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PNB fraud: ED expands probe; writes to 16 more banks

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PNB fraud: ED expands probe; writes to 16 more banks

If the ED finds out ‘bending of norms’ in cases of other banks, the quantum of losses to banks caused by Modi & Choksi will swell up to nearly Rs 20,000 crore

Expanding its probe in the Rs 11,400-crore Punjab National Bank (PNB) fraud against diamantaires Nirav Modi and Mehul Choksi, the Enforcement Directorate (ED) has now raised questions over the credibility about these public sector banks to keep the public money safe.

Reportedly, the ED has written to 16 banks, other than PNB, seeking information of all loans offered to the two businessmen – including present status of the loans, the form & nature of the loans, and collateral offered against these loans. According to sources, if  ED finds out ‘bending of norms’ in cases of other banks too, the quantum of alleged losses caused by them to banks will swell up to nearly Rs 20,000 crore.

Stating that ED Director Karnal Singh has written to the banks for details of the loans, an official said, “We are at present seeking information from banks which have given bigger loans. We have learnt that these loans have been granted at collaterals which are just 12 per cent of the total value of the loans. We want to see on what basis these loans were granted and whether these are still recoverable. However, we have not asked any bank to file a complaint with us.”

Sources have further stated that the CBI and ED probe into the case of fraud – which was perpetrated by Modi and Choksi on PNB – shows that more than two dozen banks may have been exposed to loans ranging between Rs 5,000 crore and Rs 10,000 crore.

While the two prime accused have left the country just before PNB lodged a complaint against them, both Modi and Choksi haven’t yet replied to any official summons – whereas the two defaulters are unlikely to be in a position to pay back the loans, with the authorities having attached their properties.

Earlier on February 16, seeking response within a week on to why their passports should not be impounded or revoked, the Ministry of External Affairs suspended the validity of Modi and Choksi’s passports with immediate effect for a period of four weeks.

According to sources, Mehul Choksi and his companies Geetanjali Gems, Gili India and Nakshatra Brand owed close to Rs 3,000 crore in the form of 37 bank loans till March 31, 2007. On the other hand, the total outstanding loans taken by Nirav Modi’s firms amounts to Rs 3000 crore from 17 banks – Central Bank of India (Rs 194 crore), Dena Bank (Rs 153.25 crore), Vijaya Bank (Rs 150.15 crore), Bank of India (Rs 127 crore), Syndicate Bank (Rs 125 crore), Oriental Bank of Commerce (Rs 120 crore), Union Bank of India (Rs 110 crore), IDBI Bank and Allahabad Bank (Rs 100 crore each).

A former Price Waterhouse Coopers auditor said, “It is perplexing how banks kept advancing loans on such low profits and without probing who these sundry debtors were. It is normal practice to check each and every sundry debtor, particularly in this case where the amounts were so huge, before advancing fresh loans.”

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Asaduddin Owaisi lauds SC ruling on AMU’s minority status, says BJP must introspect

The Hyderabad MP said that the saffron party has made every effort to attack AMU and Jamia, and “our right to even run madrasas”.

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Asking the BJP to introspect and go for a course correction for its stand on the central university, AIMIM president Asaduddin Owaisi on Friday lauded the Supreme Court’s order after it overruled the 1967 judgement on the minority status of Aligarh Muslim University (AMU).

Overruling its 57-year-old judgement that stated the university could not be considered a minority institution since it was created by a central law, the Supreme Court today deferred the question of AMU’s minority status to a new bench.

Schooling the BJP for its stance on the AMU, the AIMIM president said the BJP has opposed the minority status of AMU over all these years. “What is it going to do now?” he asked.

The Hyderabad MP said that the saffron party has made every effort to attack AMU and Jamia, and “our right to even run madrasas”.

He said the Modi govt should take this judgement in its stride and it should support AMU as it is also a central university. “Jamia gets ₹3L per student, AMU gets ₹3.9L per student, but BHU gets ₹6.15L,” he claimed in a post on X.

He added, “Jamia and AMU have consistently performed well in national rankings. With the right support the Universities could be globally renowned. But for that, Modi must stop discriminating against them. AMU’s Kishanganj centre has been languishing for the past many years. This must also be addressed urgently and the centre should begin working as soon as possible,” he said.

“It is an important day for Muslims of India. The 1967 judgement had rejected minority status of #AMU when in fact it was. Article 30 states that minorities have the right to establish and administer their educational institutions in a manner that they deem fit,” Owaisi said.

He said the “right of minorities to educate themselves has been upheld”, congratulating the students and faculty of AMU.

