Court granted bail to Subash Parab, close aid of Nirav Modi in Rs.13,000 crore fraud in PNB

- Advertisement -

A special PMLA court on Tuesday granted bail to Subash Parab, a close aide of fugitive diamond merchant Nirav Modi, in the multi-crore Punjab National Bank (PNB) scam case.

Parab was a deputy general manager (finance) at Firestar Diamond, a firm owned by Modi, and was deported to India from Cairo in Egypt in April 2022.

Special PMLA judge S M Menjonge allowed the Parab’s bail plea, citing that it appeared from the bail application that the accused was not beneficiary of the proceeds of crime.

- Advertisement -

Modi and his uncle Mehul Choksi are accused of duping PNB, a public sector bank, of Rs 13,000 crore using letters of undertaking (LoUs) and foreign letters of credit (FLCs) by bribing its officials at the Brady House branch in Mumbai.

The companies of Modi and Choksi took loans from banks abroad using the PNB’s LoUs, but did not repay them, thus transferring the liability to the bank.

- Advertisement -

Share this article...

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

Woman arrested in Brazil for using dead man to sign loan in Bank

Woman arrested in Brazil for using dead man to sign loan

Election Training Video, Know how to use EVM, VVPAT and conduct Elections

Election Training Video, Know how to use EVM, VVPAT and conduct Elections

17 million dollar Bank Fraud in US

17 million dollar Bank Fraud in US

Royal Bank of Scotland closes 18 Branches as customers are using more Online Banking

Royal Bank of Scotland closes 18 Branches as customers are using more Online Banking

Micro Observer Election Duties and Format PDF

Micro Observer Election Duties and Format PDF

Bank Cashier fight with customer over cash withdrawal in Mirzapur

Bank Cashier fight with customer over cash withdrawal in Mirzapur

12th BPS Update: Bank Unions held Discussions on remaining issues with IBA

12th BPS Update: Bank Unions held Discussions on remaining issues with IBA

Bank Employees beaten by Loan customer in Uttar Pradesh

Bank Employees beaten by Loan customer in Uttar Pradesh

Indian Overseas Bank Launches Online Donation Facility for Shree Kashi Vishwanath Mandir

Indian Overseas Bank Launches Online Donation Facility for Shree Kashi Vishwanath Mandir Trust

Bank Employee beaten mercilessly by Police over fight with Wife

Bank Employee beaten mercilessly by Police over fight with Wife

Latest News