bar & bench ( ) · pdf filewealth scam, coal scam, 2g scam, fodder scam etc. it is...
TRANSCRIPT
SYNOPSIS AND LIST OF DATES
The scam of 11,300 crore in the Punjab National Bank
has come to light. It is a very shocking the way the swindlers
have succeeded in siphoning of public money from the Punjab
National Bank in connivance with the top management of the
Bank. This is the biggest scam in the history of banking
system in India.
It appears that the country has become the country of
scams. There was Bofors scam, Telecom scam, Common
Wealth Scam, Coal scam, 2G Scam, Fodder Scam etc. It is
surprising that scam after scams are taking place and the
administration of the Government is not doing substantial part
to control such frauds in the country. In the process the
economy of the country has totally been affected. The general
public is suffering.
Scam of Rs.11,300 Crores in Punjab National Bank
branch of Mumbai is the biggest scam of in the history of
banking system in India. This scam started in 2011 and
continued for 6 years under the nose of all the Authorities of
the Bank.
After doing fraud the swindlers- all of them have gone to
foreign countries. Nirav Modi is stated to be is the kingpin.
Nirav Modi is shown in the Photo sessions at Macau with the
Hon‟ble the Prime Minister Narendra Modi. How such
fraudsters manage to come in the near Group of the Hon‟ble
the Prime Minister. Whether there is any system for permitting
such fraudulent persons to malign the image of the Prime
Minister.
Now they are calling it the fraud and not the scam. Are
they feeling shy calling this a big scam? It is respectfully
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stated that the bank authorities allow the siphoning of the
bank money when it is a case of big person. In the case of the
poor of the country the Recovery System of the bank is very
hard. One farmer Gyan Chand in Village of U.P. had taken
Tractor Loan of Rs. 90,000/-. This poor farmer was crushed
by the bank recovery authorities under the same tractor as
this poor farmer did not return the loan amount in time.
Similarly a farmer in Village Siwon jumped to death in a
canal alongwith his minor son of 5 years as the bank
authorities pressurized him to return the loan amount and the
poor farmer was not in position to return it.
A borrower of small amount of loan from the bank
cannot run away from the country then how 11,300 crores
scamster could run away. The letters of undertaking were
magnanimously issued by the Punjab National Bank. But it
has not been stated as to the date of issue of letters of
undertaking. Such a big scam cannot be possible without the
help of very big persons in the Government. There seems to
be involvement of highly placed persons of this country.
In such like scams where more than 11,300 Crores of
PNB has been swindled and taken away, the accused
persons seem to be very close to the power corridor. There
has been a common factor in swindling away the money of
the banks. It could be the case of Lalit Modi, Vijay Mallya and
now Nirav Modi. The news of their nearness to the powerful
persons in the politics have been published in the
newspapers. They have been exercising their influence in the
political groups. Vijay Mallya had reached Rajyasabha with
the help of BJP whereas in the Party of Nirav Modi Rahul
Gandhi of the Congress has been taking part. In Dabos the
accused Nirav Modi is shown in a photo sessions with the
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Hon‟ble the Prime Minister Narendra Modi. Because of the
nearness of these persons to the powerful persons in the
Politics they do not care for the laws of the country. They are
also able to make use of the system in their favour due to
their closeness with the high flown politicians of the country.
In the investigation of the case registered against them there
is always soft paddling and the cases for recovery do not
reach at the conclusion for so many years.
Banking in India in the modern sense, originated in the
last decades of the 18th century. Among the first banks were
the Bank of Hindustan, which was established in 1770 and
liquidated in 1829–32; and the General Bank of India,
established in 1786 but failed in 1791.
The largest bank, and the oldest still in existence, is
the State Bank of India (S.B.I). It originated as the Bank of
Calcutta in June 1806. In 1809, it was renamed as the Bank
of Bengal. This was one of the three banks funded by
a presidency government, the other two were the Bank of
Bombay in 1840 and the Bank of Madras in 1843. The three
banks were merged in 1921 to form the Imperial Bank of
India, which upon India's independence, became the State
Bank of India in 1955. For many years the presidency banks
had acted as quasi-central banks, as did their successors,
until the Reserve Bank of India was established in 1935,
under the Reserve Bank of India Act, 1934.
In 1960, the State Banks of India was given control of
eight state-associated banks under the State Bank of India
(Subsidiary Banks) Act, 1959. These are now called
its associate banks. In 1969 the Indian
government nationalised 14 major private banks, one of the
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big bank was Bank of India. In 1980, 6 more private banks
were nationalised.
These nationalised banks are the majority of lenders in
the Indian economy. They dominate the banking sector
because of their large size and widespread networks.
The Indian banking sector is broadly classified
into scheduled and non-scheduled banks. The scheduled
banks are those included under the 2nd Schedule of the
Reserve Bank of India Act, 1934. The scheduled banks are
further classified into: nationalised banks; State Bank of
India and its associates; Regional Rural Banks (RRBs);
foreign banks; and other Indian private sector banks. The
term commercial banks refers to both scheduled and non-
scheduled commercial banks regulated under the Banking
Regulation Act, 1949.
Generally banking in India is fairly mature in terms of
supply, product range and reach-even though reach in rural
India and to the poor still remains a challenge. The
government has developed initiatives to address this through
the State Bank of India expanding its branch network and
through the National Bank for Agriculture and Rural
Development (NABARD) with facilities like microfinance.
The banking system in India has been functioning since
the timing of 18th Century. From the beginning of banking
system in India till today a lot of progress has been made in
streamlining the banking system. Rules and regulations have
been provided for obtaining the loans from the banks. While
granting the loan the concerned banks is very meticulous with
regard to the returning capacity of the person to whom the
loan is granted. The security for the release of loan is of
paramount importance. The security in the form of documents
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of the property are mortgaged with the bank. In addition to this
before granting the loan the income tax return of the loanee is
an important document. Based thus the loan is sanctioned
ensuring the same will be returned to the banks with
stipulated amount of interest per annum. Prior to all this a lot
of exercise by the bank authority is undertaken to see the
immovable property of the loanee. When all this is done the
sound surety is also taken on behalf of the loanee before the
sanction of loan. Basically these are the requirements of the
release of loan to private persons, companies etc.
