SEBI is likely to probe possible disclosure lapses by banks and other listed companies.
PNB has cautioned other banks also about the modus operandi of the scam. Four big jewellers – Gitanjali, Ginni, Nakshatra and Nirav Modi – are under scanner, as similar modus operandi was used by the same official for companies belonging to Gitanjali Gems promoted by Mehul Choksi as per the media reports. "The CBI and Enforcement Directorate is looking at their arrangements with various banks and end use of money,” a senior official of a public sector bank told wire agency PTI.
The country’s second-largest public sector bank (PSB) said two of its employees were involved in the scam, where the bank’s core banking system was bypassed to raise payment notes to overseas branches of other Indian banks, including Allahabad Bank, Axis Bank, and Union Bank of India, using the international financial communication system, SWIFT, as per media sources.
SEBI is likely to probe possible disclosure lapses by banks and other listed companies, including several jewellery firms that have come under the scanner. Stock exchanges would also analyse trading data of these companies and their top officials as per media sources. The latest development, experts believe, is expected to give a further push for the regulator's proposal to mandate listed companies to disclose loan defaults within a day of happening.
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