National
Arrested PNB officials illegally accessed Level-5 SWIFT password, shared it with firm (Lead)
New Delhi, Feb 19 (IANS) A former deputy manager of Punjab National Bank (PNB), arrested in the fraud case, has told investigators that he had unauthorisedly obtained Level-5 password to the SWIFT system to authorise issuance of money through Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs).
Gokulnath Shetty made the startling revelations when sleuths of Central Bureau of Investigation questioned him about the modus operandi of providing guarantee to other banks under the LoUs and issuance of enhanced FLCs.
He also told the investigators that he shared the password with other individuals, essentially employees, as well as directors of Nirav Modi’s company.
The Level-5 password was the key allowing him to reach out to several banks to release the money to the Nirav Modi and Gitanjali groups through the SWIFT system, which, according to PNB. amounted to a fraud of Rs 11,300 crore.
SWIFT or Society for Worldwide Interbank Financial Telecommunication, headquartered in Belgium, provides a network to enable financial institutions to send and receive information about financial transactions in a secure and standardised manner.
An LoU is a guarantee by the bank that should the borrower default on repayment, it would pay back the money to the original lender. An FLC is a sort of guarantee to a third part or vendor that money for the goods supplied would be paid.
Meanwhile, the CBI on Monday continued examining several PNB officials, besides questioning four employees of diamond merchant Nirav Modi’s firms including Vipul Ambani and Ravi Gupta, both Chief Financial Officers, Saurabh Sharma, President, Finance Division and Subhash Parab, Finance Executive in connection with the multi-crore bank fraud, an official said.
The CBI examined Ambani and 13 PNB officials, including some upto then General Manager rank officials, to find out about the irregularities in fraudulent issuance of LoUs and FLCs in favour of companies of Nirav Modi and his uncle Mehul Choksi.
Ambani, son of Dhirubhai Ambani’s younger brother Natubhai Ambani, was also questioned by the CBI officials on Sunday for over eight hours in Mumbai. He is the CFO of Nirav Modi’s firm Firestar.
The agency has also sealed the bank’s second largest outlet — Brady House Branch in Mumbai — where the fraud had taken place.
While the CBI is scrutinising the details of LoUs and FLCs submitted by the PNB, the bank’s head office too has scrutinised the documents and submitted a report to the CBI.
The CBI’s move comes after the agency on Saturday arrested former PNB Deputy Manager Shetty, Single Window Operator Manoj Kharat and Nirav Modi group’s authorised signatory Hemand Bhat.
The scam surfaced when officials of Nirav Modi and Mehul Choksi groups approached the PNB’s Brady House Branch in January to seek LoU for making payments to suppliers. Shetty had retired last May and the new PNB officials demanded margin money to issue the LoUs.
However, they were told by Nirav Modi group officials that they had been getting such a facility for years without any margin money. Once the PNB officials checked, the whole fraud unravelled.
–IANS
rak/vd
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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