In a huge development that vastly magnifies the scope and scale of the alleged Nirav Modi-PNB bank fraud, Republic TV has accessed 'The Alpha Files' -- a code name for the entire scam plotted over 15+ years, and not one that started in 2011.
The Alpha Files have been shared by a deep source not yet tapped by the agencies, who is the deep throat, and reveal that the LoU (Letter of Undertaking) scam is only the tip of the iceberg. While an attempt is being made to present the Rs 11,400 crore fraud as the real scam that began in 2011, the truth, as per our deep source, is that Mehul Choksi and Nirav Modi began scamming the banks around 2004, which was about the time when the UPA 1 came into power.
Furthermore, Mehul Choksi is the key anchor of the scam, ably partnered by his nephew Nirav Modi. As per the deep throat, Choksi allegedly set up shadowy firms to lure banks into giving them mega loans while Nirav Modi ‘handled’ politicians in Lutyens’ Delhi. As per the source, there were several hundred banking officials who were bribed and entertained in Thailand and Dubai.
The real scam involved the round-tripping of diamond stock assigned against loans. The stocks would be round-tripped through Mauritius, Dubai and Hong Kong to scam Indian banks. Three top international banks have also been defrauded in this scam. And for its part, officials in UPA 2 allegedly gave Choksi insider information before Income Tax raids.
Accordingly, the true size of the scam is not just Rs. 11,400 crore, but may be in excess of Rs. 25,000 crores. Shortly before the LoU aspect came out, Choksi and Nirav Modi made their entire core team quit after being tipped off-- as per our deep source, this happened around November 2017.