PMO working on resolving Nirav Modi fraud: MoS finance

The finance ministry is working with the Prime Minister's Office to resolve the Rs 11,400 crore scam at Punjab National Bank and the government will try to extradite and punish Nirav Modi -- alleged to be behind the fraud -- Minister of State for Finance Shiv Pratap Shukla said today.

The state-owned PNB has detected a USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from the Brady House branch of the bank in south Mumbai to secure overseas credit from other lenders.

"The finance ministry is in discussions with the Prime Ministers office and whatever the PMO decides, the finance ministry will implement," Shukla told reporters at an Assocham event here today.

TRENDING NOW

TCS buyback set to open on December 1; here are the details

HPCL, BPCL and IOCL shares hit 52-week highs after crude oil prices slip below $80/barrel

480% return stock: Shares of this waste management firm hit all-time high for second session in a row

Indian equity market set to see inflow of $3.6 billion after US federal pension fund switches index

Meta Platforms' paid ad-free service targeted in Austrian privacy complaint

Paytm shares slip after Berkshire Hathaway affiliate pulls the plug on Indian fintech firm

Bank of Japan governor gets 1.1% pay hike, below inflation

MCX shares hit an all-time high after board decides to recover tech cost from MCXCCL for old platform

India Vs Australia 3rd T20I Free Live Streaming: When and Where to watch IND VS AUS T20I series Live Match on Mobile Apps, TV, Laptop, Online

Anil Singhvi strategy November 28: Important levels to track in Nifty50, Nifty Bank today

Jubilant Foodworks plans to acquire additional 51.16% stake in DP Eurasia for up to Rs 670 crore

BSE shares have zoomed over 280% in one year; Jefferies recommends buying the shares. Here is why

IRCTC cancels some trains on this route – Check complete list

1:1 Bonus Share: This FMCG company approves bonus issue - Check Details

Bharat Biotech, University of Sydney ink pact for vaccine research collaboration

He said the investigation into the PNB fraud is still on, and the government will not spare any guilty person.

"We will try to extradite Nirav Modi and punish him for the fraud he has done," Shukla said.

When asked about Modi being part of the business delegation which attended Prime Minister Narendra Modi's events at the World Economic Forum in Davos last month, Shukla said: "He (Nirav Modi) did not accompany the Prime Minister. Various people were called there and so he was also present." He also said that RBI has categorically stated that if the fault is from the PNB side, then the lender will have to repay all the banks who have borne the brunt of the fraud.

There were media reports that the RBI has directed PNB to meet its commitments under the LoUs to all other banks. However, in a statement issued yesterday the central bank denied having given any such instructions.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)