Punjab National Bank Nirav Modi
Punjab National Bank (PNB) is an Indian multinational keeping money and monetary administrations organization. It is a state-claimed company situated in New Delhi, India. The bank was established in 1894. Starting at 31 March 2017 the bank has more than 80 million clients, 6,937 branches, and 10681 ATMs crosswise over 764 cities.
In February 2018, PNB was a piece of India’s greatest ever misrepresentation in which two junior officers at a solitary branch had unlawfully guided $1.77 billion in false credits to organizations, the vast majority of them controlled by tycoon gem dealer Nirav Modi. In light of the information accessible with RBI, among state run banks in India, PNB beat in the quantity of credit misrepresentation cases crosswise over India. With 389 cases totaling Rs 65.62 billion in the course of the last five budgetary years.
PNB has a keeping money backup in the UK (PNB International Bank, with seven branches in the UK), and branches in Hong Kong, Kowloon, Dubai, and Kabul. It has agent workplaces in Almaty (Kazakhstan), Dubai (United Arab Emirates), Shanghai (China), Oslo (Norway), and Sydney (Australia). In Bhutan it possesses 51% of Druk PNB Bank, which has five branches. In Nepal PNB possesses 20% of Everest Bank Limited, which has 50 branches. In conclusion, PNB claims 84% of JSC (SB) PNB Bank in Kazakhstan, which has four branches.
Book – Bank Credit Officer: Punjab National Bank Paperback –
by GKP (Author)
Nirav Modi is a global diamond jewelry house established in 2010 by founder, Nirav Modi. Nirav Modi was the first Indian jeweler to have been featured on the covers of Christie’s and Sotheby’s Catalogues. He is being investigated in a $44 million fraud case at Punjab National Bank (PNB). Bollywood actress Priyanka Chopra is seeking legal opinion with respect to terminating her contract with the brand in light of allegations of financial fraud against Nirav Modi. The company has its headquarters in Mumbai, India.
In February 2018, the Indian government’s Central Bureau of Investigation (CBI) launched an investigation into Modi. The CBI is acting on a complaint from the Punjab National Bank, a state banking institution, that alleges Modi and his partners defrauded the bank for ₹280 Crore (approximately USD 40 million) by conspired with bank officials to fraudulently obtain Letters of Undertaking for making payments to overseas suppliers. While ₹280 Crore is the fraud that has devolved to date, the potential liability of loss to Punjab National Bank goes well upto ₹11000 crore. The bank has alleged that Modi and his business partners were involved in fraudulently issuing Letters of Undertakings – or bank guarantees – at the bank’s Mid Corporate Branch in Mumbai’s Brady House. The enforcement directorate (ED) is looking into the case of fraud that the CBI has registered against Nirav Modi and his associates for cheating over ₹280 crore as cited by Punjab National Bank (PNB).Although the case is still under investigation but Nirav Modi’s stores will remain open and business is as usual at his stores around the globe including the one at Marina Bay Sands in Singapore.