Piyush Goyal blames Congress over PNB fraud, says 'started during their time'

PNB Scam: Rahul Gandhi leads Congress protest against Centre

Indian authorities including the Central Bureau of Investigation and the Enforcement Directorate have conducted extensive searches and questioned people in connection with the PNB fraud.

ICICI Bank is the lead banker in the consortium of 31 banks which had extended working capital facility to Choksi's companies.

The summons by the SFIO is in connection with the probe into the exposure of banks to the firms promoted by Nirav Modi and Mehul Choksi who are allegedly at the centre of the Rs. 12,600 crore Punjab National Bank (PNB) scam.

These position PNB for sustained good performance and, going forward, generating positive market sentiment and market capitalisation gains, Jaitley said in a written reply to a Rajya Sabha question on the recent fraud at PNB.

Choksi and Modi are accused of defrauding the PNB of Rs. 12,600 crore, with Rs. 1,300 crore being added to the fraud total February 26.

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Demanding an answer from him, the party also sought an assurance from the Prime Minister that people's money will be recovered, and Nirav Modi and Mehul Choksi will be brought back and punished under as per the law of land. CBI has so far arrested over a dozen persons, including former and current officials of PNB and companies related to Modi and Choksi. "The bank is not the leader of the lending consortium in these groups". The bank said it is co-operating with the investigating agencies.

The CBI arrested Manish K Bosamiya, then AGM (Operation), and Miten Anil Pandya, then Finance Manager - both of Firestarter International Ltd of Nirav Modi, for their alleged role in preparation of applications for the fraudulent Letters of Undertaking (LoUs) submitted to the PNB. "The size of the fraud has now gone (up)...and the same is likely to go even higher", the CBI said in the court filing.

The CBI received the complaint from the PNB on January 28 and a case was registered in the case on January 31.

Finance minister Arun Jaitley, however, told parliament on Tuesday that PNB had "sound fundamentals and strong growth potential" with its high share of low-priced current and savings accounts deposits, stabilising bad loans and scope to raise funds by selling non-core assets.

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