Financial scandal of more than 212 million dollars in India involving the Mauritian branch of the SBI

Several branches of Indian banks around the world are suspected of misappropriation. They would not have reported breaches of certain banking regulations. The investigative agencies are investigating the possible involvement of officials of six foreign agencies of Indian public and private banks in the scandal involving the Indian billionaire, jewelry designer Nirav Modi, said government officials, according to the news site online, Economic Times.

Among the banks involved: the Mauritian branch and the Frankfurt branch of the State Bank of India, the Bank of India in Belgium (Antwerp), Canara Bank in Bahrain, Allahabad Bank and Axis Bank in Hong Kong. The managers of these banks soon interviewed by the investigative agencies. They will have to explain their role and why regulations have been overridden in certain transactions. The investigators seek to know whether the “casual” attitude of a number of officials of these banks is related to laxity or complicity with Modi and his co-accused who allegedly embezzled thousands of crores of rupees using a letter from fraudulent commitment, obtained from Punjab National Bank. This stems from the issues raised by PNB in its complaint to the Central Bureau of Investigation (CBI).

 

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