Petition on Nirav Modi
A new study suggests that the Punjab national bank has taken the biggest hit in the Nirav Modi led fraud. Other bank to have been severely hit but pnb is the worst affected.
Four banks which are struggling to get money are a corporation, Dena, union bank, and bank of India.
Modi owned Firestar international Pvt. Ltd. involved corporation bank's Bandra branch in August 2017. In September 2017, corporation bank sent communication with the help of SWIFT to Israel discount bank of New York to further credit facility for diamonds that were supposed to be delivered to Firestar diamond in the US which was another of Nirav Modi's company.
Banks having credit facility have to honor the letter of credit. Fake invoices were made to authenticate the round-tripping of diamonds.
All in all, corporation bank was fraud 39 crores in total.
Recently corporation bank has filed a petition for the first time after the probe of the government agencies on Modi and his uncle Mehul choksi for their alleged involvement in the biggest fraud of India of 2 billion.
New developments are currently taking place and everyone would hope that most of the money is recovered and all the accusers are given penalty whatever decided.