PNB scam bank
The Brady House branch of Mumbai National Bank (PNB) has been converted into a cafe for a millions of dollar scams related to diamond businessman Nirav Modi and his maternal uncle Mehul Choksi. Now customers in the campus enjoy comfortable chairs and luxurious couch and enjoy warm biological coffee with light music playing in the background. This is the opposite of the chaos that spread at a time when both of them defrauded the bank of more than Rs 13,000 crore.
Now you will be able to enjoy coffee in Brady House
Brady House building located in the Fort area of South Mumbai was once the center of one of the biggest financial scams in the country. Nirav Modi and his maternal uncle Mehul Choksi allegedly grabbed the amount of people worth more than Rs 13,000 crore from PNB using LOU and foreign loan letters (LLCs) by bribing the officials of the bank’s Brady House branch between March 2011 and November 2017.
Fugitive Choksi caught in Belgium
Brady House is again in the limelight after Choksi’s arrest in Belgium two weeks ago, but the operation of this branch was transferred to PNB House at Sir PM Road a few years ago and the premises were rented and the coffee cafe is running here.
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CBI is investigating
The scam came to light in January 2018 when PNB submitted a fraud report to the Reserve Bank of India and lodged a complaint with the Central Bureau of Investigation (CBI). Choksi and Modi had already fled the country and the CBI and Enforcement Directorate (ED) have investigated the scam.
In March 2019, Modi was arrested in London on extradition warrant based on CBI and ED allegations against him and has since been in jail. Belgian’s federal police service arrested Choksi on 12 April on the basis of extradition request of Indian agencies. Although various developments related to the PNB scam are going on, they have not had any effect on the Brady House, which has been converted into a posh cafe.