In Letter To PNB, Nirav Modi Blames Its Haste, Says "Be Fair"

Mumbai: HighlightsNirav Modi writes a letter to PNB on 15/16 February: PTI In letter he says erroneously cited liability resulted in media frenzy Actions destroyed my brand restricted your ability to recover all dues Celebrity jeweller Nirav Modi the alleged kingpin of the largest banking scam in the country s history has said PNB s overzealousness shut the doors on his ability to clear the dues in a letter to the Punjab National Bank s management.Mr Modi also said the dues were much less than what the bank has claimed and that his relatives booked in the cases filed by the central agencies had nothing to do with the operations of the firms under their scanner.In a letter Mr Modi wrote on February 15/16 to the Punjab National Bank management a copy of which PTI has seen he pegged the money his companies owe to the bank under Rs 5 000 crore. The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns he wrote in the http://lib.akb.nis.edu.kz/user/kkmytata/ letter. This thereby jeopardised our ability to discharge the dues of the group to the banks Mr Modi wrote in the letter. In the anxiety to recover your dues immediately despite my offer (on February 13 a day before the public announcement and on 15) your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts he said.The letter also refers to the extended discussions between him and between his representatives and the bank officers besides his emails of February 13 and 15 2018.Nirav Modi left the country along with his family in the first week of January before the alleged scam became public.The PNB the second largest state-run bank had on February 14 informed the exchanges about detecting a 1.77 billion fraud at its Brady House branch in Mumbai and named the firms led by Mr Modi and his uncle Mehul Choksi s Gitanjali Group and some other diamond and jewellery merchants as suspects.Central government agencies the CBI and the Enforcement Directorate have registered cases on the complaint by the bank and launched nationwide searches on dozens of offices and residences of the alleged fraudsters. The bank has named Nirav Modi s brother his American wife Ami and uncle Mehul Choksi besides some others in the FIR.On the over Rs 11 000-crore loss claimed by the PNB in the FIR Mr Modi said As you are aware this is entirely incorrect and the liability of the Nirav Modi Group is substantially less. He said that even after PNB s complaint was filed he wrote to them in good faith asking them to sell or allow him to sell Firestar Group or their valuable assets and recover the dues not just from Firestar Group but also from the three firms. Valuing his domestic business at around Rs 6 500 crore he said This could have helped reduce/discharge the debt to the banking system but added that this is not possible as all his bank accounts have been frozen and assets sealed or seized.He went on to state that PNB had time and again acknowledged that the buyers credit facility has been extended by it to the three partnership firms for several years and that there has been no default on the part of any of these firms over all these years. He said that money went through PNB all these years for the repayments of the advances given by the overseas bank branches under the buyers credit. That Firestar International and Firestar Diamond International have never been in default to any bank and the bankers are fully secured . He also said that PNB has over the years been earning bank charges to the tune of crores of rupees on the buyers credit facility extended by PNB to the three partnership firms and that PNB has extended the money to the firm s buyers as well from where also it has been receiving full payments with interest and on time all these years.On the valuables that CBI and ED searches yielded Rs 5 649 crore he said These and other assets of the group and the three firms could have settled all the amounts due to banks. However now that stage appears to have passed. He concluded by requesting the bank to be fair and support my efforts to make good all the amounts that are found due by my group to all banks. CommentsClose X Owning up everything he said the bank has wrongly named his brother who is not at all concerned with the operations of the three firms or other companies. My wife is not connected with any business operations at all and she has been wrongly named. My uncle is also wrongly named in this complaint since he has an independent and unconnected business and none of them are aware or concerned with my dealings with your bank. Whatever may be the consequences I may face for my actions the haste was in my humble submission unwarranted Mr Modi concluded and requested the bank to permit him to pay the salaries to 2 200 employees from the balance lying in the current accounts of his firms.
