PNB fraud: CBI seals Mumbai branch; CVC probes top bank officials in Delhi: 10 updates

The CBI on Monday sealed the Mumbai branch of the Punjab National Bank in connection with the Rs 11,400 crore fraud. 

As the authorities begin the probe in India’s biggest banking scam, here are 10 major updates right now:

1: The CBI official conducted searches at Brady House branch of PNB in connection with the billion-dollar fraud case on Sunday. As per the CBI sources, the investigative agency also questioned concerned officials of businessman Nirav Modi's company and five more officials of the PNB including the then General Manager of the bank in the said case.

2: The investigating agency has sealed the branch till further notice. 

3: The closure of the branch comes close on the heels of raids conducted by the Enforcement Directorate on Sunday. ED conducted raids at 45 locations across 15 cities in connection with the PNB fraud.

4: In West Bengal, six locations of Gitanjali and Nakshatra jewellery outlets were being searched in Kolkata.   

5: On Monday, top PNB officials including MD Sunil Mehta reached Delhi to meet the CVC officials. 

6: In related development, the Central Vigilance Commission on Monday issued an advisory to all the public sector banks ordering them to transfer the officers who have completed three years as on December 31, 2017.

7: The CVC advisory also stated that the transfer of all clerical staff who have completed five years as on December 31, 2017 ‘should be done immediately’.

8: Bank of Baroda (BOI) on CVC?s behest has started implementing the process. ’As per Central Vigilance Commission guidelines, all officers should be rotated every 3 years. Further, as per Bank’s Transfer Policy for Officers, no officer should be retained in the same post for a period in excess of 3 years and in the same station (municipal limits) for a period in excess of 5 years,’ said a BOI office memorandum.

9: The PNB has lodged two financial fraud complaints of Rs. 11400 crore and Rs 280 crore against Nirav Modi, his family members and Mehul Choksi, owner of Gitanjali Gems.

10: The Central Bureau of Investigation (CBI) has filed a formal case charging four- Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi- on January 31 over Rs 280 crore fraud.