For the first time, the public sector loan company Oriental Bank of Commerce (OBC) has come out in the open about the disclosure of loans to missing executives Nirav Modi and his uncle Mehul C. Choksi, here on Friday.
The development comes ahead of OBC’s upcoming merger with Punjab National Bank (PNB) which – in February 2018 – admitted to massive fraud by Nirav Modi and Mehul Choksi of more than 500,500,500 crore, sending the entire banking industry around.
Oriental Bank has now issued notices announcing the two and their companies as ‘Commitment Payers’ at various loan rates, amounting to $ 9,289 million at their main branch, Cuffe Parade in Mumbai.
Nirav Modi’s companies Firestar International Pvt. And Fire Star Diamond International Pvt. Ltd. failed to repay Oriental Bank loans of ₹ 60.41 crore and ₹ 32.25 crore, respectively.
Similarly, Mehul Choksi’s companies are Gitanjali Gems Ltd. by Nakashatra World Ltd. failed on OBC loans amounting to 6 136.45 crore and ₹ 59.53 crore, respectively.
A few days after a scam broke out in February 2018 and it was reported that Nirav Modi and Mehul Choksi, along with other suspected family members, had sneaked out of the country, OBC immediately announced their accounts as ‘NPAs’ on March 21, 2018.
In addition, OBC has warned the masses to refrain from entering into any deals with these (above) and urged people to provide details of Nirav Modi-Choksi’s assets or transactions to enable the bank to repay the ‘public money’ due to them.
The banking rallies are questioning why it took OBC so long for almost 18 months to cough up exposure on the issue, and just before its proposed meeting with the PNB, and the United Bank of India, was announced last month by Finance Minister Nirmala Sitharaman.
“Apart from OBC, other banks also have information on Nirav Modi and Mehul Choksi, as well as their companies’ companies. What prevents them from coming together and taking the necessary legal action to get what they deserve,” banker and Maharashtra Trade Unions Joint Action Committee (TUJAC) IANS.
Utagi said some of the main questions were: what steps had been taken regarding the departments and officials of the foreign exchange reserves of the Reserve Bank of India and other banks involved, how much of the allegations made by the suspects (Nirav Modi-Choksi and others) had been obtained so far. before the next meeting.
Most likely, in March this year, OBC received a life-saving rate of 18 1,186 crore capital infusion and more is expected after the merger is completed.
The disclosure of the SBI came about two days after it emerged from the public that Mehul Choksi had granted his Indian nationality due to nationality on the Antigua & Barbuda Islands, in the West Indies.
In March this year, a well-dressed and well-dressed Nirav Modi was seen walking down a street in London, a riot broke out in India after which he was arrested by UK authorities.
At the moment, India is making every effort to get both uncles sent back to India and face the law here.