But the problem arises when the bank employees, in
connivance with the loanee, do not get the proper fulfilment of
the formalities on behalf of the loanee. Due to extraneous
considerations the loans are sanctioned to the persons and
companies without looking into the sound economic
conditions of such companies and persons to whom the bank
sanctioned the loan.
In such events there are defaulters in the payment of
loan. It is because against even no security the loans are
granted by the banks and in the event of non-payment of loan
the banks are powerless to get the recovery of such loans
sanctioned without sound securities.
It is also respectfully stated that the big and influential
persons are also supported by the Government Authorities
also including the responsible Ministers for sanctioning the
loan to such big persons. It is a matter of record that the
Prime Minister of the country at that time had recommended
the huge amount of loan to defaulter Vijay Mallya. It was
inspite of the fact that earlier loan was sanctioned to Vijay
Mallya had not been returned. Similar are the cases which are
unaccountable. Therefore, there is huge defaulting in the
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payment of loans. Later on such several loans are declared
as bad debt. Such bad debts are never recoverable.
Therefore, in these circumstances the economy of the nation
suffers a big jolt.
That with the invention of computer the latest system
has been devised. In the present case of Punjab National
Bank fraud came to light on 14.02.2018 the tampering in the
computer system has been done.
It appeared in the papers livemint dated 15.02.2018 that
there is a scam of Rs.11,400 Crore in the Punjab National
Bank. The Punjab National Bank is the 2nd biggest public
sector Bank. The Bank had discovered a fraudulent
transactions about Rs.11,400 Crore at a single branch at
Mumbai.
On 29.01.2018 Punjab National Bank official from
Mumbai filed a Criminal Complaint with India‟s Federal
Investigative Agency against three companies and four
people. A big name who has been described as a billionaire
jeweller named Nirav Modi also came to light. It was found out
that this Nirav Modi alongwith his uncle Mehul Chowksi have
swindled the Punjab National Bank.
It is also respectfully stated that the Bank alleged in the
First Information Report that the two junior employees at the
Mumbai Branch of the Bank had helped the companies of
Nirav Modi and his uncle Mehul Chowksi. It is also the case of
the Punjab National Bank that letters of undertaking from it
were taken without having a sanctioned credit limit or
maintaining funds. These LoUs were used to obtain short
term credit from overseas branches of the other Indian Bank,
P.N. Bank.
Bar & Bench (www.barandbench.com)
On 14.02.2018 the Punjab National Bank said in
regulatory filing that it had discovered fraudulent and
unauthorized transactions totalling Rs.11,400 Cr. at the
Mumbai Branch. The investigators have said the latest
disclosure was related to the earlier case filed. Punjab
National Bank says that on 16.02.2018 the accused firms
presented a set of import documents to the Mumbai Branch
and requested buyers‟ credit to pay overseas suppliers. Since
they had no pre-arranged credit limit, the branch official asked
the companies to put down the full amount as collateral so
that the bank could issue the LoUs to authorize the credit.
When the firms argued that they had used such facilities
in the past without keeping any money on margin. At that the
Punjab National Bank scanned through records and found no
trace of any transactions, according to the bank‟s account.
It then found that two junior employees had issued LoUs
on the SWIFT interbank messaging system without entering
the transactions on the bank‟s own system. Such transactions
went on for years without detection.
Banking sources have said in some banks the SWIFT
system, which is used for International transactions, and the
core banking system work independently of each other. In the
Punjab National Bank case, it said the outstanding LoUs were
not available on its core banking system run on Infosys‟
Finacle Software. Thus, the LoUs issued went undetected.
In this case the Punjab National Bank has accused
three companies. These companies are Solar Exports, Stellar
Diamonds and Diamond RUS- These companies belong to
Nirav Modi. Nirav Modi is high end jeweller who runs his
eponymous Nirav Modi stores that spread from New York to
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Hong Kong. It is stated that the said Nirav Modi is worth $1.73
billion according to Forbes rankings.
It is further stated that Modi‟s Company colluded with
the bank staff of Punjab National Bank even in the branches
of Foreign Countries. The Punjab National Bank has also
accused Gitanjali Gems, Gili India and Nakshatra. These
companies promoted by another jeweller, Mehul Chowksi who
is stated to be Nirav Modi‟s uncle.
That the news appeared in moneylife.in on 15.02.2018
it is with the title “ Rs.11,300 Crore fraud at PNB: Many
unanswered Questions about Government Banks”. The fraud
of Rs.11,300 Crore at the Punjab National Bank is a
monumental fraud. It shows complete break-down of
accountability, cheques and balances and proper system.
Media report say that rogue employees from Punjab National
Bank issued fake Letter of Undertaking (LoUs) in favour of
three companies. These companies were run by Nirav Modi.
The names of these companies are Solar Exports, Steller
Diamonds and Diamond R Us. These companies were
availing buyer‟s credit. The rouge employees misused SWIFT
(Society for Worldwide Interbank Financial
Telecommunication) network to send messages to other
banks bypassing the core banking system (CBS), which in
this case was FINACLE of Infosys and keeping the
management in the dark. On these LoUs, overseas branches
of Allahabad Bank and Axis Bank among others credited
PNB‟s Nostro Account (from where funds were moved to
certain overseas parties).
This raises a set of serious issues. By its very name,
CBS ought to cover every single banking transactions. Has
anybody certified the robustness of CBS Systems that are
Bar & Bench (www.barandbench.com)
being used by all banks? Howe many of them have provision
for manual entry of key parameters allowing employees to
make unsupervised decisions? This system is leaving scope
for human error. There have been cases of miscalculation of
interest of banks despite a CBS. But all these are ignored.
The PNB scam shows that the rouge employees can
easily manipulate system as there are no corroborations or
checks and balances. A senior Central Banker says, “The
menace of uncorroborated LOU (Letters of Undertaking) with
no follow up documentation and checks is widespread and
must be stopped or replaced by bank guarantees”.
That the news appeared in Business Today on
16.02.2018. The news was with a Title “PNB fraud LIVE
UPDATES: Had warned against Mehul Choksi but no one
listened, says ex-Allahabad Bank director Dinesh Dubey”.
The Ministry of External Affairs on Friday suspended the
passports of diamantaire Nirav Modina and his uncle Mehul
Choksi after the advice of Enforcement Directorate. The
passports have been suspended for a period of four weeks.
