Punjab National Bank Fraud : who is Nirav Modi and how the 11,500 crore scam happened

Punjab National Bank Fraud : who is Nirav Modi and how the 11,500 crore scam happened

The Diamond Business Firm Issued A Letter Of Credit To The Punjab National Bank To Lime Thousands Of Crores. PNB Has Lodged A Complaint With The CBI Against The Billionaire Diamond Trader Neerav Modi And The Jewelery Maker In Connection With The Rs 11,500-Crore Scam. Now Let Us Know Who Is The Lover Of Nirav Modi Who Is The Bank

Who Is Neerav Modi

Punjab National Bank Has Caught The Biggest Scandal So Far In The Banking Sector. These Scams Are More Than Rs 11,500 Crore. Neerav Modi, Who Is Involved In The PNB Fraud Case, Is A Diamond Businessman. They Were Raised In Antwerp, Belgium. In 1999, He Formed A Firestarter Company.

Nirav Modi’s Name In Forbes List

According To Forbes, The Net Worth Of Neerv Modi Is 11 Thousand Crore Rupees. Modi’s 85th Position In Forbes List Of Rich His Jewelery Store Is In 16 Cities, Such As London, New York, Las Vegas, Hawaii, Singapore, Beijing. India Also Has Its Stores In Delhi And Mumbai. Neerav Modi Created Diamond Company In 2010 In His Name.

Priyanka Chopra Promotes

Since 2013, Forbes Has Made His Name In The List Of Rich. Their Brand Promotes Priyanka Chopra, Andrea Diaconu And Rosie Huntington. The 46-Year-Old Nirav Modi Is A Warnan Dropout. His Jewelery Costs Up To Rs 5 Lakh To Rs 50 Crore.

Bollywood’s Neerav Thackeray

Neerav Was Also Deeply Related To Bollywood. Modi’s Father Was A Diamond Businessman Who Moved From India To Antwerp. However, Modi Came Back To Mumbai. In Mumbai, He Learned To Do Business With His Uncle Mehul Vigilance. PNB Fraud Also Includes Mehul Vigilance.

According To The Media Reports, When Nirvava Modi’s Name Appeared In This Fraud, Many Jawars Refused To Speak About Him. Many Refused To Talk About Them.

CBI Filed Case

According To The Central Investigation Agency, The CBI Has Received Two Complaints From The Bank Alleging That The Bank Has Detected Fraudulent Transactions Worth More Than Rs. 11400 Crores In Which Modi And His Jewelery Companies Are Involved. In The Alleged Fraud And Cheating Case Of Rs 280 Crore In PNB Branch, He Is Already Facing CBI Probe.

At The Same Time, Enforcement Directorate (ED) Has Also Filed A Case Of Fraud In The Case Of Money Laundering. ED Has Registered A Case Of Money Laundering Against Neerav Modi And Others In Connection With Fraud Of Rs 280 Crore In PNB.

This Case Has Been Registered On The Basis Of The FIR Of The Central Bureau Of Investigation (CBI). On January 31, The CBI Had Registered A Case Of Fraud Of Rs 280.70 Crore With PNB Against Billionaire Diamond Trader Neerav Modi, His Wife, Brother And A Business Partner.

Such Fraud

PNB Officials Fraudulently Gave A Letter Of Undertaking To Firms Linked To Billionaire Diamond Trader Neerav Modi. With This, He Roamed Abroad From Various Private And Public Sector Banks. All Of This Was Done In Connection With Officials Working At The Level Of Sub-General Manager From 2011.

Three Firs Related To Neerav Modi, May Diamonds R US, May. Solar Exports, May. Stellar Diamonds Approached The Bank Demanding Buyers’ Credit So That They Could Pay Their Foreign Businessmen. According To The Complaint, Nirv Modi, Nishchal Modi, Ami Nirav Modi And Mehul Choksi Were Partners In These Firms.

These Firms Were Given A Bureau Credit From The Collusion Of The Bank’s Big Officials While They Did Not Have A Better Old Credit Record. After This, Money Was Transferred To Hong Kong Bank Branches.

Byers Credit Is A Short-Term Credit (90 To 180 Days), Which International Banks Provide. It Is Issued On The Basis Of The Letter Received From The Importing Bank.

SEBI Can Investigate The Problem

The Market Regulator, The Securities And Exchange Board Of India (SEBI), Will Investigate The Flaws In The Disclosures Made By Banks Including Many Jewelery Companies In The Case Of Cheating Of 11 Thousand Crore Rupees In PNB. Officials Said That SEBI And The Stock Market Will Analyze The Business Figures Of These Companies And Their Top Officials. Some Of These Insider Trading And Other Violations Are Already Under Investigation.

Nirav Modi Is The Country’s Big Aristocrat

According To The 2016 Forbes List, The Owner Of Property Worth Rs 11,237 Crore, Nirav, Is At 46th In The Country’s Richest Man Counting. The Name Of The World Of Jewelery, Especially The Diamond Business, Famously Named Neerav Modi Is Basically A Resident Of Gujarat. His Father Was Involved In The Diamond Trade And This Was The Only Way Forward By Modi. Neerav Came To A Big Surprise When The Kristi Jewelery Auction (2010) Sold For Rs 16.29 Crore For The Golconda Necklace Of Neerav Modi’s Company Fire Star Diamond.

Bank Fraud

  • In January Of 2018, A Scam Came To Light In PNB’s Mid-Corporate Branch At Brady House Mumbai.
  • In 2011, Fraud In The Mumbai Branches Of Punjab National Bank Started.
  •  PNB Filed A Case Against Nirav Modi And Companies On January 28 In CBI, In The Rs 280-Crore Scam.
  • Rs 11,400 Crore Scam Case Registered On February 13

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