PNB-officials took bribe from Nirav Modi-Rs.12,600 crores loan

Skeletons from the cupboards are tumbling, PNB-Panjab National  Bank officials accepted bribes to facilitate Nirav Modi obtain a loan by accepting gold coins and jewels from  Nirav Modi . 2 billion US Dollar fraudulent loan availed by the accused. It is alleged that the bank officials helped Nirav Modi and Mehul Choksi, got fraudulent letters of undertaking(LOUs) on their shell companies, receive money from overseas branches of Indian Banks.

Several senior Bank officials have been suspended, 14 officials have been arrested, the beneficiaries of Nirav Modi, helping the jeweler to get the LOUs without any objections.

Sting operations by a National television channel have exposed the businessmen, especially the jewelers how they operate, cheat banks operating a business on LOUs, without really buying gold, diamonds, jewelry.

Not only this, the same golden ornaments are sold and purchased by companies, on papers and resold, again on paper., in reality, no physical exchange of items are purchased or sold makes the mockery of the banking system prevailing in India.

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