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PNB fraud: Was Nirav Modi tipped off by Centre, asks Congress

The second largest sector bank in India, Punjab National Bank (PNB) has detected a $1.8 billion fraud in one of…

PNB fraud: Was Nirav Modi tipped off by Centre, asks Congress

Congress spokesperson Randeep Surjewala (Photo: Twitter)

The second largest sector bank in India, Punjab National Bank (PNB) has detected a $1.8 billion fraud in one of its branches in Mumbai, the bank said in a regulatory filing to the stock exchanges on Wednesday. It has put the quantum of such transactions at $1,771.69 million (around Rs 11,515 crore).

The fraud, which includes money-laundering, concerns the Firestone Diamonds group in which the CBI last week booked billionaire diamond trader and designer Nirav Modi, his wife Ami, brother Nishal and maternal uncle Mehul Choksi.

If the media reports are to be believed, the prime suspect in the Rs 11,400 crore PNB fraud case, Nirav has already left India.

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Taking a dig the BJP led central government, Congress asked if Nirav Modi was tipped off referring to the reports that he has left the country. Congress member Randeep S Surjewala tweeted, “Who is Nirav Modi? The new #ModiScam? Was he tipped off like Lalit Modi & Vijay Mallya to escape by someone within the Govt? Has it become the norm for letting people run away with public money? Who is responsible? Pl wait for AICC PC at 2 PM today.”

 

Meanwhile, shares of Gitanjali Gems today plunged up to 19 per cent in morning trade after the company came under scanner of various investigating agencies following the PNB’s declaration of nearly Rs 11,400-crore fraud.

The stock today opened on a bearish note at Rs 48, then lost further ground to touch a low of Rs 47.50, down 18.94 per cent over its previous closing price.

Similar movement was seen on the NSE as well, where the stock tanked 18.73 per cent to a low of Rs 47.50.

Some of other jewellery stocks also witnessed similar fate with PC Jeweller slumping 19.50 per cent to Rs 303.00, Tribhovandas Bhimji Zaveri (TBZ) 4.32 per cent to Rs 110.60, and Thangamayil Jewellery 2 per cent to 558.55 on BSE. Rajesh Exports fell 1.34 per cent to a low of Rs 808.70 on BSE.

(With agencies inputs)

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