Global Media

PNB scam probe widens to include private lenders

07/03/2018
CBI detains Gitanjali Group's VP Vipul Chitalia at Mumbai Airport

NDTV revealed that ICICI Bank drove a consortium of 31 banks that loaned cash to Mehul Choksi's Gitanjali Group.

While addressing the media APYC President Geli Ete said that inspite of knowing several fraud in several banks of the country amounting to 41,000 crore which is a public money is a warning for the central government led by Narendra Modi even after information by the Punjab National Bank official and let the fraud person left the country and enjoying his life overseas is a matter of great concern for common people.

Meanwhile, the Enforcement Directorate (ED) has also written to all lenders that have had exposure to Modi and Choksi firms and directed them to submit documents pertaining to their loans and guarantees. NS Kannan, executive director ICICI bank, was the leader of consortium of the bank that lent money to Gitanjali Group, it has been alleged. The loans were extended to Gitanjali Group between November 2010 and April 2014 against a collateral of only about Rs 100 crore, sources familiar with the development said.

In a move that could bring more skeletons from cupboards of state-run banks, the finance ministry had asked them to closely scrutinise all non performing assets (NPAs) above Rs 50 crore to detect any signs of frauds. With Axis Bank and ICICI Bank complying with the SFIO summons, other lenders are likely to follow the suit.

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Later, V Srinivasan, deputy managing director of Axis Bank was seen exiting the SFIO office in south Mumbai.

Before this, CBI has detained Vipul Chitalia, the Vice President of Gitanjali Group of Companies, as a part of its probe into the PBN scam. He has been taken for questioning at the Bandra-Kurla Complex, an official said.

It is alleged that Choksi and Modi got Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs) of Rs 12,636 crore issued in favour of foreign branches of Indian banks based on fraudulent claims.

Bankers say in many Indian banks the SWIFT system, which is used for global transactions, and the core banking system work independently of each other. But, in case of a default, the bank that has issued the LoU has to pay the liability to the credit giving bank along with the accruing the interest.

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