PNB fraud: CBI questions former RBI Deputy Governor
New Delhi, April 6: The CBI on Friday questioned a former Deputy Governor of Reserve Bank of India (RBI) in connection with Rs 13,500 crore Punjab National Bank (PNB) fraud involving diamantaire Nirav Modi and his uncle Mehul Choksi, an official said.
Informed sources said the official was also questioned in connection with alleged benefits to diamond merchant Choksi's group of companies following 80:20 gold import scheme brought by then Union Finance Minister P. Chidambaram.
The move comes a day after the Central Bureau of Investigation (CBI) questioned three Chief General Managers and one General Manager of the central bank.
Modi, a regular on the lists of rich and famous Indians since 2013, along with his group companies -- Diamond R US, Stellar Diamond and Solar Exports, uncle and business partner Choksi -- the promoter of Gitanjali Group, and others have been named in the scam which was admitted by the PNB in February, leading to a massive upheaval in the country's banking system.
Modi left the country along with his family in the first week of January this year, weeks before the scam was reported to the Central Bureau of Investigation (CBI).
His wife Ami, a US citizen, left on January 6 and uncle Choksi on January 4.
The CBI in February had approached the Interpol with a request for issuing a Diffusion Notice against Modi to locate him.
The PNB has claimed in different complaints to the CBI that several Letters of Undertaking (LoUs) - issued by one bank to other banks, based on which foreign branches offer credit to buyers - were fraudulently issued by its officials in connivance with Modi and the other accused in the case causing huge losses to the bank.
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China unveils world's fastest high-speed train prototype, to travel at 450 kmph
Beijing, Dec 29: China on Sunday unveiled an updated model of its high-speed bullet train which its manufacturer claims reached speeds of 450 kmph during the test runs, making it the world’s fastest high-speed train.
According to the China State Railway Group Co (China Railway), the new model, known as the CR450 prototype, will further shorten travel time and improve connectivity, making travel more convenient and efficient for the country's vast passengers.
The CR450 prototype reached a test speed of 450 kmph, with key performance indicators — operational speed, energy consumption, interior noise, and braking distance — setting a new international benchmark, official media here reported.
It is significantly faster than the CR400 Fuxing high-speed rail (HSR) currently in service, which operates at speeds of 350 kmph, a report by state-run Xinhua said.
China Railway will arrange a series of line tests for the prototypes and optimise technical indicators to ensure the CR450 enters commercial service as soon as possible, it said.
According to the latest official figures, China's operational HSR tracks have reached about 47,000 kms, connecting major cities in the country.
Though not profitable, China says the HSR network expansion has played a crucial role in the nation's economic and social development, reducing travel times and boosting industrial development along railway routes.
According to internal surveys, the Beijing-Shanghai train service was the most profitable, while the networks in other cities have yet to turn lucrative.
In recent years, China’s HSR exported its network in Thailand and Indonesia, and built the Belgrade-Novi Sad HSR in Serbia.
China’s Big Move!
— Shen Shiwei 沈诗伟 (@shen_shiwei) December 29, 2024
The world’s fastest and China’s new-generation high-speed train CR450 for commercial operation officially debut in Beijing.
The luxury and intelligent high-speed train will operate at a speed of 400km/h, faster than the current Fuxing which runs at 350km/h. pic.twitter.com/4i4BvUFF8E
