Government assures action against Nirav Modi, blames UPA

Government assures action against Nirav Modi, blames UPA

The Enforcement Directorate today conducted multiple searches in connection with a money laundering case against billionaire jewellery designer Nirav Modi and others following a complaint by Punjab National Bank.

Stressing that the Enforcement Directorate and other investigation agencies have taken action with alacrity, Ravi Shankar Prasad said properties assets worth Rs 1,300 crore have already been seized and the passports have been revoked, along with circulating a look-out-notice for Nirav Modi. Add to that, the involvement of Arun Jaitley - the finance minister has sought a status report from the ED - and this scam having turned into apolitical issue, attracting statements from Congress and AAP. "However, in the end the government could not do anything". Also, the government must introspect that when it is repeatedly infusing capital into loss making PSU banks with reckless risk management, where will the buck stop when it comes to accountability?

India's second largest state-run bank has uncovered a $1.8bn (£1.3bn) scam linked to a single Mumbai branch.

While addressing a press conference at party office in New Delhi Thursday morning, Congress media Incharge Randeep Surjewala showed a picture in which Nirav Modi can be seen along with Prime Minister Modi during his visit to Davos.

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Nirav Modi's name is a stamp of corporate India's growing global prestige. He is also present in the group photo that PM had with the other Indian businessmen.

"What is this word "Chhota Modi"?".

"Laws are very clear about the letter of undertaking (LoU) or letter of credit (LC)", said Jayesh H., founder and senior partner of law firm Juris Corp. The letter from Nirav Modi says he would sell the company to raise funds and the valuation is pegged at Rs 6,000 crore. The BJP takes strong offence to the kind of language being used by describing someone like that. The bank, India's second-largest state-owned lender, announced on Wednesday that it had also detected fraud of nearly $1.8bn at a single branch in Mumbai, sending its shares plummeting. This government is taking cognisance of matters and investigating them. "Around 30 banks have lost money due to this scam", he said. On January 3, 2018, the bank got to know that two staffers were involved in unauthorised transactions. The delay in filing of complaint by the bank left limited options for the agency with one of them being revocation of proceedings, they said.

The bank has the capability to resolve this matter and come out of it, and it would honour all its bona fide commitments to the stakeholders, Mittal added.

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