The Punjab National Bank on Wednesday morning reported that Nirav Modi, an internationally-acclaimed jeweller who’s clientele includes the likes of Priyanka Chopra and Kate Winslet, had carried out “fraudulent transactions” worth over Rs 11,000 crore by taking out ‘fake bank guarantees’ from the bank and showing it to other banks in order to extract more money.
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Anirban Qazi These are very intelligent Bank Frauders who have people working inside of Canadian Banks and Institutions doing huge fraudulent activities. Ovy Rahman, who is a Bengali- has made atleast 1 million dollars in illegal fraud money, from doing Bankruptcy files, to having peoples personal identification, stolen pin pads and credit cards, as well as having people inside of banks doing fast transactions, overriding systems. These guys run an illegal operation online called Forex, or Bulk Fx or Forex exchange, promising people high rewards in stock market percentages- but end up stealing peoples money.
IT IS ALSO FEASIBLE THAT LIKE V.MALLYA .NIRAV MODI HAVE DUPED OTHER BANKS TOO.ALL THE BANKS SHOULD BE CALLED TO DISCLOSE ANY CREDIT^ LOAN TO NIRAV MODI & MEHUL CHOKSI, THEIR FAMILY MEMBERS, FIRMS, ASSOCIATES ETC. TO HAVE A FACTUAL PICTURE
We the common public is so used to getting looted that we dont get agitated any more with any scam.. As if we have accepted this as our fate.. we are content on playing the blame game of which party was involved in the scam... Congress or BJP.. And this is not only sad but also dangerous.. If the public can come to streets for the silly movie Padmavati why dont we come to streets to protest against these scams and scamsters which actually rob us all of our wealth...
If at least 5% people of middle class or rich class gathers up having a kind vision towards poverty & poor people then it is possible to come over poverty & for poor people . But u guys keep rotating the money from people doing these kind of fake scams in the name of money . Why dnt u guys make scam with international banks ??
Morherfuckers have children and family and these is the moral lectures that they would be giving to their children. Bastards should be hit on the ass, these are all hard money of the common people who pay their taxes only to find it that some bunch of motherfucker are looting them
Now mallaya case will be under the carpet I guess. Modi with his master storke. Shit load of money lost. Govt. For sure as fuck won't retrieve it, and somehow new tax bracket may be introduced to cover this lost money. Bhenchod Lekin idhar fir bhi pagar nahi badha rahe.
India is my nation...
corruption is here favourite occupation..
Government doesnt even care about its countrys reputation..
bcoz our great nation is being ruled by Illiterate and Idiotic minds for generations :) :)
If you invest in cricket... Lalit Modi will steal your money...!
If you invest in banks.... Nirav Modi will steal your money...!
If you dont invest anywhere... Narendra Modi will anyways, anyhow steal your money...!
Modi hatao desh bachao...!!
This journalist is giving half cooked information. 11000 crores will not be the loss. Major portion of it would be recovered from asset sale. Definitely there would be some loss but not the entire amount. It would be better if this idiot also discloses the same to the viewers.
PNB valo ne mera account nhi khola witness ki wajha se. Or saalo ne itna bada scam kiya is madrchod ne kon si witness de thi jo PNB walo ki gaand mar kar chala gaya. Tum PNB vale kute ho huddi khane wale.
Ab ek aur Hindu muslim vivad karayenge aur phir sab bhool jayenge aur bhakt phir se jai modi .. hindutva k naam pe desh loot lia aur mere hindu bhai kab jagenge pata nahi.
Doob gaya hae sar tak desh ..tax par tax lete jarahe haen.
Mere desh k priye bhaiyaon chahe hindu ho ya muslim jag jao yaar.
Ye 11000 crore kiska paisa tha soncho.
Aaj tumhara apna paise bank se nahi nikal sakte ho. Atm me paisa nahi.. banks sare merge kardiye ..employement kam kardia.. kyun in lootere white color choraon k liye...
Jag jao hindustani bhaiyon.
