Managing Director of (PNB) Sunil Mehta able to manage Nirav Modi fraud case

Mumbai, Feb 15 Managing Director of Punjab National Bank (PNB) Sunil Mehta on Thursday said that the bank has the capability and capacity to manage the situation arised due to jewellery designer Nirav Modi fraud case.

"In response of our registered FIR, raids are being led on included gatherings' foundations; archives and records are being seized. Steps are being taken to secure the monetary enthusiasm of banks," Sunil Mehta said while addressing to the media.

"This is a standalone incident. It has occurred just in one of our branches," he included.

Prior on Wednesday, the bank had confirmed fraudulent activities at its branches in Mumbai, worth exchanges USD 1771.69 million for the advantage of some record holders.

Mehta said that the scam was begun in 2011 and was distinguished in the third week of January this year, after which the PNB authorities announced it to the concerned offices.

Mehta said that the Government of India is checking the circumstance and the bank is getting full help in grabbing the guilty parties.

PNB has also suspended 10 of its officials regarding the case.

Modi had allegedly cheated the bank to the tune of Rs. 280.7 crore.

The Central Bureau of Investigation (CBI) had on Monday booked Nirav Modi, his sibling Nishal Modi and the authorities of PNB in such manner.

It has emerged that the fraudulently issued Letters of Undertaking (LoUs) from the Mumbai branch of PNB were supportive of Hong Kong branches of Allahabad Bank and Axis Bank, that encouraged Rs 280.7 crore fraud by Modi among others.

As indicated by the official sources, Nirav Modi left the nation on January 1.

CBI had gotten the complaint from PNB on January 28 and a case was enrolled for the situation on January 31st.