Tracking PNB Scam

One of the biggest financial scams to come out in recent times is the Rs 14,000 crore Punjab National Bank fraud involving many big shots including fugitive jeweller Nirav Modi, his uncle Mehul Choksi of the Gitanjali Group and PNB employees.

On February 19, 2018 the ED raided outlets in upscale locations in Hyderabad selling diamonds and stone studded jewelry. More raids followed and the ED also seized properties of Choksi and Gitanjali Group across the country. The raids continued with even the DRI getting visiting the SEZ office in Hyderabad.

He also wrote about how the damming CAG report in 2016 which named Gitanjanli Group units was ignored. The report highlighted the discrepencies in Bond cum Legal Undertakings by the companies that inflated the export value of the diamonds and gold. Sudhakar wrote that this changed the evaluation of the BLUT by Rs 3 crore. Sudhakar wrote that the group also did not comply with the SEZ development commissioner about various standard mesasures such as equipment to check the quality of imported raw material among others.

Sudhakar wrote many detailed reports on the investigation into Hyderabad Gems SEZ owned by Choksi. He wrote how the SEZ may have been trading in inflated value of its books to dupe banks. The value of stock worth Rs 3,800 crore was called into questioned.

Sudhakar wrote many follow ups include the rise in the number of financial fraud complaints filed with the CCS and the CBI in the aftermath of the PNB case.

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