The duohave been asked to respond within a week as to why
their passports should not be impounded under the Passport
Act, 1967.
Now the fraud is out in the open. The Punjab National
Bank has fired its 18 employees and the Government has
promised not to spare anyone.
That the news appeared in First Post news online dated
17.02.2018. This news is titled “Punjab National Bank Fraud:
Nirav Modi‟s escape from Indian indicates malaise runs deep
in the system.” Just two employees of a single branch of a
bank could orchestrate a swindle that cost the PNB ten times
Bar & Bench (www.barandbench.com)
its annual profit. The fraud went undetected for almost 6 years
inspite of mandatory checks and balances. The perpetrator of
the fraud and his family were able to escape weeks before the
scam could be investigated. All these factors which were
interconnected, underline the systemic failure of various
agencies at the highest level of the financial and
administrative pyramids in India.
It is difficult to understand as to how banks in India and
abroad could be cheated for years when every transaction
has to be accounted for daily at the end of business hours
and the RBI also did not do its job properly. There are auditing
of every bank account. This task could have been difficult in
the days of manual book keeping but in the era of computers
and centralized servers, this lapse is almost unimaginable.
Two employees of the PNB were able to bankroll a
fraud for several years. It has now come to light that the bank
had an inbuilt mechanism that could be exploited. But how
could this go on for 6 years. Why did the PNB Management
did not take a notice of this fraud.
It is also respectfully stated that the Indian bank
authorities have not learnt lessons from the earlier such
cases. The fraud was done by Vijay Mallya and swindled the
bank of several crore rupees. Harshad Mehta, Ketan Parekh
etc. have the same way of swindling the banks but how it
could happen this time when earlier the abovenamed persons
had also cheated the banks and did not return the money.
Instead they have got settled in the foreign countries.
That the news appeared in livemint dated 17.02.2018
with the title “PNB Fraud Govt. Identifies 150 shell companies
linked to Nirav Modi”. One Senior officer of the Government
on Friday said that in parallel with the actions ofthe
Bar & Bench (www.barandbench.com)
lastenforcement agencies and income tax authorities, the
ministry has identified 150 shell companies for investigation.
The Punjab National Bank has disclosed fraud of Rs.11,400
Crore perpetrated by way of fraudulently procured letters of
undertaking (LoUs) of the lender.
There are details of Nirav Modi ventures which are
spread throughout the world. Just about a week ago diamond
Jeweller Nirav Modi opened a new store in Macau. Barely
three months ago, he had opened a second store in DLF
Emporio‟s Chanakya Mall in New Delhi, with plans for another
one, in Bengaluru, later this year. Modi has been relentless in
building his brand regardless of banks having aproblem of
fraudulent and unauthorized transactions with his companies.
His website is running Valentine‟s Day promotions beside
pictures of Hollywood celebrities wearing his jewellery and
details of the fashion shows he sponsored recently. Modi‟s
ambition was to expand to 100 stores by 2020, not unusual
for a brand that is trying to grow. He has boutiques in New
York, Las Vegas, Honolulu, Singapore and Beijing. There is
one store in London, three stores in Macau and four stores in
Hong Kong. It is also the fact that Modi‟s sister Purvi Mehta is
also with Nirav Modi and runs the company‟s design division.
The rest of his business details and how he grew to
become a Business Tycoon in the field of Diamond Jewellery
has also been narrated in this publication dated 17.02.2018.
That a news appeared on 17.2.2018 in Scroll.in online
news. This news is with the Title “Nirav Modi missing: Finding
Nimo jokes flood Twitter; Mallya, Lalit Modi become collateral
damage”. It is soon after billionaire jeweller Nirav Modi came
under investigator‟s radar this week for what is likely one of
the biggest scams to hit Indian banking. Social Media was
Bar & Bench (www.barandbench.com)
flooded with “finding Nimo” jokes. The wordplay got further
currency on Friday morning as two major English newspapers
built their lead headlines around the “NiMo” acronym for Nirav
Modi. Congress has called Nirav Modi as Chhota Modi.
The rest of the details of the Petition are given
hereunder in seriatim :
LIST OF DATES
14.02.2018 That on 14.02.2018 the Punjab National
Bank said in regulatory filing that it had
discovered fraudulent and unauthorized
transactions totalling Rs.11,400 Cr. at the
Mumbai Branch. The investigators have said
the latest disclosure was related to the
earlier case filed. Punjab National Bank says
that on 16.02.2018 the accused firms
presented a set of import documents to the
Mumbai Branch and requested buyers‟
credit to pay overseas suppliers. Since they
had no pre-arranged credit limit, the branch
official asked the companies to put down the
full amount as collateral so that the bank
could issue the LoUs to authorize the credit.
When the firms argued that they had
used such facilities in the past without
keeping any money on margin. At that the
Punjab National Bank scanned through
records and found no trace of any
transactions, according to the bank‟s
account.
Bar & Bench (www.barandbench.com)
It then found that two junior employees
had issued LoUs on the SWIFT interbank
messaging system without entering the
transactions on the bank‟s own system.
Such transactions went on for years without
detection.
Banking sources have said in some
banks the SWIFT system, which is used for
International transactions, and the core
banking system work independently of each
other in Punjab National Bank case. It said
the outstanding LoUs were not available on
its core banking system run on Infosys‟
Finacle Software. Thus, the LoUs issued
went undetected.
In this case the Punjab National Bank
has accused three companies. These
companies are Solar Exports, Stellar
Diamonds and Diamond RUS- These
companies belong to Nirav Modi. Nirav Modi
is high end jeweller who runs his
eponymous Nirav Modi stores that spread
from New York to Hong Kong. It is stated
that the said Nirav Modi is worth $1.73
billion according to Forbes rankings.
15.02.2018 Punjab National Bank fraud came to light on
14.02.2018. It appeared in the papers
livemint dated 15.02.2018 that there is a
scam of Rs.11,400 Crore in the Punjab
National Bank. The Punjab National Bank is
the 2nd biggest public sector Bank. The Bank
Bar & Bench (www.barandbench.com)
had discovered a fraudulent transactions
about Rs.11,400 Crore at a single branch at
Mumbai.
