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Congress attacks PM on PNB scam, calls it 'biggest bank loot'

Congress attacks PM on PNB scam, calls it biggest bank loot

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  17 Feb 2018 12:00 AM GMT

New Delhi, Feb 16: The Congress on Friday continued its belligerent attack on Prime Minister rendra Modi and claimed that the PNB fraud of over Rs 11,000 crore was India’s biggest “bank loot scam” and has got bigger to touch Rs 21,306 crore. The party asked why the government was silent on the issue and how did it and the agencies permit billioire diamond merchant Nirav Modi, his uncle Mehul Choksi and others to leave India.

“Punjab tiol Bank has already admitted exposure of Rs 11,400 crore in the 293 ‘Letters of Undertaking’ (LoUs).

“In addition, exposure of 30 banks in loans extended to four companies — Firestar Intertiol Private Limited, Firestar Diamond Fze, Gitanjali Gems Limited and Gitanjali Exports Corporation — is Rs 9.906 crore,” Congress spokesperson Randeep Singh Surjewala told mediapersons. “Thus, total exposure comes to Rs 21,306 crore.” The leader also said: “In addition to this, PNB stock has depreciated eroding Rs 7,000 crore in value. Incidentally, government owns 57 per cent shares in PNB and the remaining is owned by fincial institutions/common investors. If you add the erosion of value, total exposure comes to Rs 28,306 crore.” “The exposure of banks to three more companies — Diamonds RUS, Solar Exports and Stellar Diamonds — is yet to be disclosed by the banks and Modi government. “Experts estimate this exposure to be in the range of Rs 3,000/Rs 5,000 crore. This will further enhance the total figure of the scam,” he added. (IANS)

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