10 PNB officials suspended in Nirav Modi fraud case

The Punjab National Bank (PNB) on Wednesday suspended 10 of its officials in connection with jewellery designer Nirav Modi fraud case.

Modi had allegedly cheated the bank to the tune of Rs 280.7 crore.

The Central Bureau of Investigation (CBI) had on Monday booked Nirav Modi, his brother Nishal Modi and the officials of PNB in this regard.

Joint Secretary of Department of Financial Services Lok Ranjan told ANI that the government had taken note of it and certain steps were being taken.

"It is not in my domain and it is not right for me to comment on it further," he said.

The case against the famous jewellery designer comes after the Income Tax department raided Modi's offices in Delhi, Surat and Jaipur.

"All the officials are of the same branch. This is the part of non-performing asset reforms agenda. Cleaning of banks is the top priority of the government. The government had directed all the banks that the NPA clean-up would help honest borrowers get loans. After having capitalised, we will ensure that all banks are cleaned up," Department of Financial Services Secretary Rajiv Kumar told ANI.

Kumar also said this was a one-time cleaning exercise. "Whatever it takes, whatever is required, we will do that.