It is also respectfully stated that the Bank
alleged in the First Information Report that
the two junior employees at the Mumbai
Branch of the Bank had helped the
companies of Nirav Modi and his uncle
Mehul Chowksi. It is also the case of the
Punjab National Bank that letters of
undertaking from it were taken without
having a sanctioned credit limit or
maintaining funds. These LoUs were used to
obtain short term credit from overseas
branches of the other Indian Bank, P.N.
Bank. It is further stated that Modi‟s
Company colluded with the bank staff of
Punjab National Bank even in the branches
of Foreign Countries. The Punjab National
Bank has also accused Gitanjali Gems, Gili
India and Nakshatra. These companies
promoted by another jeweller, Mehul
Chowksi who is stated to be Nirav Modi‟s
uncle.
15.02.2018 That the news appeared in moneylife.in on
15.02.2018 it is with the title “ Rs.11,300
Crore fraud at PNB: Many unanswered
Questions about Government Banks”. The
fraud of Rs.11,300 Crore at the Punjab
National Bank is a monumental fraud. It
shows complete break-down of
Bar & Bench (www.barandbench.com)
accountability, checks and balances and
proper system. Media report say that rogue
employees from Punjab National Bank
issued fake Letter of Undertaking (LoUs) in
favour of three companies. These
companies were run by Nirav Modi. The
names of these companies are Solar
Exports, Steller Diamonds and Diamond R
Us. These companies were availing buyer‟s
credit. The rouge employees misused
SWIFT (Society for Worldwide Interbank
Financial Telecommunication) network to
send messages to other banks bypassing
the core banking system (CBS), which in
this case was FINACLE of Infosys and
keeping the management in the dark. On
these LoUs, overseas branches of
Allahabad Bank and Axis Bank among
others credited PNB‟s Nostro Account (from
where funds were moved to certain
overseas parties).
This raises a set of serious issues. By its
very name, CBS ought to cover every single
banking transactions. Has anybody certified
the robustness of CBS Systems that are
being used by all banks? Howe many of
them have provision for manual entry of key
parameters allowing employees to make
unsupervised decisions? This system is
leaving scope for human error. There have
been cases of miscalculation of interest of
Bar & Bench (www.barandbench.com)
banks despite a CBS. But all these are
ignored.
The PNB scam shows that the rouge
employees can easily manipulate system as
there are no corroborations or checks and
balances. A senior Central Banker says,
“The menace of uncorroborated LOU
(Letters of Undertaking) with no follow up
documentation and checks is widespread
and must be stopped or replaced by bank
guarantees”.
16.2.2018 That the news appeared in Business Today
on 16.02.2018. The news was with a Title
“PNB fraud LIVE UPDATES: Had warned
against Mehul Choksi but no one listened,
says ex-Allahabad Bank director Dinesh
Dubey”.
The Ministry of External Affairs on
Friday suspended the passports of
diamantaire Nirav Modina and his uncle
Mehul Choksi after the advice of
Enforcement Directorate. The passports
have been suspended for a period of four
weeks. The duohave been asked to respond
within a week as to why their passports
should not be impounded under the
Passport Act, 1967.
Now the fraud is out in the open. The Punjab
National Bank has fired its 18 employees
and the Government has promised not to
spare anyone.
Bar & Bench (www.barandbench.com)
17.02.2018 That the news appeared in First Post news
online dated 17.02.2018. This news is titled
“Punjab National Bank Fraud: Nirav Modi‟s
escape from Indian indicates malaise runs
deep in the system.” Just two employees of
a single branch of a bank could orchestrate
a swindle that cost the PNB ten times its
annual profit. The fraud went undetected for
almost 6 years inspite of mandatory checks
and balances. The perpetrator of the fraud
and his family were able to escape weeks
before the scam could be investigated. All
these factors which were interconnected,
underline the system‟s failure of various
agencies at the highest level of the financial
and administrative pyramids in India.
It is difficult to understand as to how
banks in India and abroad could be cheated
for years when every transaction has to be
accounted for daily at the end of business
hours and the RBI also did not do its job
properly. There are auditing of every bank
account. This task could have been difficult
in the days of manual book keeping but in
the era of computers and centralized
servers, this lapse is almost unimaginable.
Two employees of the PNB were able to
bankroll a fraud for several years. It has now
come to light that the bank had an inbuilt
mechanism that could be exploited. But how
could this go on for 6 years. Why did the
Bar & Bench (www.barandbench.com)
PNB Management did not take a notice of
this fraud.
It is also respectfully stated that the Indian
bank authorities have not learnt lessons
from the earlier such cases. The fraud was
done by Vijay Mallya and swindled the bank
of several crore rupees. Harshad Mehta,
Ketan Parekh etc. have the same way of
swindling the banks but how it could happen
this time when earlier the abovenamed
persons had also cheated the banks and did
not return the money. Instead they have got
settled in the foreign countries.
17.02.2018 That the news appeared in livemint dated
17.02.2018 with the title “PNB Fraud Govt.
Identifies 150 shell companies linked to
Nirav Modi”. One Senior Government Officer
on Friday said that in parallel with the
actions of the last enforcement agencies
and income tax authorities, the ministry has
identified 150 shell companies for
investigation. The Punjab National Bank has
disclosed fraud of Rs.11,400 Crore
perpetrated by way of fraudulently procured
letters of undertaking (LoUs) of the lender.
There are details of Nirav Modi ventures
which are spread throughout the world. Just
about a week ago diamond Jeweller Nirav
Modi opened a new store in Macau. Barely
three months ago, he had opened a second
store in DLF Emporio‟s Chanakya Mall in
Bar & Bench (www.barandbench.com)
New Delhi, with plans for another one, in
Bengaluru, later this year. Modi has been
relentless in building his brand regardless of
banks having aproblem of fraudulent and
unauthorized transactions with his
companies. His website is running
Valentine‟s Day promotions beside pictures
of Hollywood celebrities wearing his
jewellery and details of the fashion shows he
sponsored recently. Modi‟s ambition was to
expand to 100 stores by 2020, not unusual
for a brand that is trying to grow. He has
boutiques in New York, Las Vegas,
Honolulu, Singapore and Beijing. There is
one store in London, three stores in Macau
and four stores in Hong Kong. It is also the
fact that Modi‟s sister Purvi Mehta is with
Nirav Modi and runs the company‟s design
division.
The rest of his business details and how he
grew to become a Business Tycoon in the
field of Diamond Jewellery has also been
narrated in this publication dated
17.02.2018.
