After VIJAY MALLAYA, NIRAV MODI has done a fraud of RS.11000 crore. NIRAV MODI is a jeweller who is no.85 in FORBES’S 2017 list of India’s richest people and one of the youngest billionaire. As one can’t do the scam all alone so according to INDIATIMES.COM it is alleged that Nirav Modi was helped by a former PNB employee, GOKULNATH SHETTY (deputy manager in foreign-exchange department in MUMBAI).
NIRAV and his relative MEHUL CHOKSI and their company conspired with SHETTY has used fake PNB guarantee of rs.11000 crores to take loans from INDIAN BANK’S overseas branches.
The fraud was started back in 2011 when SHETTY issued fake PNB letter of undertakings (LOU) for Nirav modi without any collateral security. And it came to the light in last month, when the representative of MODI applied for fresh loan in PNB.
“PNB will pay off debts of other bank before 31st march from its internal resources” said by a senior government officer.
The government now has asked from other banks to submit the reports of this case or other similar kinds of incidents as soon as possible. According to media NIRAV MODI has left India along with his wife, son and CHOKSI before the CBI file a complaint. Passport of CHOKSI and NIRAV has been suspended for four weeks by external affair ministry. 8 more officials and 10 more emplyoess has been suspended immediately after the scam.