New Delhi,
\nBreaking his silence on the Rs 11,400 crore fraud at India\u2019s second-biggest public sector bank PNB, Prime Minister Narendra Modi on Friday said his government will take \u201cstringent action\u201d against financial irregularities and not tolerate loot of public money.<\/p>\n
Days after the fraud allegedly masterminded by diamantaire Nirav Modi came to light, the Prime Minister asked the management of financial institutions as well as the supervisory bodies to do their job diligently to check such frauds.<\/p>\n
\u201cI want to make it clear that this government has been taking strict action against financial irregularities and will continue to take strict action,\u201d he said at the Global Business Summit organised by a financial daily. \u201cSystem will not tolerate loot of public money,\u201d Modi said.<\/p>\n
Nirav Modi, whose diamond creations have draped Hollywood stars such as Kate Winslet and Dakota Johnson, and firms linked to him are alleged to have acquired fraudulent letters of undertaking (LoUs) from one PNB branch in Mumbai between 2011 and 2017 to obtain loans from Indian banks overseas. Investigative agencies have raided Modi\u2019s properties and arrested bank employees.<\/p>\n
Without naming either the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, or the Punjab National Bank, the Prime Minister said the management of financial institutions, auditors and regulators should perform their duty with full dedication.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Delhi, Breaking his silence on the Rs 11,400 crore fraud at India\u2019s second-biggest public sector bank PNB, Prime Minister Narendra Modi on Friday said his government will take \u201cstringent action\u201d against financial irregularities and not tolerate loot of public money. Days after the fraud allegedly masterminded by diamantaire Nirav Modi came to light, the […]<\/p>\n","protected":false},"author":1,"featured_media":22900,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[312],"tags":[],"class_list":["post-22899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-india"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/22899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=22899"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/22899\/revisions"}],"predecessor-version":[{"id":22901,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/22899\/revisions\/22901"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/22900"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=22899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=22899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=22899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}