PNB Scam: These code words were used by Nirav, Choksi and bank employees
| Feb. 21, 2018, 4:59 p.m.
Vinod Jagdale, Feb 21: In an interesting turn of events sources in agencies have revealed that the entire Punjab National Bank Scam worked on few codes. While 'Friend' was Nirav Modi, 'Uncle' was Mehul Choksi, 'Property' was LoU etc. Arrested bank employees conversed with each other using several Code words at various occasions. Some of the accused during their interrogation decoded the codes.
*Friend* - Nirav Modi
*Uncle* - Mehul Choksi
*Property* - LoU
*Property Value* - Amount of LoU
*Property Location* - Overseas Importer location
*Token* - Margin Money
*Commission on property* - bribe commission
*Clear Title* - No records to be maintained.
*Agent* - cleark in the bank
Here is an interesting example of a conversation:
One of my friends need a property in Hongkong. His budget is 10 crore. He wants to give minimum or No token. See if you can suggest a property for him from your network. Property must have clear titles. Friend will give 1% commission on the property deal.
Now in real terms this means:
Client needs an LoU of 4 crore rupees for an overseas importer in Hong Kong. He won't give any margin money for the LoU. See if you can make this LoU without maintaining any official record. Commission for this job would be 1% of the LoU amount.