturday and have been remanded in police custody till March 3.
According to CBI sources, the arrested bank officials during interrogation disclosed that for every LoU, a percentage of the amount was fixed depending upon the amount to be sanctioned.
The commission collected from the client was then distributed between all employees of PNB involved in the scam, the sources said.
The agency on Saturday questioned six people in the case. However, CBI officials refused to share the names of all the people being questioned.
Those interrogated on Saturday have named a few more officials who are likely to be questioned in a day or two, an official said.
The CBI official said the arrested accused were also questioned about their modus operandi.
The agency is also examining if other officials of the bank had access to SWIFT — global messaging service to move money internationally — which they used to make entries in core banking solution (CBS) to process daily transactions.
“It was used by many officials including Shetty by using passwords in the capacity of verifier/authorizer enabling the fraudulent Swift messages,” the source said.
The involvement and connivance of more staff members and outsiders, including Nirav Modi and Mehul Chowksi, at this stage is being probed.
The agency sources claimed that it was not possible for two bank employees to commit a fraud on this scale without the knowledge of other officials.
The action is based on a CBI case registered against Nirav Modi on Wednesday in connection with a fraud involving Rs 6,498 crore.
The CBI on Thursday registered fresh FIRs against 10 directors of the Gitanjali Group of companies for causing alleged loss of Rs 4,886.72 crore.
The FIR also named two former bank employees said to be directly involved in the fraudulent transactions.
The fraud, which includes money laundering, allegedly involved the Firestar Diamonds group in which the CBI last week booked Modi, his wife Ami, brother Nishal Modi and their uncle Mehul Choksi.
On Sunday, the ED carried out searches at over 45 locations across the country including four places in Delhi.
Six properties in Mumbai belonging to the jeweller have also been sealed.
–IANS
aks/sar/bg
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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