Advocate Moves SC For Court-Monitored SIT Probe Into Nirav Modi-PNB Fraud [Read Petition]

Days after the lid blew off the Rs 11,400-crore billionaire Nirav Modi-PNB scam, a petition had been filed in the Supreme Court seeking a court-monitored SIT probe into the enormous banking fraud.

Advocate Manohar Lal Sharma filed a petition in the Supreme Court demanding a probe by SIT, consisting of retired judges of the apex court in the interest of justice.

Sharma said the matter requires thorough probe as it is a loss caused to the general public and such a gigantic fraud could not have happened without the involvement of the high and the mighty.

Hinting at the attempts to conceal information, Sharma claimed that “despite having information about the fraud on January 16, PNB did not report it to the police or CBI but got busy in changing the bank records/ other written information at the behest of the Finance Minister and only on January 29 was a complaint made to the CBI Mumbai branch naming 7 bank employees and three companies showing a loss of Rs 280.70 crores”.

“… issuing of such high-value LOUs without security and reconfirmation by the Bank at the time of fund releasing by the foreign branch of the Indian banks for more than 90 days is contra to the RBI financial rule and regular systems,” he said, adding, “according to media reports, accused persons Neerav Modi and his partner were regularly traveling with Prime Minister Narender Modi and Finance Minister Arun Jaitley as close associates and such high amount for financial facilities cannot be allowed by a common branch manager unless directed /permitted by the highest finance ministry/ political leaders”.

The petition said there were various examples of CBI, which is under the direct control of the Prime Minister Office, not taking any action in many cases and evidence vanishing and therefore, there is a need for a strict court-monitored investigation.