 "What 900 mn? Modi-Choksi firms deposited Rs 100,000 before note ban: Govt")
Companies owned by Nirav Modi and Mehul Choksi deposited Rs 100,000 in their bank accounts with Punjab National Bank hours before the Union government announced demonetisation in November 2016, Minister of State for Finance Shiv Pratap Shukla said in Lok Sabha on Friday.
The Union government was responding to allegations of Nationalist Congress Party MP Majeed Memon, who had said last week that both the companies had deposited, Rs 900 million at one of the branches of PNB.
"So far as the allegation is concerned, PNB has stated that it has checked all the accounts in the name of both the accused groups, and found that, on the date of announcement of demonetisation (November 8, 2016), a sum not exceeding Rs 100,000 was deposited in cash in these group accounts," Shukla said in a written reply in LS.
"A report reveals that Nirav Modi deposited huge cash amountin one PNB branch on November 8, hours before PM announced demonetisation. What does it suggest?" Majeed had asked.
Prime Minister Narendra Modi had announced scrapping old Rs 500 and Rs 1,000 currency notes in a bid to tackle corruption and black money in the economy on November 8, 2016.
PNB had earlier this year reported a fraud worth Rs 13.6 billion related to companies owned by Mehul Choksi and Nirav Modi. PNB executives had fraudulently issued letters of undertaking (LoU) to banks for extending loans to these firms.
The Union government was responding to allegations of Nationalist Congress Party MP Majeed Memon, who had said last week that both the companies had deposited, Rs 900 million at one of the branches of PNB.
"So far as the allegation is concerned, PNB has stated that it has checked all the accounts in the name of both the accused groups, and found that, on the date of announcement of demonetisation (November 8, 2016), a sum not exceeding Rs 100,000 was deposited in cash in these group accounts," Shukla said in a written reply in LS.
"A report reveals that Nirav Modi deposited huge cash amountin one PNB branch on November 8, hours before PM announced demonetisation. What does it suggest?" Majeed had asked.
Prime Minister Narendra Modi had announced scrapping old Rs 500 and Rs 1,000 currency notes in a bid to tackle corruption and black money in the economy on November 8, 2016.
PNB had earlier this year reported a fraud worth Rs 13.6 billion related to companies owned by Mehul Choksi and Nirav Modi. PNB executives had fraudulently issued letters of undertaking (LoU) to banks for extending loans to these firms.
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