Dharam k naam par vote har giz mat do.. gath bandhan wali sarkar banao. Kisi ko akele satta me ane har giz mat do.
pahle to ye btao aap...jab ye inti badi rakam ki guarantee le kr dusre banko k paas jaate the udhaar k liye to udhaar dene wali banke udhaar dene se pahle kya punjab national bank se cross check aur confirmation ni leti thi.. LoU k alawe..........agar aisa ni h to fir inse bada chutiya aur kahi ni ho sakta .......jo ki saving account kholne me itna naatak aur paper baazi krte h ...aur croro rupaye k maamle me apna sir khujaate h ............
what the hell our Government is doing ? Government is infusing taxpayers 2 lakh Crores to these banks who can do all this type of frauds? No point in in just suspending few people , just shut down one bank and the lesson will be teach to others
No other banks will be dare to do this type of fraud.All scumbags
नीरव मोदी की 6000 करोड़ की संपत्ति, हीरे, जवाहरात आदि जब्त किये गये...और वो भी मात्र दो दिन में...यानी बैंको का आधा पैसा तो वसूल....अभी और क्या क्या जब्त होगा पता नही ?.....और ये दावा जी न्यूज़ नही बल्कि NDTV कर रहा है....नही तो पप्पू भगत इसे भाजपाई न्यूज़ कह कर खारिज़ कर देते....अबे मोदी विरोधियो, पप्पू भगतो कम से कम NDTV की खबर पर तो यकीन कर लो.....ये तो तुम्हारे चचा रवीश का TV है....और हां इस 6000 करोड़ में इस 'नीरव मोदी' के मामा 'मेहुल चौकसे' के गीतांजलि ज्वेलर्स पर छापों का रेकॉर्ड नही है.....वो सब बोनस होगा....
in every high finance swindle, scandal, loot , etc etc a jain community member is always involved . nigodas exist only in jain community .mehta ,kothari , choksi , shah, etc etc are celebrated as modern tirthankar of the community
Well PNB got 5000 Cr from govt as capitalisation and was planning to raise another 6500 Cr or so from open offer to strengthen their balance sheet before this fraud came out. So this means virtually the 5000cr amount to be received from Govt will be used to mitigate this fraud... supposedly this money was raised from taxes....so a normal salaried person is contributing partially to Nirav Modi....
If this govt has any guts, they should stop this payment of 5000cr and dissolve PNB, this should be an apt example for due diligence systems or internal control systems in other banks....I am ok if govt pays more money than 5009cr to fund a normal depositholder of PNB rather than contributing towards a fraud
Mujhe ye Ni smjh ata... middle class walon k loan Dene me to itna checking Hoti hai and milna mushkil hota tow fir log ko kaise dete... farmers k help krte Ni n zada profit k lalach me paisa duba dete... Yahi agr Kisi gareeb k bache ko dete 3-4 k Puri padhai ho jati
#Hans Aur phir RG ke haath Desh ka lagaam de kar desh dubana. Wapas wahi 2004 se 2014 ka scam / ghotala era wapas lana .
Aur koi toh politics mein saamne hai hi nahi.Sirf RG he saare mandir ke ghanti bajaa raha hai.
ha ha ha. Congress=BJP, both are good in scams... BJP and congress both exist in this scam. otherwise after reporting this incedent with details(what we know today PNB scam) 2016 by haripasan bangalore jwler to police, KA CID, Central govt agancies(company regulater) and PMO. did not respond why?? that person taking photo with PM Modi. Modi talk good about this person(scam star nirav modi's uncle) in one meeting.. wake up man.. congress=bjp.. we have no option now..
A lot of wrong information given by Quint here. As part of necessary education, let me put the facts out right correctly, because unlike Quint, I dont need to do shitty generalizations and tall claims to sell my channel or anything. SO here is what it is in plain simple words:
1. For a person who imports good from another country, he has to pay the person who is at the other end, that is the exporter. This is done through banks. So, importer's bank and exporter's bank trade in money on behalf of two parties. Direct trade between importer and exporter through Western Union does not happen, because they may not trust each other enough for some big amounts, that are always involved in import of goods like diamonds.
