PNB scam: Central Vigilance Commission asks PNB and the Finance Ministry officials to submit a report on how the scam took place despite monetary regulations being in place. CVC gave a time of 10 days to the bank.


Officials of PNB, RBI and Dept of Financial Services gave a presentation of 2 hours to the Central Vigilance Commission about the case. CVC has asked for names of officials who were involved and sought identification of officials who could have taken action & prevented it.


After meeting with PNB and Finance Ministry officials Central Vigilance Commission also had a meeting with CBI officials, CBI told CVC that it was a system failure at multiple levels.


The Enforcement Directorate today searched the Mumbai residence of diamantaire Nirav Modi as raids continued for the fifth day in connection with the agency's money laundering probe in the Rs 11,400-crore alleged fraud at the Punjab National Bank.

 
Official sources said ED sleuths arrived at Modi's Samudra Mahal bungalow in Worli in south Mumbai and searched the premises.


The central probe agency also conducted searches at 34 other locations in various cities, including Mumbai, Pune, Aurangabad, Thane, Kolkata, Delhi, Lucknow, Bengaluru and Surat, in connection with its probe.


Image: Diamantaire Nirav Modi