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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

India News

PM Modi says every noble attempt for peace with Pakistan met with hostility, betrayal

Modi also expressed empathy for the people of Pakistan, stating that they too must yearn for peace, tired of living amidst strife, unrest, and relentless terror.

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Prime Minister Narendra Modi, in a candid podcast with Lex Fridman released on Sunday, March 16, expressed his disappointment over Pakistan’s response to India’s peace initiatives, stating that every attempt to improve bilateral ties was met with hostility and betrayal. He expressed hope that wisdom would prevail among Pakistan’s leadership to choose the path of peace.

Recalling his early efforts to mend relations, Modi mentioned inviting then-Pakistani Prime Minister Nawaz Sharif to his swearing-in ceremony in 2014 as a gesture of goodwill. “It was a diplomatic gesture unlike any in decades. Even those who questioned my foreign policy approach were surprised. Our former President Pranab Mukherjee beautifully captured this historic moment in his memoir,” Modi said.

However, he lamented that the desired outcome was not achieved. “Every noble attempt at fostering peace was met with hostility and betrayal. We sincerely hope that wisdom prevails upon them, and they choose the path of peace,” he added. Modi also expressed empathy for the people of Pakistan, stating that they too must yearn for peace, tired of living amidst strife, unrest, and relentless terror.

On U.S.-India relations and President Trump

Modi also spoke about his strong bond with U.S. President Donald Trump, describing him as a leader who prioritizes national interests, much like himself. He praised Trump’s courage and decisiveness, recalling how the U.S. President sat among the audience during the ‘Howdy Modi’ event in Houston in 2019 while Modi addressed the crowd.

“That was his humility. The President of the United States sitting in the audience while I spoke from the stage—it was a remarkable gesture,” Modi said. He also shared a memorable moment when Trump agreed to walk through the packed stadium to greet the audience, despite concerns from his security team. “His entire security detail was thrown off guard, but that moment showed his courage and trust in me. It was a testament to the strong bond between us,” Modi added.

Reflecting on Trump’s resilience, Modi highlighted the U.S. President’s dedication to his country, even after being shot during the election campaign last year. “Even after being shot, he remained unwavering in his commitment to America. His ‘America First’ spirit resonates with my ‘India First’ approach. That’s why we connect so well,” Modi said.

He also commended Trump’s preparedness in his second term, noting that the U.S. President has a clear roadmap and a capable team to implement his vision. Modi mentioned meeting key members of Trump’s administration, including Vice President J.D. Vance, Director of National Intelligence Tulsi Gabbard, entrepreneur Vivek Ramaswamy, and tech mogul Elon Musk.

Modi emphasized that politicians are often perceived through the lens of media coverage, which can create misunderstandings. “People rarely get the chance to truly meet or personally know one another. Perhaps third-party intervention is the real cause of tensions,” he said, advocating for direct engagement and mutual understanding among global leaders.

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Entertainment

Tom Cruise and Ana de Armas spotted together again, reigniting dating rumors

Tom Cruise and Ana de Armas were seen together for the second time in London, adding fuel to ongoing romance speculation. The Hollywood stars have yet to address the dating rumors.

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Tom Cruise, Ana de Armas, Hollywood actors, celebrity dating rumors, London Heliport, entertainment news

Hollywood actors Tom Cruise and Ana de Armas have once again sparked romance rumors after being seen together in London. The duo was spotted arriving at the London Heliport on the evening of March 14, marking their second public outing in recent weeks.

According to reports, the two actors appeared relaxed and comfortable in casual attire, engaging in lively conversations and laughter with the heliport staff. Their recent joint appearances have intensified speculation about a possible romantic relationship.

Tom and Ana’s growing closeness

The romance rumors initially began circulating over Valentine’s Day weekend last month when Tom and Ana were first photographed together. The duo was seen walking through London’s Soho neighborhood, with Ana carrying takeout food. They also stopped to interact with fans and pose for photographs, further fueling dating speculations.

Neither Tom, who has been filming a movie in England directed by Alejandro G. Iñárritu, nor Ana have addressed these rumors. In a recent encounter with Spanish media in Madrid, Ana declined to comment when asked whether her outing with Tom was personal or work-related.

Past relationships and media interest

Ana de Armas has been linked to Tinder executive Paul Boukadakis in 2023 and previously dated actor Ben Affleck from 2020 to 2021. Tom Cruise, on the other hand, has maintained a relatively private personal life in recent years.

