New Delhi, Dec 4, 2019, Wednesday
More shocking details were revealed of the scandal by diamond trader Nirav Modi, who fled abroad with the Punjab National Bank in exchange for billions of rupees. Foreign auditors have found that the illegal offenses received from the Punjab National Bank had received a letter of under 25 million worth of underwriting.
After the bank reported the scam to the CBI, a Belgian reputable auditing firm was entrusted with forensic auditing of the scam. In 2018, auditors found that the bank issued 1561 Letters of Undertaking of a total of 28,000 crore to Nirav Modi's company out of which 25,000 crore LOUs were obtained through fake documents.
Investigators also found that 21 of the 23 exporters who issued these LoUs had Nirav's business control over them, meaning that the LoUs were obtained in a bogus manner.
It also meant that the administration of the bank had a tremendous control over Nirav's and the bank's officials were acting at the behest of Nirav.
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