He had allegedly along

NB has suspended 10 officers over the USD 1.Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi are partners in Diamonds R US, Solar Exports and Stellar Diamonds, which has shops in foreign locations such as Hong Kong, Dubai, and New York.Banks are now looking at their systems and processes so that such frauds are not repeated, he said, adding all banks have been asked to present a status report as soon as possible. Three other jewellers, Gitanjali, Ginni and Nakshatra are under the scanner with the CBI and ED looking at their arrangements with various banks and end use of money, a senior official of a public sector bank told PTI.In the complaint, PNB had named three diamond firms -- Diamonds R Us, Solar Exports and Stellar https://www.yanxinpurification.com/products/clean-rooms/ Clean Room Panel Manufacturers Diamonds -- saying they had approached it on January 16 with a request for buyers credit for making payment to overseas suppliers.

In 2015, Bank of Baroda -- another public sector bank -- had brought to light a scam in which two Delhi-based businessmen cheated it of Rs 6,000 crore (slightly less than USD 1 billion at that time). Post clean up, this is going to make banks clean forever, healthy, responsive and enable them to provide hassle-free banking to all honest borrowers," Kumar said. Last week, PNB had lodged an FIR with the CBI stating that fraudulent LoUs worth Rs 280.77 billion (about Rs 11,400 crore) scam and referred the matter to CBI for investigation. He had allegedly along with another official Manoj Kharat fraudulently issued LoUs to these firms without following prescribed procedure or making entries in the banking system, avoiding detection of transactions."Based on these transactions other banks appear to have advanced money to these customers abroad.Heavy cash transactions -- sometimes four or five times a day -- were also noticed.