There are so many zeros in 11500 crores that we can’t
even count. But probably the biggest zero in this case is PNB bank, which
didn’t realize that all this was happening behind their backs until the final
moment.
SO
WHAT’S HIS BACKGROUND LIKE?
Nirav Modi is a flamboyant
diamond and jewellery merchant (you may have seen the Lisa Hayden ad with his
jewellery). His shops are everywhere and they’re across the world. Personally,
Nirav is worth billions of dollars himself, and he’s defrauded the bank of more
than $1.7 Billion. And much like Mallaya, he’s run to the US with no sign to be
found. Right now, PNB bank don’t even know the extent of the situation, as he
could have easily withdrawn billions more from others.
WHAT
DID HE DO?
Here’s the official scoop –
Nirav Modi convinced some junior level banker to give his company some LOUs.
While this case came to light two weeks ago, the public came to know about it
quite recently after it leaked. Bangalore jeweller, Hari Prasad was the first
to bring the scam to light when he wrote a letter to the Prime minister’s
office. In the letter, he mentioned 1000s of crores of money being taken by the
Billionaire, and that he was going to flee the country forever. So the
allegation is that Nirav Modi has been taking heavy loans without having assets
to back it up.
When Jewellery businessman
Hari Prasad sent over a complaint to SEBI, RoC, PMO and other offices, he got
no response from them. In fact, they even closed his case without taking any
action. It was suspected that Nirav knew some people working in these offices.
When it came to PNB, Nirav also knew some junior level bankers who didn’t do a
background check and didn’t store the LOUs in the correct manner. He also made
friends with the Deputy GM of the PNB bank who conveniently retired.
WTF
YOU SAYIN?
In simple words, he took out
a bunch of money from the banks and paid off the bankers who were going to
check him thoroughly. On the basis of this he borrowed tons of credit and
scammed the whole country. He evaded the country on Jan 1, his brother on Jan 5
and his wife on Jan 6. He was last seen attending a conference in Davos on the
23rd of Jan and he’s been missing ever since.
WHAT
NOW?
The banks got about 5000
crores of jewellery after the government raided his properties and recovered
most of his assets. The government is all out to catch him and extradite him
back to the country. Their official stance is “no one, no matter how big, would
be spared”. Just like Mallaya, he will be caught and put behind bars. He’s been
reported to be staying at the JW Marriott Essex House on the 36th floor with
his wife and kids. Although, we’re not quite sure whether he’s running away or
not, he’s under the radar of governments, journalists and recovery agents.
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