That a news appeared on 17.2.2018 in
Scroll.in online news. This news is with the
Title “Nirav Modi missing: Finding Nimo
jokes flood Twitter; Mallya, Lalit Modi
become collateral damage”. It is soon after
billionaire jeweller Nirav Modi came under
investigator‟s radar this week for what is
Bar & Bench (www.barandbench.com)
likely one of the biggest scams to hit Indian
banking. Social Media was flooded with
“finding Nimo” jokes. The wordplay got
further currency on Friday morning as two
major English newspapers built their lead
headlines around the “NiMo” acronym for
Nirav Modi.
Congress has called Nirav Modi as Chhota
Modi.
18.02.2018 That on 18.2.2018 a news appeared in
News18.com with the Title” Another PNB-
Like Scam? Rotomac Pens Owner „Flees‟
After taking Rs.800 Crores from Govt. Run
banks.
In view of the above it is respectfully
submitted that due to the non-returning bank
loan the economy of the country is made to
suffer. The magnanimous loan are granted
to the influential persons on the
recommendations of even Ministers of the
States and the Country. After
recommendations from such high-ups even
the eligibility of the grant of loan is not
properly taken into consideration. Such
loans are not returned in due time or in
many cases not returned at all. The
employees of the bank are invariably found
in connivance with the borrowers. Even
without looking to the eligibility of the
borrowers the loans are granted.
Bar & Bench (www.barandbench.com)
Such persons do not return the
loan. At worst they even leave the
country to settle abroad. All this happens
under the nose of the Authorities of the
Nation. No serious actions are initiated
against such defaulters. Many others are
also encouraged to deceive and swindle
the bank in raising the loans and not
returning thereafter. In this regard the
country has suffered a lot. This way 1%
of the population of the country are
having 75% of the money. The rest of the
country men lead a life of want and
struggle.
The petitioner is a lawyer in the
Supreme Court of India. He has totally
been aghast and flabbergasted after
reading the news in the paper that in the
Punjab National Bank Rs.11,400 crore
have been swindled by the Diamond and
Jewellery Merchants in connivance with
two employees of Punjab National Bank
Branch at Bombay.
Therefore, the petitioner is filing the
instant Writ Petition for direction of the
probe of this case under the supervision
of this Hon‟ble Court. The Petitioner has
inter alia made a prayer to seek
immediate deportation of the swindlers
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and also to auction their properties for
realizing the fraudulent amount from
them. The prayer is also for setting
downs the guidelines for granting loans
by the Banks in India.
Hence the present Writ Petition.
Bar & Bench (www.barandbench.com)
IN THE SUPREME COURT OF INDIA
CIVIL ORIGINAL JURISDICTION
WRIT PETITION (C) NO. ____ OF 2018
IN THE MATTER OF:
Vineet Dhanda
S/o Dr. J.P. Dhanda
Flat No.0102, Tower No.9
Supreme Court Bar Association
Multi-State Group Housing Society
Sector 99, Noida, Goutam Budh Nagar,
Noida, Uttar Pradesh 201303.
...Petitioner
VERSUS
1. Union of India
Through the Secretary
Ministry of Finance
3rd floor JeevanDeep Building,
Sansad Marg,
New Delhi, Delhi 110001
2. Ministry of Law & Justice
Through the Secretary
4th Floor, A-Wing, Shastri
Bhawan, New Delhi, Delhi 110001
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3. Reserve Bank of India
Through its Governor
6, Sansad Marg, New Delhi,
Delhi 110001
4. Punjab National Bank
Through the Managing Director
Sansad Marg, Pandit Pant Marg Area,
Sansad Marg Area, New Delhi,
Delhi 110001
...RESPONDENTS
AND IN THE MATTER OF:-
PETITION UNDER ARTICLE 32 OF THE CONSTITUTION OF INDIA FOR
ISSUANCE OF APPROPRIATE WRIT ORDER OR DIRECTIONS TO THE
RESPONDENTS.
TO
THE HON‟BLE CHIEF JUSTICE OF INDIA AND
HIS HON‟BLE COMPANION JUSTICES OF THE
HON”BLE SUPREME COURT OF INDIA AT
NEW DELHI
THE HUMBLE PETITION OF THE
PETITIONER ABOVE NAMED.
MOST RESPECTFULLY SHOWETH:-
1. That the petitioner is a practising Advocate in the
Hon‟ble Supreme Court of India. The present
public interest litigation is brought before this
Hon‟ble Court not for the purpose of enforcing
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the right of one individual against another but it
is intended to promote and vindicate public
interest.
2. The present petition covers the issue of
the national importance.
3. That the petitioner has not approached
any Authority or tribunal for the same
relief. The petitioner is a practicing lawyer
in Supreme Court of India. Annual
Income: 1 Crore. His PAN No. is
AHVPD7813N. His Mobile No. is +91-
9811013810. The e-mail address of the
Petitioner is [email protected]
there is no personal gain, private motive
or oblique reason for filing the PIL. The
public interest litigation is the only mode
and a proper way to ensure the protection
of human being as well as
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the prime duty of government and
administration.
4. That through the Public Interest Litigation
Citizens seek judicial intervention in a number of
matters having the interest of public at large.
Through this new jurisdiction, the judiciary has
under taken responsibility as critics and monitors
of the Govt. and its various agencies and to give
socio-economic justice to the underprivileged
masses without actually interfering with political
administrative field or in the legislative sphere.
S.P. Gupta Vs. Union of India AIR 1982 SC 49.
5. That through the public interest litigation,
citizens seek judicial intervention in a number of
matters having the interest of public at large.
6. That there are several such landmark judgments
given by this Hon‟ble Court in the public interest
litigation. These judgments are for the
betterment of suffering people.
In Fertilizer Corporation Kamgar Union
Vs. Union of India 1981 (1) SCC 568
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The Hon‟ble Supreme Court has stated that
Article 32 of the Constitution of India is an
integral part of the basic structure of the
Constitution.
7. That on 14.02.2018 the Punjab National Bank
said in regulatory filing that it had discovered
fraudulent and unauthorized transactions
totalling Rs.11,400 Cr. at the Mumbai Branch.
