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Shocking UPA-Mehul Choksi Link Emerges In Nirav Modi-PNB Bank Fraud; Whistleblower Exposes Then Authorities For Ignoring Specific Warning

Written By Ankit Prasad | Mumbai | Published:

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  • A former Allahabad Bank director's emails have seemingly revealed that authorities under the UPA ignored warnings regarding unsanctioned loans given to Mehul Choksi, uncle of Nirav Modi
  • Watch a report on the development here

In a massive development in the political controversy surrounding the sensational Rs 11,400 crore Nirav Modi-PNB bank fraud, a whistleblower has exposed the then UPA government for allegedly being aware of the faulty transactions.

In emails accessed by Republic TV, it has been revealed that Dinesh Dubey, an executive director at Allahabad Bank appointed by the UPA government in August 2012, had in 2013 written to the RBI as well as the Ministry of Finance that loans worth Rs 1550 crore (Rs 1500 crore  + a Rs 50 crore) has been sanctioned without his consent to Mehul Choksi, Nirav Modi's uncle. 

Dubey came to write the mail after the Rs 50 lakh loan was sanctioned despite the earlier Rs 1,500 crore loan being outstanding.

He followed up two weeks later, writing again to then deputy governor of the RBI KC Chakrabarty as well as the then financial services secretary under the Chidambaram-led Finance Ministry, that the funds had been released despite his dissent note. 

The emails indicate that in September 2013, the UPA government was allegedly alerted to the possibility of financial irregularities relating to loans sanctioned to Mehul Choksi, uncle of Nirav Modi and MD of Gitanjali Jewelers. However, rather than Dubey's warnings being acted upon, the then authorities allegedly hounded and harassed him.

Earlier on Thursday, as the BJP and the Congress engaged in several rounds of allegations and counter-allegations over the Nirav Modi-PNB bank fraud, Congress President Rahul Gandhi had accused the Narendra Modi-led government of being accountable for the scam while P Chidambaram chose to remain silent on Republic TV's questions. The BJP had fought back, citing the PNB's statement that the allegedly fraudulent transactions began in 2014.

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