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PNB scam: Senior Axis Bank officials appear before SFIO

PNB scam: Senior Axis Bank officials appear before SFIO

PNB scam: Senior Axis Bank officials appear before SFIO

ICICI Bank is believed to have extended a loan of Rs 1,000 crore and Axis Bank Rs 700 crore a year ago to Gitanjali Gems of Choksi.

ICICI Bank had before asserted it didn't have any presentation to Nirav Modi gathering of organizations yet the bank was just loaning working funding to the gathering alongside a few different banks. "Officials from the other banks will be also called for questioning", sources said.

Earlier, a senior official of the ICICI Bank was summoned to the CBI office in Mumbai. NS Kannan, official chief ICICI bank, was the pioneer of consortium of the bank that loaned cash to Gitanjali Group, it has been asserted.

Earlier, the agency told the court in Mumbai that Chitalia was the one who put together the fraudulent transactions, along with chairman and managing director of Gitanjali Group, Choksi. While ICICI Bank stocks tanked 2.64%, Axis Bank stocks fell 1.31%.

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"In the normal course of trade business, the bank, through the overseas branches, undertakes transactions against LoUs (Letters of Undertaking) issued by other banks". The fraud investigative agency has recorded the statements of Axis bank representative in the case.

The fraud was allegedly perpetrated by billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems. The agency, which secured a 12-day remand of four accused arrested on Sunday, explained the modus operandi involved in the alleged Rs 12,636-crore Punjab National Bank (PNB) fraud before the special CBI court.

They were sent through an worldwide messaging system for banking called SWIFT, which is used to pass instructions among banks globally to transfer funds. "Money belongs to we Indian", Banks are not safe as bankers are being cheated and central government is not arresting the accused and let them free and they need to be arrest and bring back to country and take action as per law of land they demanded.

In case of default, the bank issuing the LoU has to pay the liability to the credit giving bank along with accruing interest.

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