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Diamond merchant Nirav Modi’s $1.8 bn scam on PNB will leave the banking sector in disarray

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Diamond merchant Nirav Modi’s $1.8 bn scam on PNB will leave the banking sector in disarray

Even as another multi-billion dollar shady deal within the Indian banking sector comes to light through the Rs 11,292 crore ($1.8 billion) scam by diamond merchant Nirav Modi, political parties have started the blame game, and it is most likely that the suspension of ten employees of Punjab National Bank apart, no other person will be tainted.

Modi himself, quite like liquor baron Vijay Mallya and alleged IPL scam master Lalit Modi, has left the country with his entire family and it’s not sure as of now if India even has an extradition treaty with whichever country he is in. The bankers, of course, will remain untouchable, despite having disbursed public money to scamsters.

Technically, the bank could have stopped payment – these were actually short term loans, called buyer’s credit – at any time on the ‘letters of undertaking’ (LoUs) that it and Modi had signed, allowing Modi to pick up raw diamond from sellers abroad.  These LoUs were signed by PNB and three diamond firms belonging to the Modi Group and some other firms owned by Gitanjali Gems. These companies had opened current accounts at a domestic branch of PNB and,as per the LoUs, money would have been paid by the bank to overseas sellers in foreign currency. This is a common practice, but it would unwise to believe that the bank never did an audit of the money paid and the reimbursements thereafter. That it was a collusion with the clear purpose of a scam is clear.

It is also inconceivable that only ten people (those suspended) were in the know of things, when even the foreign sellers (who sold the raw diamonds to Modi’s firms) held accounts at foreign branches of Indian banks.

The idea of the scam, as disclosed, was that a junior official at PNB fraudulently issued ‘letters of undertaking’, allowing Modi’s companies to get those short term loans from overseas bank branches. Expectedly, the PNB was the guarantor of these loans. A huge number of LoUs would have been done for the amount to reach such gargantuan levels, and in the age of total computerisation of transactions, the bank wants the public to believe that this was the secret work of a select few.

The initial complaint against Modi (in January) was for a Rs 280 crore fraud. Then the bank went to the CBI with the humongous complaint. That was in January 29, by which time Modi had fled the country with his entire family. While Rs 282 crore, in an age of huge scams, did not raise the red flag, the bigger one did. But by that time it was too late to nab Modi.

It has been reported in the media, which have quoted government sources sa saying that Modi and his family fled the country in the first week of January much before the CBI received a complaint from PNB.

It has also been reported that Modi has allegedly sought six months time from PNB to repay the loan.

On 15 February, ED raided nine premises of entities involved in the case.

Leave alone Modi till one can find him. But the bank, like all other banks in such scams, will have a lot of answering to do. This is especially so, because while the BJP says that the Congress should answer because it all started in 2011, the Congress says how come the BJP had no inkling of such a huge scam?

—India Legal Bureau

Entertainment

Amaal Mallik urges media to respect privacy after deleting emotional post on family estrangement

Amaal Mallik deleted a personal post detailing his struggles with depression and strained family ties. In a fresh statement, he urged the media not to sensationalise his vulnerability or harass his family.

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Amaal Mallik addresses mental health and family estrangement

Singer-composer Amaal Mallik, known for his work in Bollywood music, has taken down a deeply personal social media post in which he opened up about his clinical depression and a difficult relationship with his family. In a fresh statement issued on Instagram, he addressed the media and public reaction to his earlier post and urged for sensitivity during what he described as a “very tough time.”

In his new message, Amaal Mallik wrote,
“Thank you for the love and support, it truly means a lot, but I would request the media portals not to harass my family.. Please don’t sensationalise and give negative headlines to my vulnerability…It’s a request. It’s taken a lot for me to open up & it is a very tough time for me…I will always love my family, but for now, from afar. Nothing changes between us brothers, Armaan and I are one, and nothing can come between us. Love & Peace.”

The clarification followed the deletion of an earlier post in which Mallik shared that he had been clinically diagnosed with depression. He also revealed that despite composing 126 songs in his decade-long career, he felt undervalued, particularly by his family.

In the now-deleted post, Mallik spoke about strained ties with his brother Armaan, which he attributed to actions by their parents. He indicated that he would be maintaining only professional relations with his family going forward, stating that their behaviour had impacted his mental health and self-esteem.

