PNB: Scam has been going since 2011
February 15, 2018
Punjab National Bank MD and CEO Sunil Mehta addressing the media in Delhi on the Nirav Modi case. Highlights of the conference.
Mehta said the scam was first detected by PNB officials in 2011 and had been reported to the concerned agencies. “We have initiated recovery; will honour all bonafide liability,” the CEO said.
“We detected the fraud on January 3. We got to know that two of our employees did some un-authorised transactions.
“The CBI received the complaint from PNB on January 29, 2018. The CBI registered the case on 31st January.
“Nirav Modi left the country on the 1st of January. A lookout notice has also been issued against him.
“PNB has the capability and the capacity to deal with the situation arising from the fraud case.
“Hum kisi bhi galat kaam ko badhaava nahi denge. Hum log iss cheez ko surface pe lekar aaye.
“The bank intiated criminal action against our staff members. But this is a standalone incident. It has taken place only in one of our branches.
“In response to our registered FIR, raids are being conducted on involved groups establishments; documents & records are being seized.
“Steps are being taken to protect financial interest of banks.
The enforcement directorate swooped down on at least ten premises of entities involved in the case early morning. The premises raided by the ED here include Nirav Modi’s residence in Kurla, his jewellery boutique in Kala Ghoda area, three company locations in Bandra and Lower Parel, three premises in Surat in Gujarat and Modi’s showrooms in Chanakyapuri and Defence Colony in Delhi. (Agencies)