Global News

PNB scam: Senior Axis, ICICI officials appear before SFIO

PNB scam: Senior Axis, ICICI officials appear before SFIO

ICICI Bank is believed to have extended a loan of Rs 1,000 crore and Axis Bank Rs 700 crore past year to Mehul's Choksi Gitanjali Gems. A consortium of 31 banks had given working capital facility to Gitanjali Group, it said.

A special court on Saturday had issued non-bailable warrants (NBWs) against Modi and Choksi in the alleged scam.

The SFIO's Mumbai head confirmed to India Today that both Chanda Kochhar and Shikha Sharma have been summoned. "Bank has no exposure in the Nirav Modi group of companies nor has the bank issued any letters of undertaking nor has any buyer's credit exposure against LoUs with either Nirav modi group or the Gitanjali group". The bank added that the summons from SFIO was in connection with information sought on Nirav and Gitanjali Groups.

Meanwhile, the Central Bureau of Investigation (CBI) detained Vipul Chitalia, vice president of Gitanjali Group, as a part of the probe into the case. While top officials of Axis Bank have met SFIO officials on Tuesday, ICICI Bank has submitted all details to SFIO in the Gitanjali Group investigations, an official with direct knowledge of the matter said.

A 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. The reports said Kochhar was questioned on Sunday and Monday as well.

I mixed it up to fox South Africa, says Bhuvneshwar
Pandya was one of the most economical bowlers for India on the night when the South African batsmen were in sublime form. Coming together in the 11th over, the duo added 98 runs between them to carry the visitors to a formidable total.


The ICICI Bank scrip shed 2.64 per cent to close at Rs 295.10 a piece on BSE, while Axis Bank lost 1.31 per cent to Rs 516.80. He didn't unveil some other insights about Chitalia's affirmed part in the PNB misrepresentation.

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

The developments come in the centre of a scam involving PNB, with the fraud amount of over Rs 12,000 crore based on fraud letters of undertaking (LoUs). According to a CNN News 18 report, a total of 31 banks have been summoned in connection with the Nirav Modi-led PNB fraud, which is by far the largest scam in Indian banking system.

The officials of PNB scam were sent through an global messaging system for banking called SWIFT.


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