NEW DELHI: The CBI on Saturday examined Punjab National Bank's Managing Director and CEO Sunil Mehta and its Executive Director Ok V Brahmaji Rao in reference to the Rs 11,400 crore PNB scam allegedly involving diamantaire Nirav Modi and owner of Gitanjali Gems Mehul Choksi, officials mentioned.
They mentioned the exam is focussed on working out how the crime was once detected by the bank and different procedural issues and their violations.
They aren't being treated as accused, the officials mentioned.
It has been alleged that fraudulent guarantees were issued to the uncle-nephew duo of Nirav Modi and Mehul Choksi thru 293 Letters of Undertakings.
Refusing to give out any longer details, the officials mentioned the company could also be wondering the 12 accused arrested by the company to this point.
They mentioned that is the primary time the company has examined the top brass of the Punjab National Bank in reference to the fraud, which remained undetected state for over six years, shaking up the banking system of the country.
According to the web site of the PNB, Rao is in-charge of the built-in chance management division, credit (operations), monitoring of accounts with exposure of above Rs 50 crores, together with stock audit and Portfolio Management Service (PMS), business rehabilitation and motion taken on borrowal frauds reported from Mumbai, the place the alleged fraud happened.
Rao started his banking occupation in Vijaya Bank within the year 1982 as a Probationary Officer, it mentioned.
Mehta started his banking occupation as an agriculture box officer at the Allahabad Bank in 1982.
The CBI has to this point arrested 12 accused within the case.
Vipul Ambani, president (finance) of Fire Star Diamond, government assistant Kavita Mankikar and senior government Arjun Patil (all from Nirav Modi's corporations) were arrested on Tuesday.
Kapil Khandelwal, CFO of Nakshatra workforce and Gitanjali workforce, and Niten Shahi, supervisor of Gitanjali workforce, were also arrested by the company the same day. An authorized signatory of Nirav Modi's corporate was once also arrested.
From the PNB, the company had arrested Rajesh Jindal, a common supervisor, retired official Gokulnath Shetty and Single Window Operator Manoj Kharat, besides three different officials - Bechhu Tiwari, Yashwant Joshi and Praful Sawant.
Shetty and Kharat allegedly sent messages of the LoUs the usage of a world messaging system for banking techniques called SWIFT (Society for Worldwide Interbank Financial Telecommunication), which is used to cross instructions amongst banks globally to transfer price range, however did not make entries within the bank's system to keep away from detection.
Based on those instructions and guarantees, price range were released by in another country branches of Indian banks.
It is claimed that Rs 11,400 crore of LoUs were fraudulently issued to the companies of Nirav Modi and Choksi.
They mentioned the exam is focussed on working out how the crime was once detected by the bank and different procedural issues and their violations.
They aren't being treated as accused, the officials mentioned.
It has been alleged that fraudulent guarantees were issued to the uncle-nephew duo of Nirav Modi and Mehul Choksi thru 293 Letters of Undertakings.
Refusing to give out any longer details, the officials mentioned the company could also be wondering the 12 accused arrested by the company to this point.
They mentioned that is the primary time the company has examined the top brass of the Punjab National Bank in reference to the fraud, which remained undetected state for over six years, shaking up the banking system of the country.
According to the web site of the PNB, Rao is in-charge of the built-in chance management division, credit (operations), monitoring of accounts with exposure of above Rs 50 crores, together with stock audit and Portfolio Management Service (PMS), business rehabilitation and motion taken on borrowal frauds reported from Mumbai, the place the alleged fraud happened.
Rao started his banking occupation in Vijaya Bank within the year 1982 as a Probationary Officer, it mentioned.
Mehta started his banking occupation as an agriculture box officer at the Allahabad Bank in 1982.
The CBI has to this point arrested 12 accused within the case.
Vipul Ambani, president (finance) of Fire Star Diamond, government assistant Kavita Mankikar and senior government Arjun Patil (all from Nirav Modi's corporations) were arrested on Tuesday.
Kapil Khandelwal, CFO of Nakshatra workforce and Gitanjali workforce, and Niten Shahi, supervisor of Gitanjali workforce, were also arrested by the company the same day. An authorized signatory of Nirav Modi's corporate was once also arrested.
From the PNB, the company had arrested Rajesh Jindal, a common supervisor, retired official Gokulnath Shetty and Single Window Operator Manoj Kharat, besides three different officials - Bechhu Tiwari, Yashwant Joshi and Praful Sawant.
Shetty and Kharat allegedly sent messages of the LoUs the usage of a world messaging system for banking techniques called SWIFT (Society for Worldwide Interbank Financial Telecommunication), which is used to cross instructions amongst banks globally to transfer price range, however did not make entries within the bank's system to keep away from detection.
Based on those instructions and guarantees, price range were released by in another country branches of Indian banks.
It is claimed that Rs 11,400 crore of LoUs were fraudulently issued to the companies of Nirav Modi and Choksi.
CBI questions MD, ED of PNB
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Reviewed by Kailash
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February 24, 2018
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