The Rs 11,000-crore Punjab National Bank scam has become the talk of the town especially the diamond industry.
Gokulnath Shetty, the consistent and crucial aid to Nirav Modi is under investigation. He has also revealed shocking details about the 11,000 crores scam. It is very important for the bank to take these titbits of information into notice.
Revelations from Gokulnath Shetty
Shetty has spilled beans on how the scam was conducted. The interrogation has surfaced various explosive facts. One such fact is that Shetty had access to level 5 password of SWIFT messaging system. This system was used to send messages to foreign branches of other banks.
Not only this, he also shared these passwords with Nirav Modi’s employees. Shetty has been arrested along with Manoj Kharat and Hemant Bhatt for their alleged involvement in the multi crores scam which has caused a dilemma for overall India’s financial system. Shetty shared the password with Hemant Bhatt, the authorized signatory at Nirav Modi.
PNB Fraud case
It was only last month that Punjab National Bank (PNB) filed an initial criminal complaint with the country’s Central Bureau of Investigation (CBI). The complaint accused celebrity jeweller Nirav Modi and associates others of defrauding the bank. The bank also said that the transaction caused the bank a loss of Rs 2.8 billion rupees (more than $43 million).
Who is Nirav Modi?
Noteworthy is the fact that Nirav Modi is a sterling diamantaire renowned across the world for his fine collection, standard pieces, cut and clarity. His designs have been flaunted on various Hollywood actresses like Kate Winslet and Priyanka Chopra.
The accused Nirav Modi has reportedly flown to the United States with his family including wife Ami Modi and three children. The family is living on the 36th floor of JW Marriott Essex, situated at a posh location in Manhattan facing the famed Central Park.