PNB officials allegedly issued unrecorded LoUs by SWIFT to Nirav Modi's firms from 2011 to 2018; the CBI alleges Rs 6,498.20 crore. Modi is in UK custody, untr…
About US$15.5 million in LoUs went out by SWIFT with no entry in PNB's books.
SWIFT out, no core banking entry, rollover.
The CBI alleges 150 LoUs worth Rs 6,498.20 crore went to Modi's three firms.
He left weeks before PNB's first complaint.
Asked for cash margin, the firms said they had never needed it. No limits were on record.
Eight LoUs from February 2017 led to a cheating and conspiracy case.
PNB disclosed fraudulent transactions of about US$1.77 billion at one branch.
January to February 2018.
Gokulnath Shetty, Manoj Kharat and Hemant Bhatt were arrested.
Banks were told to stop LoUs and Letters of Comfort for import trade credit.
What the controls should have caught.
Modi, associates and PNB officials, including a former MD, were chargesheeted.
Interpol asked police worldwide to locate and arrest him pending extradition.
Modi was arrested on India's request and has been in custody since.
The declaration allows his property to be confiscated.
A judge found a case to answer and no bar to extradition.
Not additive.
The ED said Rs 1,052.42 crore had been restored to banks.
The High Court found India's assurances against interrogation reliable.
With no corruption charges, a separate case went to a magistrate.
From request to Strasbourg.
Nirav Modi is an accused, not convicted.
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