New Delhi, Feb 15 It has developed that the deceitfully issued Letters of Undertaking (LoUs) from the Mumbai branch of Punjab National Bank (PNB) were in favour of Hong Kong branches of Allahabad Bank and Axis Bank, that helped facilitate Rs 280.7 crore fraud by jewellery designer Nirav Modi among others.
According to the FIR held up with the CBI by the Deputy General Manager of PNB’s Mumbai branch, a retired deputy manager Gokulnath Shetty and SWO Manoj Hanumant Kharat transmitted SWIFT instructions to the above mentioned banks for raising purchasers credit and for subsidizing the Nostro records of PNB, without due procedure.
The LoUs were issued on behalf of Diamond R US, Solar Exports, Stellar Diamonds.
The complainant had also requested for CBI to issue a look out notice Nirav Modi and others suspects/charged to keep them from leaving the nation and avoid legal action.
As per sources, Nirav Modi is currently in Davos.
On Februray 5, CBI booked Nirav Modi, his sibling Nishal Modi and PNB authorities for bamboozling the bank to the tune of Rs. 280.7 crore.
On February 14, PNB suspended 10 of its authorities in this connection.
It is outstanding that Axis Bank on Thursday issued a letter to National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), advising that it had attempted exchanges against LoUs issued by different banks, with PNB before.
Following the recent developments in the case, the Enforcement Directorate raided premises of Nirav Modi across the nation, and enlisted a case under Prevention of Money Laundering Act (PMLA) against Nirav Modi and others in this connection.
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