The investigators have said the latest disclosure
was related to the earlier case filed. Punjab
National Bank says that on 16.02.2018 the
accused firms presented a set of import
documents to the Mumbai Branch and requested
buyers‟ credit to pay overseas suppliers. Since
they had no pre-arranged credit limit, the branch
official asked the companies to put down the full
amount as collateral so that the bank could issue
the LoUs to authorize the credit.
When the firms argued that they had used
such facilities in the past without keeping any
money on margin. At that the Punjab National
Bank scanned through records and found no
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trace of any transactions, according to the
bank‟s account.
It then found that two junior employees had
issued LoUs on the SWIFT interbank messaging
system without entering the transactions on the
bank‟s own system. Such transactions went on
for years without detection.
Banking sources have said in some banks
the SWIFT system, which is used for
International transactions, and the core banking
system work independently of each other in
Punjab National Bank case. It said the
outstanding LoUs were not available on its core
banking system run on Infosys‟ Finacle Software.
Thus, the LoUs issued went undetected.
In this case the Punjab National Bank has
accused three companies. These companies are
Solar Exports, Stellar Diamonds and Diamond
RUS- These companies belong to Nirav Modi.
Nirav Modi is high end jeweller who runs his
eponymous Nirav Modi stores that spread from
New York to Hong Kong. It is stated that the said
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Nirav Modi is worth $1.73 billion according to
Forbes rankings.
9. That Punjab National Bank fraud came to light on
14.02.2018. It appeared in the papers livemint
dated 15.02.2018 that there is a scam of
Rs.11,400 Crore in the Punjab National Bank.
The Punjab National Bank is the 2nd biggest
public sector Bank. The Bank had discovered a
fraudulent transactions about Rs.11,400 Crore at
a single branch at Mumbai.
It is also respectfully stated that the Bank
alleged in the First Information Report that the
two junior employees at the Mumbai Branch of
the Bank had helped the companies of Nirav
Modi and his uncle Mehul Chowksi. It is also the
case of the Punjab National Bank that letters of
undertaking from it were taken without having a
sanctioned credit limit or maintaining funds.
These LoUs were used to obtain short term credit
from overseas branches of the other Indian
Bank, P.N. Bank.
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It is further stated that Modi‟s Company
colluded with the bank staff of Punjab National
Bank even in the branches of Foreign Countries.
The Punjab National Bank has also accused
Gitanjali Gems, Gili India and Nakshatra. These
companies promoted by another jeweller, Mehul
Chowksi who is stated to be Nirav Modi‟s uncle.
A copy of the news appeared in livemint dated
15.02.2018 is annexed as Annexure P-1.
10. That the news appeared in moneylife.in on
15.02.2018 it is with the title “ Rs.11,300 Crore
fraud at PNB: Many unanswered Questions about
Government Banks”. The fraud of Rs.11,300
Crore at the Punjab National Bank is a
monumental fraud. It shows complete break-
down of accountability, checks and balances and
proper system. Media report say that rogue
employees from Punjab National Bank issued
fake Letter of Undertaking (LoUs) in favour of
three companies. These companies were run by
Nirav Modi. The names of these companies are
Solar Exports, Steller Diamonds and Diamond R
Us. These companies were availing buyer‟s
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credit. The rouge employees misused SWIFT
(Society for Worldwide Interbank Financial
Telecommunication) network to send messages
to other banks bypassing the core banking
system (CBS), which in this case was FINACLE of
Infosys and keeping the management in the
dark. On these LoUs, overseas branches of
Allahabad Bank and Axis Bank among others
credited PNB‟s Nostro Account (from where funds
were moved to certain overseas parties).
This raises a set of serious issues. By its
very name, CBS ought to cover every single
banking transactions. Has anybody certified the
robustness of CBS Systems that are being used
by all banks? Howe many of them have
provision for manual entry of key parameters
allowing employees to make unsupervised
decisions? This system is leaving scope for
human error. There have been cases of
miscalculation of interest of banks despite a CBS.
But all these are ignored.
Bar & Bench (www.barandbench.com)
11. That the PNB scam shows that the rouge
employees can easily manipulate system as
there are no corroborations or checks and
balances. A senior Central Banker says, “The
menace of uncorroborated LOU (Letters of
Undertaking) with no follow up documentation
and checks is widespread and must be stopped
or replaced by bank guarantees”. A copy of the
news dated 15.2.2018 appeared on moneylife.in
is annexed as Annexure P-2.
12. That the news appeared in Business Today on
16.02.2018. The news was with a Title “PNB
fraud LIVE UPDATES: Had warned against Mehul
Choksi but no one listened, says ex-Allahabad
Bank director Dinesh Dubey”.
The Ministry of External Affairs on Friday
suspended the passports of diamantaire Nirav
Modina and his uncle Mehul Choksi after the
advice of Enforcement Directorate. The passports
have been suspended for a period of four weeks.
The duo have been asked to respond within a
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week as to why their passports should not be
impounded under the Passport Act, 1967.
Now the fraud is out in the open. The
Punjab National Bank has fired its 18 employees
and the Government has promised not to spare
anyone. The copy of the news dated 16.02.2018
published in Business Today is annexed as
Annexure P-3.
13. That the news appeared in First Post news online
dated 17.02.2018. This news is titled “Punjab
National Bank Fraud: Nirav Modi‟s escape from
Indian indicates malaise runs deep in the
system.” Just two employees of a single branch
of a bank could orchestrate a swindle that cost
the PNB ten times its annual profit. The fraud
went undetected for almost 6 years inspite of
mandatory checks and balances. The perpetrator
of the fraud and his family were able to escape
weeks before the scam could be investigated. All
these factors which were interconnected,
underline the system‟s failure of various agencies
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at the highest level of the financial and
administrative pyramids in India.
It is difficult to understand as to how banks
in India and abroad could be cheated for years
when every transaction has to be accounted for
daily at the end of business hours and the RBI
also did not do its job properly. There are
auditing of every bank account. This task could
have been difficult in the days of manual book
keeping but in the era of computers and
centralized servers, this lapse is almost
unimaginable.
Two employees of the PNB were able to
bankroll a fraud for several years. It has now
come to light that the bank had an inbuilt
mechanism that could be exploited. But how
could this go on for 6 years. Why did the PNB
Management did not take a notice of this fraud.
