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Jaswanth Jegan

Stealth • 6m

“Modi’s 2 Billion Dollar Scam” Big Fat Corporate Scandal #3 Nirav Modi’s PNB loan Scam Nirav modi is a prominent jeweler with global presence.Punjab National Bank officials at a Mumbai branch colluded with Nirav Modi and his uncle Mehul Choksi to issue unauthorized Letter of Undertakings without proper collateral. LoUs are guarantees given by one bank to another bank for short-term loans. The funds obtained were not used for their intended purpose of paying suppliers but instead diverted to shell companies and used for personal gains and expanding the jewelry business PNB discovered the fraud when Modi’s companies requested further LoUs in 2018. PNB filed a complaint against Modi with CBI & ED launched a money laundering investigation several PNB employees were arrested due to cheating.Both Modi and his uncle flew away from India before the scam came to light.Later Modi was arrested in London in March 2019.

8 replies10 likes

Replies (8)

LIKHITH

Stealth • 6m

I thought pm Modi!😐

1 replies1 like

Anonymous 3
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Wipro • 6m

This guy made the whole india hate him by running away.

1 replies1 like

Anonymous 2

Stealth • 6m

Yk one interesting thing is that..i had seen a documentary about him. His employees and staffs, down to the women labors and diamonds processors were praising about him. He gave every damn employee housing, salary, bonuses etc

1 replies1 like

Anonymous 1

Stealth • 6m

It's infuriating how these billionaires manage to flee the country before facing justice..read somewhere he had political connections

1 replies2 likes

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