Kochi: Nation's largest state lender State Bank of India (SBI) today said that it has an exposure of $212 million (Rs 1,360 crore) in respect to letter of undertaking (LOU) issued by Punjab National Bank (PNB) to Nirav Modi, but does not have any direct exposure to the jewellery designer.
According to sources, an unspecified quantity of stocks of gold, diamond and other precious stones worth several hundred crores of rupees were seized during the raids, along with incriminating documents, computer discs and other materials. Both are accused in the Rs 280 crore bank fraud case.
When the details of the extent of the fraud, almost 7 times the profit earned by the nation's second-largest public bank, were made public earlier this week, it was found that Nirav Modi, along with his brother, wife and business partner Mehul Choksi had already left the country on January 1.
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.
Punjab National Bank, India's second-largest state-run lender, said on Thursday it has the capability and capacity to recover after uncovering a staggering $1.77 billion fraud at one of its branches that went undetected for years.
It has been that Modi - whose operations are spread across Europe, the U.S., Middle East and Far East, as well as India - has written to PNB and other banks saying he would return thee outstanding money.
The CBI was confident about getting a location of Nirav and his family by Friday, they said.
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Another entry reportedly detailed an armed robbery at a local convenience store on Monday night which police are investigating. Security cameras showed two masked robbers entering the store in the 900 block of W Casino Road at approximately 10 p.m.
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PNB reportedly has suspended 10 officers over the scam besides referring the matter to CBI for investigation.
"If the entire onus is on us, we will take responsibility", Mehta said, adding the bank has taken action to book culprits and protect its financial interests. PNB said in its statement that the fraud was discovered through the SWIFT trail when the official allegedly in cahoots with Modi had retired and one of his companies reached out for a loan.
Now when the three firms approached PNB in January this year for buyers credit, they were denied.
News of the alleged fraud sent PNB's shares down 12 percent on Thursday, their biggest daily percentage fall since May 2004, after falling 9.8 percent on Wednesday when it made its disclosure.
"Who is Nirav Modi?".
In November 2017, India sought cooperation from Britain for extradition of 13 fugitives, including Vijay Mallya and Lalit Modi, and asked it to not allow its territory to be used by Kashmiri and Khalistani separatists, officials said.