It is also respectfully stated that the Indian
bank authorities have not learnt lessons from the
earlier such cases. The fraud was done by Vijay
Mallya and swindled the bank of several crore
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rupees. Harshad Mehta, Ketan Parekh etc. have
the same way of swindling the banks but how it
could happen this time when earlier the
abovenamed persons had also cheated the banks
and did not return the money. Instead they have
got settled in the foreign countries. A copy of the
news published in First Post news online dated
17.02.2018 is annexed as Annexure P-4.
14. That the news appeared in livemint dated
17.02.2018 with the title “PNB Fraud Govt.
Identifies 150 shell companies linked to Nirav
Modi”. One Senior Government Officer on Friday
said that in parallel with the actions of the last
enforcement agencies and income tax
authorities, the ministry has identified 150 shell
companies for investigation. The Punjab National
Bank has disclosed fraud of Rs.11,400 Crore
perpetrated by way of fraudulently procured
letters of undertaking (LoUs) of the lender. A
copy of the news dated 17.02.2018 published in
livemint online news is annexed as Annexure P-
5.
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15. There are details of Nirav Modi ventures which
are spread throughout the world. Just about a
week ago diamond Jeweller Nirav Modi opened a
new store in Macau. Barely three months ago, he
had opened a second store in DLF Emporio‟s
Chanakya Mall in New Delhi, with plans for
another one, in Bengaluru, later this year. Modi
has been relentless in building his brand
regardless of banks having a problem of
fraudulent and unauthorized transactions with
his companies. His website is running Valentine‟s
Day promotions beside pictures of Hollywood
celebrities wearing his jewellery and details of
the fashion shows he sponsored recently. Modi‟s
ambition was to expand to 100 stores by 2020,
not unusual for a brand that is trying to grow. He
has boutiques in New York, Las Vegas, Honolulu,
Singapore and Beijing. There is one store in
London, three stores in Macau and four stores in
Hong Kong. It is also the fact that Modi‟s sister
Purvi Mehta is with Nirav Modi and runs the
company‟s design division.
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The rest of his business details and how he
grew to become a Business Tycoon in the field of
Diamond Jewellery has also been narrated in
this publication dated 17.02.2018. A copy of the
news published in The Wire dated 17.02.2018 is
annexed as Annexure P-6.
16. That a news appeared on 17.2.2018 in Scroll.in
online news. This news is with the Title “Nirav
Modi missing: Finding Nimo jokes flood Twitter;
Mallya, Lalit Modi become collateral damage”. It
is soon after billionaire jeweller Nirav Modi came
under investigator‟s radar this week for what is
likely one of the biggest scams to hit Indian
banking. Social Media was flooded with “finding
Nimo” jokes. The wordplay got further currency
on Friday morning as two major English
newspapers built their lead headlines around the
“NiMo” acronym for Nirav Modi.
Congress has called Nirav Modi as Chhota
Modi. A copy of the news appeared on 17.2.2018
in Scroll.in online news is annexed as Annexure
P-7.
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17. That on 18.2.2018 a news appeared in
News18.com with the Title” Another PNB-Like
Scam? Rotomac Pens Owner „Flees‟ After taking
Rs.800 Crores from Govt. Run banks. A copy of
the news appeared in News18.com dated
18.2.2018 is annexed as Annexure P-8.
18. In view of the above it is respectfully submitted
that due to the non-returning bank loan the
economy of the country is made to suffer. The
magnanimous loan are granted to the influential
persons on the recommendations of even
Ministers of the States and the Country. After
recommendations from such high-ups even the
eligibility of the grant of loan is not properly
taken into consideration. Such loans are not
returned in due time or in many cases not
returned at all. The employees of the bank are
invariably found in connivance with the
borrowers. Even without looking to the eligibility
of the borrowers the loans are granted.
Such persons do not return the loan. At
worst they even leave the country to settle
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abroad. All this happens under the nose of the
Authorities of the Nation. No serious actions are
initiated against such defaulters. Many others
are also encouraged to deceive and swindle the
bank in raising the loans and not returning
thereafter. In this regard the country has
suffered a lot. This way 1% of the population of
the country are having 75% of the money. The
rest of the country man lead a life of want and
struggle.
19. The petitioner is a lawyer in the Supreme Court
of India. He has totally been aghast after reading
the news in the paper that in the Punjab National
Bank Rs.11,400 crore have been swindled by the
Diamond and Jewellery Merchants in connivance
of two employees of Punjab National Bank
Branch at Bombay.
Therefore, the petitioner is filing the instant
Writ Petition for setting downs the guidelines for
granting loans by the Banks in India.
Bar & Bench (www.barandbench.com)
GROUNDS
A. Because the scam of 11,300 crore in the Punjab
National Bank has come to light. It is a very
shocking the way the swindlers have succeeded
in siphoning of public money from the Punjab
National Bank in connivance with the top
management of the Bank. This is the biggest
scam in the history of banking system in India.
B. Because the country has become the country of
scams. There was Bofors scam, Telecom scam,
Common Wealth Scam, Coal scam, 2G Scam,
Fodder Scam etc. It is surprising that scam after
scams are taking place and the administration of
the Government is not doing substantial part to
control such frauds in the country. In the process
the economy of the country has totally been
affected. The general public is suffering.
C. Because the Scam of Rs.11,300 Crores in Punjab
National Bank branch of Mumbai is the biggest
scam of in the history of banking system in
India. This scam started in 2011 and continued
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for 6 years under the nose of all the Authorities
of the Bank.
D. Because after doing fraud the swindlers- all of
them have gone to foreign countries. Nirav Modi
is stated to be is the kingpin. Nirav Modi is
shown in the Photo sessions at Macau with the
Hon‟ble the Prime Minister Narendra Modi. How
such fraudsters manage to come in the near
Group of the Hon‟ble the Prime Minister. Whether
there is any system for permitting such
fraudulent persons to malign the image of the
Prime Minister.
E. Because now they are calling it the fraud and not
the scam. Are they feeling shy calling this a big
scam? It is respectfully stated that the bank
authorities allow the siphoning of the bank
money when it is a case of big person. In the
case of the poor of the country the Recovery
System of the bank is very hard. One farmer
Gyan Chand in Village of U.P. had taken Tractor
Loan of Rs. 90,000/-. This poor farmer was
crushed by the bank recovery authorities under
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the same tractor as this poor farmer did not
return the loan amount in time.
