SFIO summons ICICI CEO, Axis Bank MD

07 March, 2018, 06:53 | Author: Essie Rivera
  • PNB Scam CBI detains Gitanjali Group's Vipul Chitalia at Mumbai Airport

According to media reports, top bank executives are only being questioned for clarifications and not as accused in the loan fraud case. Meanwhile, Nirav's company Firestar Diamond International Private Ltd moved Delhi High Court against seizure of properties by the ED.

He said Chitalia was taken away from the Mumbai airport by the CBI, soon after he landed in the city from Bangkok.

Sunil Mehta, the managing director and chief executive of Punjab National Bank, which is at the centre of the scam, has also been summoned tomorrow, sources said, adding officials from all over 30 banks which have had business dealings with the company are being called. NS Kannan, official chief ICICI bank, was the pioneer of consortium of the bank that loaned cash to Gitanjali Group, it has been asserted.

Axis Bank also confirmed in a statement to exchanges that SFIO has sought information on the accounts of Modi and the Gitanjali group. Modi and Choksi, the key accused, are not in India and have not responded to summons from the ED and the Central Bureau of Investigations, following which a special prevention of money laundering court on Saturday issued non-bailable warrants against them. A team from Axis Bank, led by deputy managing director V Srinivasan and executives from the trade and transactions department, on Tuesday went to the SFIO's office. We are working capital loan specialists to the Gitanjali gathering of organizations alongside a few different banks in the consortium... "The bank will submit all the required documents to the authorities", said an Axis Bank official. The other details about Chitalia's alleged role in the PNB fraud were not revealed.

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The Rs 12,636-crore fraud was allegedly perpetrated by billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems.

The Punjab National Bank detected a 1.77 billion dollar scam in which Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

They were sent through an worldwide messaging system for banking called SWIFT, which is used to pass instructions among banks globally to transfer funds.

In case of default, the bank issuing the LoU has to pay the liability to the credit giving bank along with accruing interest.

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