Addressing the media on Nirav Modi, the Congress said, "Post-escape of 'Lalit Modi' and 'Vijay Mallya', another 'Modi Scam' has hit India's banking sector the hardest. First, Lalit Modi escaped India. Vijya Mallya escaped India. ABG's Rishi Agarwal escaped India. Now, we are told that 'Nirav Modi' has also escaped India."
The Congress said even as a complaint was filed to PMO about the entire fraud being perpetuated as early as on July 26, 2016, no action was taken either by PMO or any other authority and the bank lost the money while the accused escaped.
India's "biggest 'bank loot scam'" as the Congress said, stands exposed involving over 30 banks, including Punjab National Bank, Allahabad Bank, Axis Bank, State Bank of India, Union Bank of India, Bank of Baroda, Indian Oversees Bank, Corporation Bank, Andhra Bank, Vijaya Bank, Canara Bank, ICICI Bank, IDBI Bank, Export Import Bank of India.
The Modi Government faced a sharp remark as the Congress claimed that, "Under Modi Government, entire Banking Sector's 'Risk Management System', 'Fraud Detection Ability' and the 'Regulatory Mechanism' have been severally compromised."
The Opposition party pointed out that complaint dated January 29, 2018 by PNB to CBI itself reflects as to how from February 9 to February 14, 2017; eight LoUs worth crores of rupees were issued. On February 14, 2017; Punjab National Bank had reported this quantum of loss to be US$ 1771.69 million or Rs.11,400 crore approximately to SEBI.
The Congress said, "What the Modi Government has not told us is that there is also an exposure of Rs.9,872 crore of various banks with Gitanjali Gems Limited, a company promoted by Shri Mehul Choksi. The entire system was bypassed. All regulatory mechanisms broke down. Everything escaped the eyes of auditors and investigators. 'Risk Management' and 'Fraud Detection Ability' came to a naught. Yet, the Modi Government would have us believe that this entire fraud was being perpetrated by two employees."
They also alleged that Prime Minister, Narendra Modi was made aware of this entire fraud by one Hari Prasad by way of a written complaint filed on July 26, 2016 and acknowledged by PMO. Multiple documents, including a list of 42 FIRs that were pending, were also in the knowledge of the Prime Minister.
Despite all this, Nirav Modi traveled in the business delegation to Davos in January 2018 with the Prime Minister.
Here are the questions the Congress demands answers to:
1. How did Nirav Modi/Mehul Choksi dupe the entire banking system through forged Letters of Understanding under the nose of Modi Government? Who is responsible for the biggest 'Bank Loot Scam'?
2. Why did Prime Minister not take any action to protect the interests of the banking sector despite a written complaint having been received and acknowledged on July 26, 2016? Why were all the authorities, including Finance Ministry, its financial intelligence units and all other authorities sleeping on their job?
3. DGM of Zonal Office, PNB had written to Joint Director, CBI on January 29, 2018 (Annexure A-1) requesting the CBI for a lookout notice against Nirav Modi, so that he does not leave the country. Despite all this, how was Nirav Modi permitted to escape the clutches of law and leave the country?
4. How was the entire system bypassed? How did the fraud escape the eyes of all the auditors and investigators? Does it not point to active complicity at the highest level? Who is protecting Nirav Modi/Mehul Choksi?
5. How did the entire Banking Sector's 'Risk Management System' and 'Fraud Detection Ability' come to a naught?