“It does not matter if the University was established before the Constitution, or if it was set up by a law of the govt. It is a minority institution if it was established by minorities. All the arguments of the BJP were rejected,” he added.

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Samosa row: Himachal CM Sukhu refutes BJP claims of CID inquiry into issue

He further clarified that the CID was involved in the issue of misbehaviour and not in the ‘samosa’ issue.

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Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu on Friday refuted the BJP claims that the state government has ordered an inquiry into the ‘samosa case’.

According to reports, the saffron party has claimed that the Sukhu-led Congress government in the state ordered an inquiry into the case, which took place last month on October 21 when ‘samosa’ and cake meant for the Chief Minister, were accidentally served to his security staff, necessitating a CID probe that termed it an “anti-government” act.

Speaking to reporters, the Chief Minister said, “This is nonsense. BJP doesn’t have any other work.” He also clarified that the CID was involved in the issue of misbehaviour and not in the ‘samosa’ issue.

Naresh Chauhan, media advisor to the Chief Minister, said the state government has not ordered any inquiry and termed it unfortunate. The Chief Minister was the chief guest at the function, he said, adding it could be an internal matter of the CID.

All this brouhaha started when three boxes of refreshments were brought from Hotel Radisson Blue in Lakkar Bazaar to be served to the Chief Minister who had gone to the CID headquarters to attend a function. However, the eatables were served to the CM security staff, according to the enquiry report conducted by a deputy SP rank officer.

A senior official of the CID, in its report, said, “Those responsible acted according to their own agenda.”

Hitting out at the Congress government in Himachal Pradesh, the Opposition BJP said the Sukhu dispensation is not concerned about the development of the state but its only concern seems to be the “Chief Minister’s Samosa”.

“The state government is not concerned about the development of the state and its only concern seems to be the ‘Chief Minister’s Samosa’,” said BJP chief spokesperson Randhir Sharma in a statement issued here on Thursday.

He said the recent incident related to the samosas brought for Sukhu has given rise to a controversy. In the investigation, the mistake was termed as an “anti-government” act which is a big word, he said.

“This incident has become a topic of discussion in the political circles of Himachal Pradesh. In fact, the government machinery is embarrassed due to such coordination problems in a programme related to a VVIP like the Chief Minister,” Sharma said.

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PM Modi slams Congress-NC over its resolution demanding restoration of Article 370, calls it conspiracy against Kashmir

PM Modi said that as soon as Congress and the INDI alliance got the chance to form a government in Jammu and Kashmir, they started with their conspiracies against Kashmir.

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PM Modi slams Congress-NC over its resolution demanding restoration of Article 370, calls it conspiracy against Kashmir

Prime Minister Narendra Modi on Friday slammed the Congress-National Conference alliance after the Jammu and Kashmir assembly passed a resolution demanding the restoration of Article 370. He said that the action was part of a conspiracy against the Union Territory.

Addressing a rally in Maharashtra’s Dhule, PM Modi said that as soon as Congress and the INDI alliance got the chance to form a government in Jammu and Kashmir, they started with their conspiracies against Kashmir. He continued that two days ago, they passed a resolution in the J&K legislative assembly to restore Article 370. 

The Jammu and Kashmir Assembly on Wednesday passed the resolution opposing the revocation of Article 370 by a voice vote. The BJP had opposed the resolution. The Prime Minister said that the BJP MLAs were thrown out of the assembly for opposing the resolution.

He said that banners were shown in the Jammu and Kashmir parliament in support of Article 370. Mentioning  that the Congress alliance passed a resolution to implement Article 370 there again, the Prime Minister questioned whether the country will accept this. When the BJP MLAs protested against this with all their might, they were picked up and thrown out of the assembly, he continued.

PM Modi further urged that the entire country will have to understand the truth of Congress and its alliance, adding that the country won’t accept the resolution. He also voiced that till Modi is there, Congress won’t be able to do anything in Kashmir. He stated that only Bhim Rao Ambedkar’s Constitution will run there, and no power can bring back 370.

Notably, the restoration of Article 370 and Jammu and Kashmir’s statehood were the main promises made by the National Conference in its manifesto for the Jammu and Kashmir assembly election. Addressing a rally in Nashik, PM Modi said the Congress and its allies want Babasaheb Ambedkar’s Constitution to be thrown out of Jammu and Kashmir. He also recalled that by abrogating Article 370, he implemented the constitution of Dr. Ambedkar in Kashmir, adding that it was his biggest tribute to Babasaheb Ambedkar.

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