The Punjab National Bank Scam is worth Rs 11,400 crore. While it is being dubbed as one of the biggest scams in banking history, one must also note that the probe into it is also a big one.
There are multiple agencies probing into the case. Sources in the government say that they are leaving nothing to chance and want to get to the bottom of it. On the other hand, the government is also preparing the ground to extradite, Nirav Modi, the prime accused in the case.
There are seven agencies looking into the case. The main case is being handled by the Central Bureau of Investigation. The CBI has already registered two FIRs in the case and has arrested three persons.
The CBI case deals with the fraudulent issue of Letters of Undertaking worth Rs 6,498 crore. The CBI case revolves mainly around the criminal conspiracy.
The Enforcement Directorate which is looking into the money laundering aspect as well. The ED too has registered two cases and has seized gold, diamonds, precious stones worth Rs 5,649 crore. The figure has been arrived at on book value.
The Central Vigilance Commission has been looking at the scam emerging out of PNB. It has summoned top PNB officials for alleged vigilance lapses. The Income Tax Department has attached 105 bank accounts of Modi and his associates. The IT department has also filed a prosecution under the IT Act and the hearing is scheduled for February 27.
The Interpol too has been sounded off by the CBI. The CBI has sought information from the Interpol on the whereabouts and movements of Modi. The Ministry for Corporate Affairs has identified 150 shell companies through money was allegedly routed out of the country.