PNB fraud: CBI questions 3 officials from Indian banks' branches abroad

Photo: Kamlesh Pednekar

In the latest development in the multi-billion Punjab National Bank (PNB) scam case, the Central Bureau of Investigation (CBI) on Wednesday questioned two Canara Bank officials from the Bahrain branch and one Bank of India official from the Antwerp branch in Belgium.

On a related note, the CBI on Sunday had issued a Non-Bailable Warrant (NBW) against celebrity jeweller Nirav Modi and his uncle and business partner, Mehul Choksi, in connection with the PNB scam.

The PNB in February detected the multi-crore scam, wherein Nirav Modi and Mehul Choksi had allegedly cheated the bank to the tune of Rs 114 billion, with the purported involvement of a few employees of the bank.

The scam, which reportedly began in 2011, was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.

The Enforcement Directorate (ED) registered a money laundering case against Modi and others on the basis of a CBI First Information Report (FIR).

Currently, the probe agencies are investigating the matter and have also seized many properties of both Modi and Choksi.



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel