PNB fraud: Scam took place during UPA regime, claims former Allahabad Bank director

The official, identified as Dinesh Dubey – former Allahabad bank director, claimed that he was forced to resign from post due to pressure from the then Finance Secretary for trying to expose the scam

An official of Allahabad bank today disclosed that the PNB fraud involving jewellery designer Nirav Modi had started during the Congress-led UPA regime and that it was unearthed during the current dispensation of BJP-led NDA.

The official, identified as Dinesh Dubey – former Allahabad bank director, claimed that he was forced to resign from post due to pressure from the then  Finance Secretary for trying to expose the scam.

According to Dubey, he was asked to do so because he had objected at a bank’s meeting against approving Rs 1500 crore loan for Mehul Choksi’s Gitanjali Gems. 

"This scam that started during the UPA government has today during the NDA government become 10-50 times bigger," he said.

Dubey said that he had even sent a dissent note against Gitanjali Gems to the government and RBI in 2013. 

"I had sent a dissent note against Gitanjali Gems to the government and RBI in 2013. I was directed that this loan has to be approved. I was being pressurised so I resigned," he said.

Choksi is Nirav Modi's maternal uncle and business partner. He is the chief promoter of Gitanjali Gems.

Dubey alleged that after his dissent note, many bank officials were upset with him. He even claimed that he was being harassed by many of them for his stand.