{"id":212306,"date":"2019-03-19T19:00:37","date_gmt":"2019-03-19T13:30:37","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=212306"},"modified":"2019-03-19T18:10:37","modified_gmt":"2019-03-19T12:40:37","slug":"pnb-scam-westminster-court-issues-an-arrest-warrant-against-nirav-modi","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/19\/pnb-scam-westminster-court-issues-an-arrest-warrant-against-nirav-modi\/","title":{"rendered":"PNB Scam | Westminster Court issues an arrest warrant against Nirav Modi"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Westminster Court, United Kingdom: \u00a0<\/strong>A provisional arrest warrant has been issued against the fugitive diamond merchant, Nirav Modi for his extradition in a money laundering case.<\/p>\n<p style=\"text-align: justify;\">He is the main accused in the Punjab National Bank scam case.<\/p>\n<p style=\"text-align: justify;\">The Westminster Court has issued the arrest warrant against Nirav Modi as part of processing this extradition request. The warrant is provisional, and he is entitled to obtain bail.<\/p>\n<p style=\"text-align: justify;\"><strong>Background of the scam:<\/strong><\/p>\n<p style=\"text-align: justify;\">As reported by Hindustan Times, Two PNB employees sent unauthorised letters of undertakings (LoUs), essentially bank guarantees, to foreign branches of Indian lenders, on behalf of firms related to Nirav Modi and the Gitanjali Group. The LoUs basically told these other lenders: Lend money to Nirav Modi firms so that they can pay for their imports. If they don\u2019t pay up, we will make good this payment.<\/p>\n<p style=\"text-align: justify;\">In the PNB fraud case, the bank employees had sent these guarantees in the absence of credit limits and collateral security (in Modi\u2019s case). Secondly, they didn\u2019t make an entry in the bank\u2019s core banking system \u2013 the software used to support a bank\u2019s most common transactions, which also acts as a record keeper.<\/p>\n<p style=\"text-align: right;\"><strong>Reported by Media<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Westminster Court, United Kingdom: \u00a0A provisional arrest warrant has been issued against the fugitive diamond merchant, Nirav Modi for his extradition in 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