A lot has been written on the jeweller Nirav Modi defrauding Punjab National Bank to the tune of 1.8 billion (or Rs 11 400 crore). One line of thought that has been pursued is that of the difference between the public sector banks and the private sector banks. The logic offered here is that frauds happen only in public sector banks and not private sector banks. And even if they happen at private sector banks the taxpayer does not pick up the tab. The taxpayer did pick up the tab when the private Global Trust Bank went belly up and had to be merged with the Oriental Bank of Commerce. If the bank is big enough and is going bust the government has to ultimately come to the rescue irrespective of whether it is privately owned or government owned. No bank of any significant size can be allowed to go bust. Now let s look at the first point I raised whether public sector banks are defrauded more? In a recent answer to a question raised in the Lok Sabha the ministry of finance pointed out that between 2014-2015 and 2016-2017 the total number of bank frauds were 12 778. Of these 8 622 frauds happened in public sector banks and the remaining 4 156 at private sector banks. The ratio of the total number of frauds at public sector banks to the total number of frauds at private sector banks is 2.07. The ratio of the average assets of public sector banks to the average assets of private sector banks between 2014-2015 and 2016-2017 is 2.95. If the ratio of frauds between the two types of banks were to be the same at 2.95 the total number of frauds at public sector banks would have amounted to 12 260 (4 156 multiplied by 2.95). This is not the case. The number of frauds is significantly lower than that. Hence this basically means that public sector banks are having fewer frauds in terms of their size in comparison to their private sector counterparts in India. Having said that what is true about public sector banks in general may not necessarily be true for the Punjab National Bank in particular. Punjab National Bank is the second largest public sector bank in the country. As of 31 March 2017 it had total assets worth Rs 7 20 331 crore. In July 2017 the ministry of finance had provided some very interesting data points with regard to bank frauds. Between 2012-2013 and 2016-2017 a period of five years the Punjab National Bank faced 942 bank frauds with losses amounting to Rs 8 999 crore. The only other public sector bank bigger than Punjab National Bank is the State of Bank of India. As of 31 March 2017 it had assets worth Rs 33 23 191 crore making it significantly bigger than the Punjab National Bank. Between 2012-2013 and 2016-2017 the State Bank of India faced 2 786 frauds with losses amounting to Rs 6 228 crore. Even though the State Bank of India faced more frauds its total losses were 30.8 percent lower than that of Punjab National Bank. Further of the 78 banks that data was offered on the Punjab National Bank faced the highest losses due to frauds. Its average loss on a fraud was also three times the overall average loss on a fraud. This tells us very clearly that the control systems at the Punjab National Bank were weaker than in comparison to the other banks and that allowed bigger frauds to happen. In comparison other banks were placed better than Punjab National Bank. Does this mean that if the bank had better control systems Nirav Modi wouldn t have been able to defraud the bank to the extent that he did? On that your guess is as good as mine. (Vivek Kaul is the author of India s Big Government The Intrusive State and How It is Hurting Us)
Written by Deeptiman Tiwary | New Delhi | Updated: February 19 2018 1:03 pm Over the past three years PNB that is now in the dock for allegedly allowing rogue employees to game the system to benefit firms controlled by diamantaires Nirav Modi and Mehul Choksi bagged three vigilance excellence awards. Even as Punjab National Bank was being defrauded of thousands of crores allegedly Rs 11 400 crore over seven long years it was winning awards for excellence in banking vigilance. Over the past three years the government-owned bank that is now in the dock for allegedly allowing rogue employees to game the system to benefit firms controlled by diamantaires Nirav Modi and Mehul Choksi bagged three vigilance excellence awards. Two of these awards came in 2017 the year PNB issued 293 LoUs to companies owned by Modi and his family and were given out by Central Vigilance Commissioner (CVC) KV Chowdary. Read | PNB Fraud: Auditor Deloitte rang alarm bells on Nirav Modi two years ago In the second week of March last year PNB s Chief Vigilance Officer S K Nagpal received a Corporate Vigilance Excellence Award from the hands of Chowdary at a Vigilance Conclave organised by the Institute of Public Enterprise (IPE) an MBA institute on campus at Osmania University Hyderabad. Chowdary was the key speaker at the event the eighth of its kind organised by the institute. Towards the end of October 2017 the Central Vigilance Commission had organised a Vigilance Awareness Week in New Delhi where it gave away awards to various PSUs for their anti-corruption work carried out in adherence to guidelines laid down by the Commission and the Reserve Bank of India. According to the Commission s website PNB bagged the Vigilance Excellence Award for Outstanding Achievement in Timely Completion of Disciplinary Proceedings . CVC Chowdary presented the award to Nagpal for completing 92% of the total disciplinary proceedings within the prescribed timelines . The vigilance award given to PNB by IPE Hyderabad. (Source: PNB website) On the Hyderabad award Chowdary told The Indian Express They organise this annual event where 10-12 PSUs participate. I was called there as a speaker. After my speech they requested me to distribute some certificates which I did. PNB and some other PSUs also won some certificates. The institute s management selects winners based on some parameters set by them. On the Commission s own award the CVC said CVC gives awards annually based on various categories of work. PNB was awarded for bringing down departmental proceedings. See if you do well in English you will get good marks. But that won t take you through Hindi as well. Read | Punjab National Bank fraud: How the system was gamed The CVC has summoned the PNB brass on Monday to answer questions on lapses by the bank s employees in connection with the alleged Nirav Modi scam. Chowdary is likely to take stock of where the bank erred in allowing the fraud to pass undetected for years. The Punjab National Bank (PNB) branch where fraudulent transactions were detected. (Express Photo: Ganesh Shirsekar) The PNB website says the bank won the IPE vigilance award in 2014-15 as well for improved handling of complaints institution of whistleblowing system quick disposal of vigilance cases reduction in outstanding vigilance cases pruning down of vigilance cases of more than one year etc . Read | Inside the Punjab National Bank fraud: What an LoU is how case may impact the bank The citation said PNB had taken various preventive/anti-corruption measures apart from steps such as job rotation in LODI list/Agreed list to non-sensitive assignments measures of predictive/corrective vigilance introduction of vigilance audit system introduction of new Risk Based Staff Accountability Policy etc . It noted that the work of the vigilance department had saved the bank over Rs 45 crore and congratulated its then CVO Siva Kumar Gupta. Read | In December Nirav Modi s firm was moving to go public raise funds A senior PNB official said Vigilance awards are given based on overall performance. But in any large organisation there can be a few crooks. This LoU fraud was done by a couple of people in one branch in an organisation of 70 000 employees with 7 000 bank branches. This does not indicate deterioration in the vigilance standards. However I agree that there was a failure of the bank s internal control systems in not detecting the fraud early on. A questionnaire emailed to IPE director R K Mishra did not elicit a response. For all the latest India News download Indian Express App Tags: Nirav Modi Punjab National Bank Black cobraFeb 19 2018 at 5:34 pmSystems and procedures in PNB are very strict but not air tight. HR is worst. Shetty seems to be loan specialist just like encounter specialist in police deptt who are indispensable.(1)(0) Reply blackpower 666Feb 19 2018 at 1:37 pm In three years PNB won three awards for vigilance handed out by the CVC chaudhary. Chaudhary till then was tbe blue eyed boy of fakendranath for his ability to perform magic tricks more complicated than sawing a human into two pieces. CVC chaudhary sleight of hand is legendary as he could make invisible scams galore and reward those who were very successful in doing so. that is why for the highest amounts for two yrs and now accruing to 11500 cr disappearance the CVC awarded these officers. The CBI has registered a case against Rotomac a pen manufacturer on the basis of a complaint from Bank of Baroda (BoB) observe that the BoB vigilance officers do not even figure for a measly amt of 800cr(1)(0) Reply JJaideepFeb 19 2018 at 1:16 pmIf Sharad Pawar could be awarded the Padma Vibhushan by Modi Govt last year then why can t PNB be awarded for vigilance ? Feku has been very successful - Bhakton ko Chewt1ya bana na aur Chewt1yon ko Bhakt bana na .(4)(0) Reply JJaideepFeb 19 2018 at 1:12 pmIf Sharad Pawar could be awarded the Padma Vibhushan by Modi Govt last year then why can t PNB be awarded for vigilance ? Feku has been very successful - Bhakton ko Chewt1ya bana na aur Chewt1yon ko Bhakt bana na .(3)(1) Reply Jaganathan VijayakumarFeb 19 2018 at 12:43 pmAwards are given based on data submitted to the awarding committee instead of new method introdced by Modi Government on Republic awards through online recommendations by public. The same can be followed in awards appointment of VC or Judges.(0)(0) Reply Load More Comments
NEW DELHI: Scam-hit Punjab National Bank has seen nearly 23 per cent jump in the amount which wilful defaulters owe it with loan outstanding of Rs 25 lakh and above in just over eight months ended January. The wilful defaulters who have taken loans over Rs 25 lakh from the bank had a gross outstanding against them of Rs 14 593.16 crore as on January 31 2018 as per PNB data. The bank first started giving out such data from June 2017 when the gross loan outstanding against them was at Rs 11 879.74 crore. The amount has grown over 22.8 per cent in these eight months. The rise in such outstanding is startling especially when the bank has been aggressive for over a year now in recovering bad loans. The 123-year old bank has unearthed Rs 11 400 crore fraud allegedly involving billionaire jeweller Nirav Modi and associate companies. The fraud pertains to issuance of fake Letters of Understanding (LoUs) to companies associated with Modi by errant PNB employees that enabled these companies to raise buyers credit from international branches of other Indian lenders. The list of wilful defaulters with over Rs 25 lakh loan as on January 31 2018 include Rs 747.97 crore against Forever Precious Jewellery & Diamonds; Rs 597.44 crore against Kingfisher Airlines; Rs 410.18 crore against Zoom Developers and Rs 266.17 crore against MBS Jewellers Pvt Ltd among others. PNB CMD Sunil Mehta said last week that the bank would take all the legal action to bring the perpetrators to the books and that it will also honour all its bonafide commitments. PNB has been putting out the list of wilful defaulters since June 2013 which it continued till May 31 2017. Since then it is only listing out those wilful defaulters with outstanding of Rs 25 lakh and above with their names/proprietorship from June last 2017. Bank s net non-performing assets (NPAs) or bad loans fell to Rs 34 076 crore at the end of third quarter ended December of the current fiscal from Rs 34 994 crore at end-December 2016. Gross NPAs were up however at Rs 57 519 crore as on December 31 2017 as against Rs 55 628 crore by the same period of previous fiscal. In terms of ratio the net NPAs fell to 7.55 per cent of the net advances by end of third fiscal 2017-18 from 9.09 per cent in the year ago same quarter. Gross NPAs were 12.11 per cent as against 13.70 per cent. Post the third quarter earnings announcement on February 6 Mehta said he hoped to see good recoveries in bad loans in the last quarter ending March 2018. The bank has about 95 accounts in the NCLT (National Company Law Tribunal) with total exposure of Rs 18 000-19 000 crore. For smaller loans the bank has undertaken a one-time settlement scheme to clean up its books. The recoveries through this scheme have been around Rs 1 800 crore so far in 2017-18.
The biggest corporate fraud in Indian history at Punjab National Bank exposes the poor auditing standards at Indian firms as the irregularities were allowed to perpetuate for nearly seven years before getting detected accidentally. What is shocking is that branches are not only just audited by one team of auditors but there are concurrent auditors. If something is missed by two teams for years it raises questions about the quality of such auditing. Any business activity undertaken by the bank is audited not only by the internal audit team of the bank but also the concurrent auditors auditing a single branch it is shocking that such an incident went unnoticed by not only auditors but also the senior bank staff as well said a banker who did not wish to be named. Audits look at the companies approved to do business the bills that are funded letters of credit issued short-term funding tools etc. State-run Punjab National Bank was hit by a Rs 11 300 crore corporate scandal with its staff conniving with jewellers Nirav Modi and Mehul Choksi of Gitanjali Gems. The bank issues letters of undertaking since 2011 to various banks which funded the diamond merchants. These LoU were getting rolled over as soon as they expired but came to light only when the officer handling the account all these years retired recently. These kinds of activities should