Enforcement Directorate has registered a case against several top jewelers including the bank and diamond trader Neerav Modi, in a fraud of Rs 11 thousand crores in Punjab National Bank. Media has got shocking information that this forgery had been executed seven years back, despite this, the high officials of PNB could not find it.
The case has been registered under Section 3 of the PMLA. The CBI has also filed the case after getting the instructions of the Finance Ministry. Not only that, SEBI can start investigating not only the bank but also in the case of hiding information against several companies listed in the stock market.
Government gave instructions for correcting records
The Finance Ministry had instructed all the banks to scrutinize their transaction records so that they could come forward if there is any questionable case. Financial Secretary Rajiv Kumar told that in the Finance Ministry, “This fraud had happened seven years ago. It was executed by a Deputy Manager of Punjab National Bank in 2011 and it came to know that we had ordered all the banks to clean their transaction records. It is part of our effort to repair the NPAs of banks. ‘ In this case, 10 employees of the bank have been suspended and 2 are also named in the FIR. According to sources, the bookies of Nakshatra Jewellery, Gini Jewelers, and Gitanjali Jewelers, besides diamond trader Neerav Modi, will also be examined. The name of Modi, 57, was included in the Forbes list of Indian billionaires. Investigation of another 280 crores of Neerav Modi’s transaction is going on, whose information has been given by PNB. Now PNB is in the grip of questions that why did not he give the information of this scam first to the CBI earlier.