The Nirav Modi-PNB scam case is still ongoing. But what one has to ponder on is that to what extent does the case reach?
An arrested official with the Punjab National Bank has told the CBI that he was gifted two gold coins and one pair of gold and diamond earrings in October last year by prime accused Nirav Modi after he continued to issue fraudulent Letter of Undertaking (LoUs).
The accused Yashwant Joshi was working with the forex department of PNB, Brady House Branch as a manager from 2015 to 2018. Incidentally, he succeeded arrested retried deputy manager in the bank’s forex department Gokulnath Shetty.
Shetty was working with the branch since 2010 and he retired in May 2017. The CBI has alleged that Joshi and Shetty were issuing fraudulent LoUs to Modi without entering the details in the core banking system or without taking collateral security.
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The CBI in its plea seeking the judicial custody of the arrested accused, including Shetty, told the court that Joshi had made the revelations during interrogation. Joshi had told the CBI that the coins weighed a total of 60 grams.
The CBI has recovered the gold coins and earrings from Joshi’s house. “This indicates that he was in collusion with the beneficiary accused persons to cheat the bank. He also obtained illegal gratification from the beneficiary party for continuing issuance of fraudulent LoUs,” the CBI application reads.
The CBI also said that investigations had revealed that another arrested accused Prafful Sawant, PNB Scale I officer, export, deliberately ignored to take print out of the SWIFT messages and ensure that the same has been entered into the core banking system in a bid to evade the section of the fraud and to favour Modi’s firms.
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