2. Nirav Modi and a few bank officials from Brady House branch of PNB in Mumbai are definitely at fault here. In order for bank to issue LoU (Letter of Undertaking, Quint showed it as Letter of Comfort, which is okay) to the other bank in the exporter's country, the bank first wants collateral or deposit or hard money from the importer. The importer should provide it and then money is transferred by the bank using SWIFT to the exporter's bank. By the way, this same procedure holds even if the exporter is in India and importer is abroad. Now, the process looks straight forward, but there are lot of rules there. Also, there are a lot of situations that come up. For example, Indian banks mostly never issue LoU or accept LoU for many banks from Nigeria, and Ghana. Because these banks are found to be not trust worthy. So Indian banks would do a lot of research before supporting an Indian trader trading in Africa. Another situation is, many times the goods sent across do not fit the expectations of the importer, and he sustains a loss. In such cases, bank has 2 options - 1. TO give the importer some grace time to recover his lost money to pay the banks 2. Send him straight to jail, and still not get the money. Depending on the records of the importer, the volume of money involved, banks may take this decision. But these decisions have to be very well documented and are taken within limits always! No freebies for anyone as such!
3. In this particular case, it was deliberate attempt by the trader, namely Mr. Modi at hand, where he continued procuring LoU without honoring any one of them. So, he is 100% at fault. As for the bank officials, they cannot issue LoU without recording it in the core computerized banking system. In simple terms, any bank clerk cannot hand over 500 rupees to an account holder out of their account, without debiting in the system. So, bank officials deliberately were at fault too. For how long this happened? It happened for as long as the non-conforming employees were at the branch. Interesting thing to watch is, have the bank officials received any money from Nirav Modi? If not, then they might have done biggest blunder in name of goodwill in business. And, as Quint suggested, this went on for 10 years. NO, IT IS NOT TRUE! The Brady house branch and other international banking branches will see for how long, but for 10 years is unlikely.
4. Stupid Qunit said that "internal investigation" revealed this in January. WRONG!!!! The same clients, aka Nirav Modi and company came to seek another LoU from new branch manager, as previous people were routinely transferred or were retired. The new manager checked that they did not have any securities or guarantees or collateral deposited with the bank, so the bank replied saying this cannot be issued. That is when the customer made a classic mistake. They themselves told the bank officials that they have been getting LoU for long time without supporting funds or collateral. That triggered record searching, and it was found that money is withdrawn but no record of security against it and also no record of money withdrawn. That is when everything was understood and complaint filed.
5. Quint said, inspite of internal auditing mechanism by PNB, RBI audits, ED, CVC, how did this happen. Well, all these auditors check files and record. If no records are there, how will they know??? So its like, somebody sees 1000 Rs. in their online bank account, but there is actually 1 Rs. in the account when he went to withdraw. That kind of stuff happened here. CVC could not catch either, because I am not sure, if bank officials received any bribes for it. If they did, CVC would know and would take action. They can do it now too.
6. Another point mentioned in one line by Quint is about NPA, recapitalization. NPA is Non performing Assests. All Indian banks are suffering from it. How come? Here is how it goes. Mallya fraud, C Mahindra fraud, this new Nirav Mehta fraud and a lot of other frauds that are not out yet, were all possible because of following reasons:
a. Finanace minister appoints Chairman and MD to banks. Most of CMD are clean, but few are not. At least with respect to their appointment and qualification gaps.
b. 75% of bank officials are honest, but when they proceed to file complaint against big defaulters like Mallya, three things happen, delay by Finance ministry to give green light for CBI inquiry, readdressal filed by defaulter in special tribunal, which makes it impossible for banks to arrest the defaulter and seize the properties till tribunal gives judgement, and third thing is, the defaulter readily goes to jail for sentence of 7 years, with all money transferred to foreign banks. the defaulters are shameless and live good life in jail and outside from money they looted.
