The Supreme Court will hear public interest litigation (PIL) in 11,300 crore Punjab National Bank scam Nirav Modi involving the diamond merchant Nirav Modi on Friday #Finding Nimo. The PIL was filed by lawyer Vineet Dhanda and the case will be headed by Chief Justice India, Dipak Misra. The case was filed on Monday seeking special Investigation for a probe into the scam involving Nirav Modi. #Finding Nimo
The Central Vigilance Commission sought a detailed explanation from the bank’s official on the leakage of otherwise fool-proof system set by the bank allowed vigilance lapse. The anti-corruption watchdog asked PNB and the Finance Ministry officials to submit a report within 10 days about the Punjab National Bank scam despite strict monetary regulations.
PNB bank has also suspended 18 employees including senior level officers in connection with the scam.
“CVC has issued a guidance note to PSU lenders to transfer senior bank officers who have been at the same post for three years and clerical staff who have been at the same post for five years,”
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Agencies involved in investigating the case are the Central Bureau of Investigation, Enforcement Directorate, Income Tax Department, Central vigilance commission, Ministry of External Affairs and Interpol.
A letter was written by the Diamond Merchant Nirav Modi to PNB: Nirav Modi claims that the bank earned commission on the buyer’s credit given to his three firms. He has also requested PNB to permit salaries for 22,000 employees of Firestar International private limited and Firestar Diamond International Private Limited from the balance in his current accounts.
The letter said
“The Buyers Credit Facility has been extended by PNB to the three partnership firms since several years” and “PNB has over the years been earning bank charges to the tune of crores of rupees” and there has been no default on the part of any of these firms over all these years”
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