As of now, representatives for both actors have not responded to requests for comments on their relationship status. However, their recent outings together continue to keep fans and media buzzing with speculation.

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India News

BJP appoints district presidents for UP’s 68 district, check names here, CM Yogi Adityanath extends congratulations

BJP has released the list of new district presidents for 68 districts in Uttar Pradesh. Chief Minister Yogi Adityanath congratulated the appointees.

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After nearly two months of internal deliberations, the Bharatiya Janata Party (BJP) has announced the names of its district and metropolitan presidents in Uttar Pradesh. The declaration, made by district election officers, marks a shift from the traditional practice of releasing a consolidated list from Lucknow. The appointments coincide with the BJP’s statewide “Organisation Festival 2025” celebrations.

Key appointments in major cities

In Lucknow, Anand Dwivedi has been appointed as the new Metropolitan President, while Vijay Maurya takes over as District President. Rajkumar Gupta has been named as Metropolitan President in Agra, with Prashant Poonia appointed as the District President. Meanwhile, Akash Pal has been reappointed as District President in Moradabad, and Girish Bhandula, a textile trader, will serve as Metropolitan President.

Chief Minister Yogi Adityanath extends congratulations

Uttar Pradesh Chief Minister Yogi Adityanath congratulated the newly appointed BJP office-bearers on social media. In a post on X (formerly Twitter), he expressed confidence in their ability to strengthen the party’s organisation and contribute to Prime Minister Narendra Modi’s vision of security and good governance in the state.

Full list of newly appointed BJP district and metropolitan presidents in UP

So far, 68 out of 98 organisational districts have received new appointments, with the remaining positions expected to be announced soon.

District-wise BJP presidents in Uttar Pradesh:

Bulandshahr: Vikas Chauhan (Repeat)

Etawah: Annu Gupta

Ghazipur: Om Prakash Rai

Lalitpur: Harishchandra Rawat

Amethi: Sudhanshu Shukla

Agra (Metropolitan): Rajkumar Gupta

Agra (District): Prashant Poonia

Moradabad (District): Akash Pal (Repeat)

Moradabad (Metropolitan): Girish Bhandula

Kasganj: Neeraj Sharma

Ghaziabad (Metropolitan): Mayank Goyal

Lucknow (District): Vijay Maurya

Maharajganj: Sanjay Pandey

Unnao: Anurag

Raebareli: Buddhi Lal

Noida & Gautam Buddha Nagar (District): Abhishek Sharma

Noida (Metropolitan): Mahesh Chauhan

Lucknow (Metropolitan): Anand Dwivedi

Sonbhadra: Nandlal Gupta

Meerut (Metropolitan): Vivek Rastogi

Gorakhpur (District): Janardan Tiwari

Gorakhpur (Metropolitan): Devesh Srivastava

Azamgarh: Dhruv Singh

Lalganj: Vinod Rajbhar

Basti: Vivekanand Mishra

Bhadohi: Deepak Mishra

Kanpur South: Shivram Singh

Pratapgarh: Ashish Srivastava (Repeat)

Rampur: Harish Gangwar

Mainpuri: Mamta Rajput

Farrukhabad: Fateh Chandra Verma

Mathura (District): Nirbhay Pandey

Mathura (Metropolitan): Raju Yadav

Bahraich: Brajesh Pandey (Repeat)

Sultanpur: Sushil Tripathi

Auraiya: Sarvesh Katheria

Balrampur: Ravi Mishra

Gonda: Amar Kishore Kashyap

Shravasti: Mishri Lal Verma

Kanpur North (Metropolitan): Anil Dixit

Kanpur Dehat: Renuka Sachan

Kanpur Rural: Upendra Nath Paswan

Kannauj: Veer Kumar Singh Bhadauria

Sant Kabir Nagar: Neetu Singh

Maharajganj (Alternate Mention): Ashok alias Sanjay Pandey

Mau: Ramashray Maurya

Ballia: Sanjay Mishra

Prayagraj (Ganga-Paar region): Nirmala Paswan

Prayagraj (Yamuna-Paar region): Rajesh Shukla

Prayagraj (Metropolitan): Sanjay Gupta

Machhlishahr: Ajay Kumar Singh

Mahoba: Mohanlal Kushwaha

Chitrakoot: Mahendra Kotarya

The remaining district presidents will be announced in the coming days.

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