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ROLE OF VIJAY AGGARWAL ADVOCATE IN PUNJAB NATIONAL BANK SCAM

Advocate Vijay Aggarwal was the lawyer for accused jeweller Nirav Modi in connection with Punjab National Bank fraud case.<br><br>It is to be noted that Aggarwal is the same lawyer who had represented a number of 'high-profile' accused persons in the 2G spectrum case.<br><br>The scam started in 2011 and was detected in the third week of January this year, after which the PNB officials filed a complaint with the CBI on January 31. <br><br>Lawyer Vijay Aggarwal had appeared for Swan Telecom promoters Shahid Usman Balwa, Vinod Goenka and others associated with them in 2G scam case.<br>

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ROLE OF VIJAY AGGARWAL ADVOCATE IN PUNJAB NATIONAL BANK SCAM

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  1. All You Need To Know About Punjab National Bank Scam

  2. In the history of India, PNB Fraud Scandal has become the 2nd biggest state run lending cases which astound the financial arena of our country. It was found that the fraud of Rs 11, 400 crores had happened at a branch located in Brady House in Fort, Mumbai. During the initial investigation, it was developed that the branch was issuing the unlawful bank guarantees from many years to these two renowned jewelry groups – Nirav Modi & his uncle Mehul Choksi. They were alleged for raising billions of dollars in the foreign credit which led them to commit this well-known bank scandal of India. This is one of the frauds happened in India which not just shook the country but also shook the banking sector to a great extent. All You Need To Know About Punjab National Bank Scam

  3. What Exactly Happened? On dated 29-01-2018, Punjab National Bank lodged a criminal complaint against 3 companies & 4 people. It includes jewelry billionaire Nirav Modi, Mehul Choksi (his uncle), Managing Director of Gitanjali Gems, stating that they deceived Punjab National Bank which triggered a huge loss of $43 million which is 2.8 billion rupees. But after the further investigation, it was determined that loss caused was $1.77 billion which comes to 113.94 billion rupees. The bank also stated that two more junior employees were also involved of its Brady House Branch located in Mumbai. These two were secretly engaged in the illegal acts with firms belonged both Mehul Choksi and Nirav Modi. The junior employees illicitly issued LOU (Letter of Understanding) in an unethical way where it was not at all mentioned about the margin money as security

  4. How Did PNB Scam Expose? As per Punjab National Bank, on dated 16-01-2018, one of the officials from one of the accused companies visited this bank. He furnished a set of import documents to the branch situated in Brady, Mumbai and requested buyers for credit to pay suppliers of overseas. The branch officers asked the firms to put down the entire amount as security so that bank could give Letter of Understanding in order to sanction the credit because they had no previously arranged credit limit.

  5. How Many People & Companies Were Accused? It has been got to know that three companies were involved in this biggest scam. These were Diamond R US, Stellar Diamonds & Solar Exports. The Diamond R US also belonged to Nirav, an illustrious jeweler who used to run stores of Nirav Modi located in New York & Beijing. As per the ranking of Forbes Magazine, during 2018, Modi’s net worth was somewhere around $1.7 billion.

  6. Role of Vijay Aggarwal Advocate Vijay Aggarwal Advocatehad opposed all the charges imposed against Nirav Modi. Modi also wrote a letter to Punjab National Bank secretly that his companies were not significantly involved as the bank was showcasing. Even, Gitanjali has also invalidated the participation of Choksi in the scam. However, he also wrote a letter to all his employees and said to find a new job as all his assets had seen seized. He was not at all able to pay off the salaries of his employees.

  7. Present Situation At present, the developments are now becoming more positive. Punjab National Bank has stated a net profit of Rs 246.5 Crores in the December quarter of Fiscal Year 2019 after the back-to-back loss of continuous loss of 3 quarters. As per the statement by a senior Punjab National bank, they are delighted & positive after the arrest of Nirav Modi in United Kingdom.

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