c. Bank officials who are corrupt lead to NPA. In some cases, bank officials are not corrupt, but are either ignorant, naive, careless, or simply victims of undue pressure from superiors. Also, most of the NPA in all the banks are in northern part of India, as compared to south. It is found that, corruption in bank officials is more rampant in northern part, as also in telugu districts of south. On some deliberation, reason for which north officials found to be more corrupt is shocking. Large fat wedding budgets for children, heavy dowry system, and show-off attitude and lifestyle are few pressing reasons why officials in north are more prone to bribes and create more frauds as compared to south. This not my imagination. Please look at convicted people in all cases put together, and not just this case. ALSO THIS IS NOT ANY RANT OR BIAS AGAINST NORTH INDIANS OR TELUGUS, IT IS AN OBSERVATION FROM INTERNAL REPORTS OF BANKS. PLEASE CONCENTRATE ON REASONS.
7. Quint then proceeded to mention that there could be many more frauds. WRONG!! THIS NIRAV MODI LoU FRAUD IS THE ONLY FRAUD. NO OTHER FRAUD. STOP SPECULATING IN THIN AIR! I know you like to scare public, but please dont!
8. Finally, the one thing, which Quint idd not mention, but needs to be highlighted by me. The core crux of so many frauds in the country are because of two main culprits. a. Unnecessary, unwarranted, hopeless level of dishonesty showed by Indian business class especially Marwaris, and Gujaratis. I have talked to more than 100+ people from banks on this, and banks say that every time a Marwari or Gujarati comes for loans, we are very very careful. They say there are thugs in every community. But, despite being highly successful businessmen, Marwaris and Gujarati people have a tenacity to talk sweet and siphon off money never to return. Ironically, these two classes are the majority of big lending customers for bankers. AGAIN, THIS IS NOT A RANT AGAINST ANY COMMUNITY, BUT SOMETHING MAKES IT MORALLY NORMAL FOR SOME (NOT ALL!) PEOPLE IN THESE COMMUNITIES TO SIPHON OFF THE MONEY. AND THAT IS WORRISOME.
b. The politicians, across party lines are highly responsible for all the frauds happening in the country. But, the current top leadership from BJP seems to be clean. Although, it is clear, that being clean yourself is not enough, and the common man as well as the good customers, like thousands of honest business people, including major mercantile communities of Gjarati and Marwari people, and also the honest bank officials want these frauds and NPAs to end! And hence they want BJP govt to have these people REPAY all the money first and then think of punishing them. If they dont do it, the people are fed up and most likely will vote against them out of sheer frustration!
P.S. : Please keep in mind, in any business there is loss and profit. But, some businessman deliberately show losses and siphon off money or they open dummy businesses just to siphon off money. These are the true culprits and we should have mechanism to not lend them any money at all! Thank You for reading the whole thing. I am writing after listening to hundreds of bankers', businessmen, govt employees and understanding their vast experiences with banking systems and international trading. Everyone, please take it in the right spirit!
And then they won’t give loan to middle class families! Rich screws up big time and middle class people are at the receiving end as banks won’t trust them anymore ! Poor won’t suffer anyway because them are being used as vote bank and schemes are made to keep them just happy
Statement from PNB blaming some branch level staff for the entire scam is so hilarious 😂. Kya aapko wake hi lagta hai ki local branch level pe kaam kar rahe bank ke employees ki aukat hoti hai 11,000 crore ka scam karne ki ? Just think with common-sense. Even branch manager cannot do it, he won’t have authority to give away 11,000 crore to anyone. PNB management should stop fooling the public. Surely their executives at highest level must be involved in this (without their connivance such a mega scam is not possible), and now they’re making branch employees a scapegoat.
Rohan Parsewar 1. What makes you assume Nirav Modi is not a common man. His passport is revoked, and he is now more defamed than any common man ever was. If you think he is special and so he got to escape, then let me tell you he was in US always since long before and after this fraud he cant go anywhere aince passport is revoked. Still if you think he is special, I request you to just try and become like him and you will know the wrath of indian agencies.
