What is govt doing to restore people's faith in banking system: Rahul

What is govt doing to restore people's faith in banking system: Rahul

"No documents or applications for issue of fraudulent LOUs issued by Shetty are available at PNB office", it said. The bank however, added: " There are several discrepancies in LoUs which could have been easily detected by ordinary due diligence".

They said the agency is also analysing records recovered from a huge server seized during searches after registration of the FIR against Mehul Choksi.

When asked about the allegations made by the BJP against Rahul knowing the accused, he said that this was all being done to divert people's attention and that the first complaint was made in 2015. "But nobody can be a beneficiary of this", he had said.

Mumbai: The Mumbai unit of the Nationalist Congress Party on Saturday staged a protest outside the Brady House branch of the Punjab National Bank in south Mumbai's Horniman Circle area in connection with the Rs 11,400 crore scam that has rocked the bank.

During interrogation, the arrested bank officials revealed that Modi's staff were logging into the SWIFT system using passwords of PNB officials, including Shetty, in the capacity of verifier/authoriser and enabling the fraudulent SWIFT messages, said a CBI source. "Due to their ill-intentions, they have brought India's economy to its knees". However, in most cases, the credit allowed under referred LoUs extended for a period much beyond 90 days: LoUs were established for around 360 days, the PNB stated. "He should talk about how this loot happened and what he intends to do to protect the banking system". This amount was never captured in the core banking software (CBS) of the bank.

There is no documentary evidence to prove that these import transactions are bona fide trade transactions.

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"The discussion centred around how to recover the money (from those involved in the fraud)", said a banker without disclosing the details.

Dinesh Dubey, former government nominated director on the Allahabad Bank board, claimed that he had voiced dissent in 2013 on a proposal to give a fresh loan of '50 crore to Choksi's firm Gitanjali Gems till it returned earlier loans of '1,500 cr. The three companies were issued FLCs amounting to Rs 1,854 crore.

The Steering Committee also called upon the prime minister to apprise the nation of complete facts about the "biggest bank scam", instead of remaining silent.

Mr Singhvi hit back saying that the ruling party and the NDA government's "cheap sense of politics" has reached "ludicrous and ridiculous proportions" and threatened to file a defamation case against the Union minister.

They were arrested on Saturday and have been remanded in police custody till March 3.

"Our exposure to PNB alone was $212 million".

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