Punjab National Bank Rs. 127 Billion Scam News

PNB MD Sunil Mehta arrives before the SFIO to record a statement in the Rs 127-bn fraud.

Punjab National Bank Rs. 127 Billion Scam News: The CBI summoned Mehta and PNB executive director K V Brahmaji Rao last month in connection with the suspected scam.

According to CBI authorities, the investigation was focused on determining how the bank identified the fraud, as well as procedural concerns and infractions.

According to them, Mehta and Rao are not being considered as suspects in the investigation.

The SFIO, which is the Ministry of Corporate Affairs’ investigative arm, is scheduled to summon executives from approximately 31 banks with ties to Modi and Choksi’s businesses.

The CBI summoned Mehta and PNB executive director K V Brahmaji Rao in connection with the suspected scam just a few months ago.
The investigation, according to CBI authorities, was aimed at determining how the bank identified the crime, as well as procedural flaws and infractions.

Mehta and Rao, they said, were not being considered as suspects in the investigation.

Punjab National Bank Rs. 127 Billion Scam, SFIO Investigates…

The SFIO, the Ministry of Corporate Affairs’ investigative arm, is scheduled to summon executives from approximately 31 banks with ties to Modi and Choksi’s businesses.

According to a banker, officials from all banks that have made loans to Modi and Choksi’s enterprises in the previous one or two years are expected to be contacted first by the SFIO for recording their statements in connection with the fraud.

Last month, the PNB announced that it had discovered fraudulent transactions of Rs 127 billion at one of its Mumbai branches.

Modi is accused of obtaining bogus letters of undertaking (LoU) from the lender’s Brady House branch in Mumbai in order to get international loans from other Indian lenders.

In connection with the case, the CBI has detained over a dozen persons, including former and present PNB personnel, as well as entities linked to Modi and Choksi.