2. No, you never talked about problema common man faces. This thread is in reply to the comment of rajeev saying sack top bank management. My reply was,sure sack the management, if you understand sometjing first. Long story cut short, sack this, sack that is useless if you youraelf dont understand anything. So please learn, work hard, understand what has happened, understand banking systems and then pass a judgement. So educate and then opiniate is the strong suggestion. So, you never discussed problems of common man. You were ranting about firing the upper management, which by the way you dont even know.
3. Still, lets assume, you were indeed talking about problems faced by common man. WTF does that have to do with this? Nirav modi or anyone else is not special, that I already demonstrated. Fact is, you didnt get the loan, and you are venting your misplaced anger here.
4. Last pathetic attempt is to label people, like you labelled me. LOL, as if you know me or even care to know me. I am not here to defend anyone, hang ppl for all I care, not my responsibility and not my headache. But, if somebody commemnts something,without any prior knowledge, then thats fruitless, dangerous, and useless at best, just like your comment here.
Exactly my point is when a common man goes to bank for loans he gets entangled in procedure. In case of Nirav Modi the procedure was not followed. FYI information I was and am not complaining here or anywhere. i am just trying bring out the issues which a common man faces. I simply wonder why you are so much eager to defend crooks like Nirav Modi. Maybe you are one of them.
Rohan Parsewar I did not mean to come across as arrogant. I cpuld keep on playing fames about collateral and mortgage and their differences and MUDRA and what not. But, for lack of time, lets assume you were met with injustice. There are 3 major ways of redressal. 1. Email this to the MUDRA yojna people in your district collector office.2. Talk to branch manager, and try to explain him what you told me. AND..AND if you still are convinced you are correct, write to bank CVC, they respond immediately.3. Write straight to PMO.
Linking your miinterpretation and non application of practicalities involved in MUDRA yojna to Nirav Modi case, is dishinesty and appallling. Complaiining jere ont get you the loan,follow the procedure if you think you are right and deserve the loan.
rajeevrp 1. RBI doea not "donate" money. Study CRR and RR. RBI loans the money. Anyways, PNB doesnt need any money, because 10000 crore is no big deal for PNB at all. If nit convinved, atusy their balance sheet, reserve ratio, profit records and NPA ratio. What are all these things,you will have to google them. I have knowledge of things, that is why I am100% relaxed. I know banking, you dont. Thats why I am asking you to study, and then decide if you want to relax or panick. Dont go by media reports, they will tell you 10000 crore scam,and conveniently forget to tell you the plan of recovery, the aeizure procesure,initiativea by nirav modi himslef as he is indian passport holder, also media wont tell how much PNB actually is worth.
2. You are honestly stupid to withdraw money from PNB, because there is no other trustworthy bank to keep the money to other than PSU banks. On top of that, you suggest this stupidity to everyone else. Brother, your over urge to "send" a message to bank is a plain "joke". The bank wont give a hit, they will close the bank and go home, you wilp be the loser. Unfortuantely, you didnt even have the common sense to ponder as to why people have not yet withdrawn their money from PNB. Because, they got some common sense. Pray that you would have some too. Study, read, its hardwork, but do it. Binge typing shit on youtube makes you only a fool that you are. Gosh!
You obviously didn't get the point. You're so relax and talking as though the money that PSU banks will get from RBI or Govt is falling from sky and so there's no reason to worry. I know it is a PSU bank, so govt will bail them out no matter what, but whose money is that ? The bail-out money is effectively of tax payers like you and me only, so don't be so indifferent as though you're not impacted by this fraud.
My point was about registering the protest, if large number of people withdraw all their money and close their accounts, it will send a very strong signal to the bank that such nonsense will not be accepted and the customers will NOT continue the business as usual as if nothing happened. They should feel the heat. I don't want banks that allow fraud of 11,000 crore to be bailed out by public exchequer, I want such banks to get shut, we should make an example out of this fraud such that the conscience of other PSU banks would shake so that they understand the cost of such frauds and never allow similar things to take place in future.
Even after this comment, nobody will withdraw, because PNB is PSU bank, not private bank, they can get literally infinite supply of money from RBI. But, you are encouraged to withdraw. With due respect, you will be at loss and hence stupid to do that! Google to know what is PSU bank. Gosh! You know nothing!
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