An excerpt from his deleted post read:
“The journey has been terrific for both of us but the actions of my parents have been the reason we as brothers have gone too far from one another and all of this has made me step in for myself as it has left a very deep scar across my heart. Through the last many years, they have left no opportunity to disturb my well-being and belittle all my friendships, my relationships, my mindset, my self-confidence.”

He further admitted that while he holds himself accountable for his own actions, he felt repeatedly diminished by those closest to him, contributing significantly to his deteriorating mental health.

As the industry and fans react to Amaal’s honesty, the singer has requested that his vulnerability be met with compassion, not sensationalism. His heartfelt appeal seeks to redirect focus toward healing rather than headlines.

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Entertainment

Dhanashree Verma’s new song Dekha Ji Dekha Maine explores betrayal, abuse amid divorce from Yuzvendra Chahal

Choreographer Dhanashree Verma dropped a new song Dekha Ji Dekha Maine that portrays themes of betrayal and domestic violence, coinciding with her divorce from cricketer Yuzvendra Chahal.

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Choreographer and influencer Dhanashree Verma released a powerful new music video titled Dekha Ji Dekha Maine on the same day her divorce from Indian cricketer Yuzvendra Chahal was legally granted by a family court in Mumbai. The emotionally charged track, launched under the T-Series banner, highlights themes of betrayal, domestic abuse, and emotional trauma within a royal marital setup.

The video stars Dhanashree alongside actor Ishwak Singh, known for his role in Pataal Lok. Set against a traditional Rajasthani backdrop, the visuals depict Verma as a woman enduring infidelity and physical violence from her husband. One scene shows her character being slapped in public, while another captures the husband engaging intimately with another woman in her presence.

The lyrics, penned by Jaani, cut deep. Lines such as “Dekha ji dekha maine, apno ka rona dekha. Gairon ke bistar pe, apno ka sona dekha” and “Dil tera bacha hai, nibhana bhool jata hai. Naya khilauna dekh ke, purana bhool jata hai” reflect the anguish of betrayal and emotional neglect in a relationship.

Sung by Jyoti Nooran, with music composed by Jaani, the song presents a striking narrative layered with raw emotion. Speaking about her role, Dhanashree said, “This was one of the most emotionally charged performances I’ve been a part of… It demanded a certain level of intensity, and I hope it resonates deeply with the audience.”

The release coincided with her official separation from Yuzvendra Chahal, whom she married in December 2020. As per reports, Chahal has agreed to pay an alimony of ₹4.75 crore as part of the divorce settlement.

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India News

Sambhal Court issues notice to Rahul Gandhi over fight against Indian state comment

Rahul Gandhi has been summoned by a Sambhal court over his statement that the opposition is fighting the Indian state, not just BJP or RSS.

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Rahul Gandhi addresses public at party headquarters

The District Judge Court of Sambhal has issued a notice to Congress leader and Lok Sabha Leader of Opposition Rahul Gandhi, seeking his response or appearance on April 4, in connection with a complaint filed over his controversial remark that opposition parties were not merely fighting the BJP or RSS, but the “Indian state” itself.

Statement triggers legal action

The legal proceedings stem from a statement made by Rahul Gandhi on January 15, during the inauguration of the Congress party’s new headquarters ‘Indira Bhawan’. In his address, Gandhi said, “Our ideology, like the RSS ideology, is thousands of years old, and it has been fighting the RSS ideology for thousands of years. Do not think that we are fighting a fair fight. There is no fairness in this. If you believe that we are fighting a political organisation called the BJP or RSS, you have not understood what is going on. The BJP and the RSS have captured every single institution of our country. We are now fighting the BJP, the RSS and the Indian State itself.”

He also commented on the status of Indian institutions and media, suggesting that both were no longer functioning freely or fairly.

Revision petition leads to court summons

Advocate Sachin Goyal, representing complainant Simran Gupta, explained that a case was initially filed in the special MP/MLA court seeking registration of an FIR against Gandhi. However, the Chief Judicial Magistrate (CJM) dismissed the plea citing lack of jurisdiction.

Following this, a revision petition was filed, after which the Sambhal District Judge accepted the complaint and issued a notice to Rahul Gandhi. The court has asked him to either appear in person or file a formal response on or before April 4.

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