National
Did PNB fraud continue after retirement of so-called ‘main culprit’?
New Delhi Feb 17 (IANS) Did the fraud at Punjab National Bank (PNB) continue even after the “main culprit”, named by the bank, retired?
It would seem so from the details provided by PNB to the investigative agency on the basis of which the Central Bureau of Investigation (CBI) filed two first information reports — one against three companies of Nirav Modi and the other against the Gitanjali group of three companies of Mehul Choksi, uncle of Nirav.
According to the second complaint made by PNB, Gokulnath Shetty, then deputy manager posted at the Brady House branch in Mumbai, along with Single Window Operator Manoj Hemant Karat, fraudulently issued Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLC) in favour of the Gitanjali group of companies which amounted to a fraud of Rs 4,886.72 crore.
LoUs by banks are issued for 90 days according to RBI norms. But Shetty and Karat conspired to issued LoUs to foreign branches of Indian banks for about 360 days, PNB said. No information on these transactions was given in the core banking solution (CBS) system of the bank, which tracks all transactions.
Shetty retired from PNB on May 31, 2017. In all, 143 LoUs were issued starting on March 1, 2017, and the last set six LoUs are to come up for payment on April 23, 2018 — in less than a year.
Similarly, for FLCs, the two officers entered a smaller amount in the CBS to generate a reference number. Subsequently, they increased the amounts by a message through the SWIFT transaction network to the beneficiary bank without any reference to the CBS of PNB. The beneficiary or overseas supplier discounted these documents based on the enhanced amounts.
Again, all FLCs issued in 2017 (no dates are given) have due dates in 2018 for payment. These too should have been less than a year after Shetty retired.
But intriguingly, there are six transactions out of kilt from a total of 224 — two with due dates in June 2018 and four with due dates in July 2018.
So was someone else approving these transactions after Shetty retired? PNB has not given any explanation to the investigating authories on this discrepancy.
The transactions (3731FLC 20113/17 and 114) are amounts of $1,099,982 and $999,858 in favour of Gitajali Gems, both with due dates of June 24, 2018. The four with due dates of July 7, 2018, are also all to Gitanjali Gems (FLC No 55/17) with amounts of $1,073,434, $1,122,083, $1,127,578 and $1,089,525.
The total amount of these six apparently “post-retirement” transactions are $6,512,460 or Rs 41.68 crore. Who approved these transactions? Were there more than two people involved in approving the money through LoUs and FLCs?
–IANS
hs/sac
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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