have been caught by the auditors quickly as there is concurrent audit too. But for PNB it claimed that its internal core banking system and the international messaging system operated by SWIFT were not integrated which it believe led to this fraud. Industry experts point out that there were mainly two issues as far as statutory auditors are concerned in the case. As per the standard practice prevalent among most PSU banks several auditors across cities are appointed. These auditors don t have visibility of all the transactions with a particular business and have access to data pertaining to one branch. Also for most of these auditors PSU banks are the biggest and in many cases sole consumers. This leads to a situation where auditors may not be really independent say industry experts. In this case there was a systematic failure of all the institutions involved including the bank and regulators and it would be unfair to merely point fingers at the auditors. That said auditors must be of size and scale commensurate with clients operations. Banks need to be more assertive in appointment of auditors of clients as well as their independent directors said Suresh Surana of RSM India. Some of the auditors of the bank according to its annual report are Chhajed & Doshi R Devendra Kumar & Associates Hem Sandeep & Co Suri & Co SPMG & Co. Its auditors in 2011-12 were V K Verma & Co Mookherjee Biswas & Pathak Amit Ray & Co Sarda & Pareek Borkar & Muzumdar G S Madhava Rao & Co None of them could be independently reached for their comments. PSU banks system of appointing auditors has remained archaic. While a private sector bank would have one or two auditors the number runs into hundreds for state-run lenders. Recently a PSU bank saved over Rs 35 crore by just reducing its concurrent auditors from 1 400 to just 30. Even the Big 4 firms charge anywhere between Rs 1.5 crore to Rs 5 crore to audit top Indian firms. When we were handling over 1 400 auditors the quality was bad; we were unable to use the audit reports. Now people actually have time to go through the reports because we now have consolidated reports. So we now have 14 reports instead of reading hundreds of reports the banker said. Audit experts say that while valuations are subjective some qualifications in the audit report must have been added more so because prices of diamonds and gold are easily available and auditors can actually go and check if the inventory is merely on paper or it s actually with the company. Apart from this there could be issues where the auditors did not raise red flags. In the gems and jewellery business unlike say in a steel business red flags should have been raised when inventory kept increasing. Also no valuation of the inventory was ever conducted which is not that difficult he said.
A look at the headlines right now:CBI seals Punjab National Bank s Brady House branch in Mumbai: Top Punjab National Bank officials reached the Central Vigilance Commission office in New Delhi on Monday morning to discuss the scam.CBI raids Rotomac Pens owner s Kanpur house amid allegations of Rs 800-crore loan default: Vikram Kothari who reportedly owes money to five public sector banks said he had met with the banks and the matter is pending with a tribunal. BJP leading in 37 municipalities Congress ahead in 26 in Gujarat civic elections: The Bharatiya Janata Party currently rules 59 of the 75 municipal corporations in the state. Meghalaya NCP candidate Jonathone N Sangma three others killed in a blast: Chief Minister Mukul Sangma said the perpetrators of the crime will be brought to book soon. FBI failed to act on a warning because it focused on the Russian probe Trump says on Florida shooting: The US president claimed he never said Moscow did not interfere in the 2016 elections. Virgin group signs deal with Maharashtra to build Mumbai-Pune hyperloop by 2025: The cost of building a hyperloop system would be much less than that of building a high-speed railway line Virgin Hyperloop One s Richard Branson said. Six men allegedly molest beat up Delhi University student in Mukherjee Nagar: One of the accused pulled off the complainant s cap and his friends then attacked her.Manufacturing sector reported loss of 87 000 jobs from April to June 2017 shows Labour Bureau data: There was a loss of 12 000 jobs in the corresponding period in 2016.Gunman kills 5 women in an attack on church in Russia Islamic State claims responsibility: The 22-year-old gunman who was carrying a hunting rifle bullets and a knife was killed.Nagpur journalist s mother daughter found murdered police arrest grocery shop owner: The police said the accused killed the woman and the infant by slitting their throats.
