CBI nabs multi billionaire on cheating case
The CBI has booked billionaire diamond merchant Nirav Modi and registered a case based on a complaint from the Punjab National Bank. The answer to an email looking for the company’s explanations is awaited.
“The public servants committed abuse of official position to cause pecuniary advantage to Diamond R US, Solar Exports, Stellar Diamonds and wrongful loss of Rs 280.70 crore to Punjab National Bank during 2017,” the FIR has alleged.
CBI registered cases under sections related to criminal conspiracy, cheating and provisions of Prevention of Corruption Act against the four, an official said.
Punjab National Bank suspected in the complaint that a fraudulent issuance of Letters of Undertakings (LOU) and on behalf of the accused firms, which approached the bank and presented a set of import documents to the branch with a request to allow buyers’ credit for making payment to overseas suppliers.
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The bank claimed that its deputy manager had fraudulently issued LOUs without following prescribed procedure by obtaining required request applications, documents and approval of authorities and without making any entries in the bank’s systems.
“While tracing old entries, it transpired that buyer’s credit based on fake LOUs might also have been paid through NOSTRO A/C,” it alleged.
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