Nirav%20Modi%20scam%20amount%3A%20Diamantaire%20to%20be%20extradited%20to%20India%2C%20UK%20judge%20rules
- Nirav Modi was accused in the PNB scam and will be brought to India from Britain
- He was involved in the fraud of rupees 11,400 crore at a single branch in Mumbai
- The PNB bank had been involved in issuing LoU's without proper process being followed
%3Ca%20href%3D%22All%20about%20billionaire-turned-fugitive%20Nirav%20Modi%2C%20who%20will%20be%20extradited%20to%20India%20from%20UK%22%3ENirav%20Modi%3C/a%3E%2C%20a%20diamond%20merchant%20who%20was%20accused%20in%20the%20Punjab%20National%20Bank%20%28PNB%29%20scam%20will%20be%20brought%20from%20Britain%20to%20India.%20The%20fraud%20of%20rupees%2011%2C400%20crore%20was%20discovered%20at%20a%20single%20branch%20in%20Mumbai.
%3Cstrong%3EAlso%20Read%3A%3C/strong%3E%20%3Ca%20target%3D%22_blank%22%20rel%3D%22noopener%20noreferrer%22%20href%3D%22https%3A//opoyi.com/uk-court-to-rule-today-in-nirav-modis-extradition-case-heres-how-he-defrauded-pnb%22%3E%3Cstrong%3ENirav%20Modi%27s%20extradition%20case%3A%20Here%20are%20the%20charges%20against%20him%3C/strong%3E%3C/a%3E
PNB%u2019s%202%20employees%2C%20Deputy%20Manager%20Gokulnath%20Shetty%20and%20Clerk%20Manoj%20Kharat%20kept%20on%20issuing%20the%20Letters%20of%20Undertaking%20%28LoU%29%20to%20Nirav%20Modi%u2019s%20companies%20without%20following%20the%20proper%20procedure.%20The%20transactions%20weren%u2019t%20recorded%20in%20the%20bank%u2019s%20software.
An%20LoU%20is%20guaranteed%20by%20the%20issuing%20bank%20to%20the%20receiving%20bank%20to%20undertake%20a%20certain%20amount%20to%20be%20paid%20on%20a%20specific%20date.
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PNB%20did%20not%20integrate%20its%20own%20SWIFT%20%28Society%20for%20Worldwide%20Interbank%20Financial%20Telecommunication%29%20network%20with%20the%20main%20bank%u2019s%20network.%26nbsp%3B
%3Cstrong%3EAlso%20Read%3A%20%3C/strong%3E%3Ca%20target%3D%22_blank%22%20rel%3D%22noopener%20noreferrer%22%20href%3D%22https%3A//opoyi.com/what-is-nirav-modi-jewellery-brand%22%3E%3Cstrong%3EWhat%20is%20Nirav%20Modi%20jewellery%20brand%3F%3C/strong%3E%3C/a%3E
The%20fraud%20was%20exposed%20when%20some%20of%20the%20officials%20from%20diamond%20firms%20came%20to%20the%20PNB%20authorities%20for%20the%20bank%20credit%20in%20order%20to%20import%20stones%20from%20overseas.%20It%20was%20exposed%20that%20the%20bank%20had%20been%20involved%20in%20such%20a%20scam%20for%20a%20very%20long%20time%20and%20had%20been%20issuing%20LoU%u2019s%20without%20proper%20process.%26nbsp%3B
%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23NiravModi%22%20data-user-id%3D%221fmR9XoFk2Wh%22%20href%3D%22/topic/nirav-modi%22%3E%23NiravModi%3C/a%3E%20%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23PNB%22%20data-user-id%3D%220Ip1lLCVRyle%22%20href%3D%22/topic/pnb%22%3E%23PNB%3C/a%3E%20%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23Fraud%22%20data-user-id%3D%22nMdDLDZTL0TG%22%20href%3D%22/topic/fraud%22%3E%23Fraud%3C/a%3E%26nbsp%3B
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