Audit reveals LoUs worth Rs 25,000cr fraudulently issued
The Union Cabinet on Wednesday cleared the contentious Citizenship Amendment Bill for Parliament to take over. The Bill is now likely to be tabled in the Lok Sabha for clearance.
Punjab National Bank (PNB) 'fraudulently issued' Letters of Undertaking (LoUs) worth Rs 25,000 crore to the Nirav Modi group.
Belgian auditor BDO found that PNB issued 1,561 LoUs, valued at Rs 28,000 crore, to the Nirav Modi group. Of this, 1,381 LoUs worth Rs 25,000 crore were fraudulently issued.
Absconding diamantaire Nirav Modi is the prime accused in the PNB fraud, which was first revealed in February last year.
The BDO’s draft forensic report is based on information till June 2018. The audit was commissioned by PNB, with the stated instruction to conduct a forensic audit on Modi and seven entities/subsidiaries of his group.
A whistleblower gave the 329-page report to the International Consortium of Investigative Journalists (ICIJ), which has partnered with The Indian Express for a series of reports on the findings.