The Punjab National Bank has refused to disclose records pertaining to the process of issuing loans to Nirav Modi, citing an ongoing probe into the over Rs 13,000-crore scam involving the billionaire jeweller.
The Punjab National Bank has refused to disclose records pertaining to the process of issuing loans to Nirav Modi, citing an ongoing probe into the over Rs 13,000-crore scam involving the billionaire jeweller.
In an response to Mumbai-based RTI activist Anil Galgali the bank has cited section 8(1)(h) of the RTI Act to deny the information sought by him.
Galgali said he had sought details of all the records including minutes of the meeting, agenda notes, total loans sought by Nirav Modi and the amount sanctioned by the bank.
The sections bars disclosure of information which would impede the process of investigation or apprehension or prosecution of offenders.
In related development in PNB fraud, it has been revealed that the businessman Nirav Modi and his uncle Mehul Choksi got the bank's money in their Mumbai based firms through hawala transactions.
An investigating official told the times of India that in many instances Choksi brought money from overseas into the account of his company, Gitanjali Gems. He subsequently diverted these funds into accounts of various dummy (shell) companies describing the transfers as unsecured loans, from where it was siphoned off through various means, including cash withdrawal.
“In Nirav Modi’s companies, money was diverted after a few days through bogus transactions, but in Choksi’s companies, including Gitanjali Gems, there were many instances when the money returned to India within 24 hours,” an officer involved in the probe said.
The report further stated that around 20 dummy firms are based in Hong Kong and Dubai. Officials said that of the Rs 12,300 crore, Nirav Nirav Modi was responsible for transactions amounting to Rs 6,500 crore while the remaining Rs 5,800 crore was by Choksi.
Among whom, the ED has already sent letter to Hong Kong, along with Dubai and 10 other nations requesting them to share details of alleged bogus firms involved in transactions.
Officers also told the publication that both Nirav Modi and Mehul Choksi obtained letters of undertaking, akin to bank guarantees, without the bank’s authorisation by colluding with officials of PNB’s Brady House branch in Mumbai.
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