pnb bank ghotala

NIRAV MODI | PNB BANK GHOTALA 

The Nirav Modi scam is seen as the largest bank scam in India. Both Congress and the BJP are busy blaming each other while the common man is concerned about some of the unusual allegations made by the country's investigative agencies.

                                              

Here are ten questions formulated by attorney Sanjeev Punalikar that agencies such as the Enforcement Directorate (CB), CBI, EOW, and RBI have to answer openly to taxpayers.

QUESTION NO. I

 MCA official website states that Mehul Choksi and Nirav Modi are the directors of a large number of companies and partners of a large number of LLPs (list presented at the end of this article). These entities benefited from loans from the banking sector to more than Rs. Ten thousand crores, as shown by the MCA website. The diamonds captured by the ED are actually safe for these loans. The reason why ED falsely claims that security is worth Rs. 5100 crores are available for fraud amount related to the National Bank of Punjab (PNB), while exposure of the Swiss National Insurance Bank is not fully guaranteed?

QUESTION NO.II

   Why does ED amplify the value of seized materials? Implementation Management (ED) has no experience in evaluating diamonds and gemstones. I have accepted the value as quoted by the Nirav Modi salaried employees. People associated with the diamond trade know that the total shares seized by ED are not worth Rs. 200 crores instead of a tall ed claim of Rs. 5100 crores. It is a known secret that "controlled" materials will remain in a sealed envelope and the true value will be known only after 7-8 years. Is there any proposal to put the diamonds up for auction? Why and how ED officials accepted the evaluation as Nirav Modi staff told them?

QUESTION NO.III

    Up to 25 banks, including Union Bank of India, Exim Bank, Bank of God, Syndicate Bank, Axis Bank, Jammu, and Kashmir Bank, have lent money to companies directly and indirectly by Nirav Modi & Mehul Choksi. Now when the inflated value of the securities (?) Clearly shows that it is less than the total exposure, why does the RBI not recommend all these banks to provide for bad debts before 31.3.2018 to ensure transparency in the balance sheet?

QUESTION NO.IV

Dr. While the government may save public sector banks by planting capital, what is the fate of private banks that erode their entire net worth? Why is the moratorium not announced by the FBI against their operations? Who will protect depositors in private banks whose names are available on the Millennium Challenge Corporation website and which must collapse within a short period?

QUESTION NO.V

A pledge letter is a product that is provided "subject to compliance with the RBI guidelines and regulations". The RBI has never issued any guidelines governing the diligence that a bank should perform in LOUs. Shouldn't he turn heads for such a serious break? Why are only Gokulnath Shetty and Manoj Kharat booked and all former RBI governors allowed to be free of mystery when they all have participated in this fraud?

QUESTION NO.VI

  The generalizations available on the RBI provide reporting procedures. Who was monitoring the reports within the FBI? Will these officials be arrested and detained with Jokulnath Shetty and Manoj Kharat?

QUESTION NO.VII

   The seventh. Messages about unauthorized LOUs were sent through "SWIFT" and there was no mechanism to link data in SWIFT with CBS data. If this serious vulnerability allows officials to commit fraud, what is the responsibility of the company that developed a defective bank program? Thousands of Rs. Crore was spent on software. Will this amount be refunded? Will the head of the software company that provided this defective software under the criminal law be detained?

QUESTION NO.VIII

    Everyone has been talking about the last few LOUs. From 2011 onwards, there was a series of LOUs. It has now been proven that what Nirav Modi was doing was "kite-flying". The debt created by the previous LOUs has been closed by the arrangement of new LOUs. If the amount is crystallized from the total turnover, the same will be more than Rs. 9 to 10 lux of crores (not just 11,600 crores). Where was the money generated by this fraud used? Will the recipients of these fraudulent sums be seized under the Money Laundering Prevention Act?

QUESTION NO. IX

   
     Why are both ED and RBI reluctant to request a review of differences between data by SWIFT and data according to CBS for all banks? There is likely to be a large number of unauthorized LUs not only within PNB but in several banks. If the amount is running out in countless crores, shouldn't people in India know the same thing? There are all possibilities that the scam is not limited to PNB but has spread to many banks. So why does ED & RBI try to downplay the whole thing?

QUESTION NO. X

   
Whether ED, CBI, EOW are holding the heads of private banks and officials in the foreign branches of Indian banks involved in the fraud or just a scapegoat from Gokulnath Shetty and Manoj Kharat?

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