PM should make statement in Parliament on bank scams

The CBI filed a second FIR on February 15 over a Rs 4,886.72-crore fraud against Choksi's Gitanjali Group.

India's federal police, the Central Bureau of Investigation (CBI), has told a Mumbai court that the amount involving Modi's companies was likely to go up, according to the source and court filings, copies of which have been reviewed by Reuters.

Though Modi has not yet been arrested, India's External Affairs Ministry has revoked his passport as well as Choksi's for their involvement in the scam.

An LoU is a guarantee which is given by an issuing bank to Indian banks having branches overseas to grant short-term credit to the applicant.

Nirav Modi is accused of availing loans which are estimated to top Rs 12,000 crore via fraudulent Letters of Undertaking (LoU) by PNB's Brady House branch in Mumbai. Both have issued statements denying the CBI's charges. Gitanjali has also denied CBI's accusations.


A government official said that this was being planned so that there is effective communication and planning between the banks, intelligence agencies and other government departments.

Police also arrested on Tuesday Vipul Chitalia, a vice president at Gitanjali, taking the total number of people arrested so far in the case to 19.

Modi, his family and Choksi had left the country in early January.

To buttress his stance that PNB has strong growth potential, Jaitley noted that the public sector bank had a high share of current account and savings account (CASA) deposits, healthy provision-coverage ratio of over 60 per cent and high potential for mobilising capital through sale of non-core assets. This is the 14th straight session of fall for the stock.

In its plea, the company sought quashing of seizing of movable properties of Nirav Modi and depositing them with the PNB.

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