F. Because similarly a farmer in Village Siwon of
Punjab jumped to death in a canal alongwith his
minor son of 5 years as the bank authorities
pressurized him to return the loan amount and
the poor farmer was not in position to return it.
G Because a borrower of small amount of loan
from the bank cannot run away from the country
then how 11,300 crores scamster could run
away. The letters of undertaking were
magnanimously issued by the Punjab National
Bank. But it has not been stated as to the date
of issue of letters of undertaking. Such a big
scam cannot be possible without the help of very
big persons in the Government. There seems to
be involvement of highly placed persons of this
country.
H. Because in such like scams where more than
11,300 Crores of PNB has been swindled and
taken away, the accused persons seem to be
very close to the power corridor. There has been
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a common factor in swindling away the money of
the banks. It could be the case of Lalit Modi,
Vijay Mallya and now Nirav Modi. The news of
their nearness to the powerful persons in the
politics have been published in the newspapers.
They have been exercising their influence in the
political groups. Vijay Mallya had reached
Rajyasabha with the help of BJP whereas in the
Party of Nirav Modi Rahul Gandhi of the
Congress has been taking part. In Dabos the
accused Nirav Modi is shown in a photo sessions
with the Hon‟ble the Prime Minister Narendra
Modi. Because of the nearness of these persons
to the powerful persons in the Politics they do
not care for the laws of the country. They are
also able to make use of the system in their
favour due to their closeness with the high flown
politicians of the country. In the investigation of
the case registered against them there is always
soft paddling and the cases for recovery do not
reach at the conclusion for so many years.
I. Because PNB fraud of Rs.11,400 Crore is a big
scam. It has affected badly the Indian Economy.
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Therefore, the guidelines are required to be
framed by the Respondents.
J. Because it is important to constitute a committee
of experts who will find the details of bad debts
cases in the country.
K. Because also necessary to make rules for the
recovery of loan from the defaulters within
stipulated period even resorting to attachment of
their properties and providing for auction in the
open market;
L. Because it is also the need of the hour to make
the officials/employees of the bank (who
sanctioned the loan on the deficient documents)
liable for the recovery of the loan by affecting
the recovery from their properties even after
their retirement.
M. Because unless the criminal cases against the
defaulters are registered and allowed to reach
such cases upto the final conclusion, such scams
will not be curbed.
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N. Because it is also necessary to issue look out
notice against the defaulters of the bank loans
and immediately impound their passports so that
they may not run away to foreign countries.
O. Because to provide the list of the borrowers of
loan of more than Rs.500 Crores so that it
becomes clear as to the amount of loan still
recoverable from them and as to the steps the
bank authorities are taking to recover the loans
against such borrowers.
P. Because it is also very important and essential to
get the list of the defaulters of the more than the
loans of Rs.500 Crores and stringent actions by
the Respondents against them is also very
necessary so that the loans pending against
them may be recovered at the earliest.
Q. Because the serious steps of the recovery of loan
against the borrowers will boost the economy of
the country. In future the borrowers will take a
lesson that the loans so raised by them will have
to be returned in due time and failing this they
will have to face the consequences.
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20. That all the annexures annexed to the writ
petition are true copies of their originals.
21. That the Petitioner has no personal interest in
the Public Interest Litigation but being citizen of
India he has full faith in the Institution.
22. That the present petition has no legal nexus with
any civil, criminal or revenue litigation. The
Petitioner has not filed any civil, criminal or
revenue matter on his behalf which may have
any nexus with the PIL.
23. That the petitioner has not filed any similar
petition before any High Court or this Hon‟ble
Court for the same relief except the present writ
petition.
24. That the present petition has been filed for the
good cause of the Public which are resulting into
infringement of Fundamental Rights under Article
21 of the Constitution of India.
25. That there is no alternative or equally efficacious
remedy left in the hands of the Petitioner under
the above mentioned compelling circumstances,
but to move before this Hon'ble Court.
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PRAYER
In the facts and circumstances of the case it is therefore most respectfully prayed that this Hon‟ble Court may graciously be pleased to: -
a) Issue an appropriate writ, order or direction
directing the Investigating Agencies to
register the case and Investigate the role of
Top Management of PNB in the present
scam;
b) Issue an appropriate writ, order or direction
directing the initiation of the process of
deportation of Mr. Nirav Modi and other
related to the scam as soon as possible
preferably within a period 2 months.
c) Issue an appropriate writ, order or direction
directing the Finance Ministry to set
guidelines for the grant of higher amount of
loans and granting of higher amount of
loans and sanctioned thereof in the ambit
Finance Ministry;
d) Issue an appropriate writ, order or direction
directing the Finance Ministry and Reserve
Bank of India to frame guidelines in
granting of the loan of the 10 Crores and
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above to ensure safety and recovery of such
loans;
e) Issue an appropriate writ, order or direction
directing the respondents to constitute a
committee of experts who will find the
details of bad debts cases in the country;
f) Issue an appropriate writ order or direction
directing the respondents to make rules for
the recovery of loan from the defaulters
within stipulated period even resorting to
attachment of their properties and providing
for auction in the open market;
g) Issue an appropriate writ order or direction
directing the respondents to make the
officials/employees of the bank (who
sanctioned the loan on the deficient
documents) liable for the recovery of the
loan by affecting the recovery from their
properties even after their retirement;
h) Issue an appropriate writ order or direction
to directing the Respondents for registration
of criminal cases against the defaulters and
the bank officials ;
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i) Issue an appropriate writ order or direction
directing the respondents to issue look out
notice against the defaulters of the bank
loans and immediately impound their
passports so that they may not be able to
run away to foreign countries;
j) Issue an appropriate writ order or direction
directing the Respondents to provide the list
of the borrowers of loan of more than
Rs.500 Crores l
k) Issue an appropriate writ order or direction
directing the Respondents to supply the list
of the defaulters of the more than the loans
of Rs.500 Crores;
l) Pass such other further order or orders as
this Hon‟ble Court may deem fit and proper
in the circumstances of this case.
AND
FOR THIS ACT OF KINDNESS THE PETITIONER AS IN DUTY BOUND, SHALL EVER PRAY. Drawn by: Vineet Dhanda
Filed by Drawn on:
Filed on: (DR. J.P. Dhanda)
Advocate for the petitioner
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