After a scam of Rs 11,000 crore in Punjab National Bank’s Mumbai-based bank, the stock market has started stirring in the banking sector. In this case, PNB has complained to the CBI against billionaire diamond trader Neerav Modi, his wife, brother and one of his business partners.
Apart from this, two employees of PNB are being told to hand over 11 thousand crore rupees to the bank. According to media reports, these employees used ‘swift’ for the transaction of money. Through this, they were dodged by Core Banking System (CBS), which used to process daily banking transactions.
Actually, messages related to ‘swift’ are not immediately tracked in PNB’s Pinnacle software system because they are issued without entering the bank’s CBS. The advantage of this is that two PNB employees took up and transacted crores of rupees. It is known that ‘Swift’ is Global Financial Messaging Service, it is used every hour to send millions of dollars.
It is said that the scandal began when the diamond businessmen contacted PNB for issuing Letter of Credit (L / C) for the import of Raw Diamond.
These companies wanted short-term credits for foreign suppliers to pay. Bank officers asked for 100% cash margin before giving Letter of Undertaking (LO). The three firms said that they have been taking this facility before.
Investigations revealed that since March 2010, Deputy Manager, Gokulanath Shetty, working in the bank’s forex department, along with another bank officer Manoj Kharat, gave these companies a false loan. To avoid catching up, it did not even enter its entry.
Then on the basis of these fake LoU, foreign branches of banks such as Axis and Allahabad gave a loan to the bank in dollars.
These dollar loans were used to fund the bank’s Nostro accounts. From these accounts, the fund was sent to some firms overseas, which was related to Neerav Modi’s company.