Written by Anil Sasi | New Delhi | Updated: February 20 2018 8:49 am PNB Scam: The Punjab National Bank (PNB) branch where fraudulent transactions were detected. (Express Photo: Ganesh Shirsekar) Seventeen months before the Punjab National Bank loan scandal became public there was an attempt to defraud another public sector bank the Union Bank of India by abusing the SWIFT (Society for Worldwide Interbank Financial Telecommunication) messaging system. The situation was salvaged post event without any apparent monetary loss . This incident took place in July 2016 and preventive measures were supposed to have been taken by banks thereafter. Moreover in January 2017 S S Mundra the then Deputy Governor of Reserve Bank of India specifically flagged risks from the abuse of the SWIFT platform at a seminar on financial crimes in the presence of banking sector representatives. Read | Enforcement Directorate asks RBI for PNB audits since 2011 searches Nirav Modi s home offices We have already witnessed an attempt to defraud a bank by abusing the SWIFT messaging system which thankfully could be salvaged post event without any apparent monetary loss he said at the seminar organised by RBI-promoted Centre for Advance Financial Research and Learning (CAFRAL) in Mumbai. Mundra could not be reached for comments Monday. So in the case involving jewellery designer Nirav Modi his companies are at the centre of alleged fraudulent transactions of Rs 11 400 crore in connivance with some bank staffers the Punjab National Bank s contention that it was not alive to the dangers of its Core Banking Solutions not being integrated with the SWIFT platform appears untenable. Read | Nirav Modi case: Stung by fraud govt looks at supervisory failures in banks RBI Incidentally coinciding with Mundra s red flag over the potential misuse of the SWIFT platform employees at Punjab National Bank s Brady House branch in Mumbai were issuing LoUs on behalf on entities owned by Nirav Modi. According to PNB s FIR lodged with the CBI its employees issued two LoUs on February 9 2017; three on February 10; and another three LoUs on February 14. PNB Scam: CBI sleuths at Punjab National Bank s south Mumbai branch on Monday. (Express photo/Ganesh Shirsekar) In the July 2016 case involving Union Bank of India s treasury department an amount of 170 million was debited from the bank using the SWIFT payment mode without authorisation by way of a cybercrime. Siphoning was done via hacking a bank official opened an email containing a malware which enabled transmission of the money through the SWIFT route. Read | PNB Fraud: Auditor Deloitte rang alarm bells on Nirav Modi two years ago The RBI Union Bank of India officials and banking sector players were involved in investigations and recovery of funds routed through New York branches of two American banks where Union Bank had its nostro accounts. Read | Inside the Punjab National Bank fraud: What an LoU is how case may impact the bank The fraud was discovered when one of the bank s treasury department staffers checked the statement of the day on July 20 2016 from the bank s dollar account the 170-million unauthorised SWIFT payment was noticed. Checking of the statement an official with another bank said is either done daily or at the end of the bank week. The Union Bank management was alerted and recovery action initiated with the RBI on board. A detailed mail sent to Union Bank of India on the case and preventive measures taken since the incident did not elicit a response. It is among the handful of banks named in the current controversy involving payments raised from Punjab National Bank by Nirav Modi. Read | Punjab National Bank fraud: How the system was gamed The Union Bank case pertained to a cyber security breach. Subsequent to this incident most banks and the RBI were alive to the perils of a leak in the SWIFT system. Despite this incident the PNB s contention that they did not link their core banking system to the SWIFT system is surprising a senior official with another public sector bank said. For all the latest India News download Indian Express App Tags: Nirav Modi Punjab National Bank Reserve Bank of India SSphinxFeb 20 2018 at 8:36 amThe bjp govt has a real tough task now - to save Nirav Modi and to save PNB. No need to guess who is priority.(0)(0) Reply Socrates SantosFeb 20 2018 at 8:03 amDe-nationalize PSU banks and let a professional management run them. The present dispensation is too lax and unaccountable being run by corrupt or unconcerned individuals at the bank corporate and branch levels who perhaps know that there will be no http://delhimonuments.org/members/kfckk/ consequences beyond suspension with pay guaranteed due to their quasi-governmental status. These irresponsible people are the real NPAs (Non-Performing Assets) of the country.(0)(0) Reply GGovindFeb 20 2018 at 6:21 amWhy was the alert nit shared with other banks top brass.(2)(0) Reply Mango ManFeb 20 2018 at 5:40 amDoes Raul And Congi Chors know about these news................so what did bank do? I say arrest the top management of the bank and interrogate them(1)(2) Reply
New Delhi: Shares of Punjab National Bank (PNB) tumbled over 7 percent on Monday extending the fall for a fourth straight session following the Rs 11 400-crore fraud at one its Mumbai branches. Punjab National Bank. AP. The stock opened lower and slumped further 7.16 percent to its 52-week low of Rs 116.65 on BSE. At NSE shares of the company dived 6.77 percent to hit a one-year low of Rs 117.05. In four trading sessions the stock has lost nearly 28 percent and suffered an erosion of Rs 10 781.12 crore from its market capitalisation. Meanwhile shares of PNB Housing slipped 1.36 percent to Rs 1 184.35 on BSE. On Wednesday last week PNB said it detected a fraud in which diamond jewellery designer Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from one its branches for overseas credit from other Indian lenders and is being probed by CBI and Enforcement Directorate among other agencies.