Punjab National Bank Scam

Dr. Rakesh Gupta – Advanced Eye Care for Children & Adults in Delhi NCR

When it comes to comprehensive and technology-driven eye treatment, Dr. Rakesh Gupta is widely recognized as one of the leading eye specialists in Delhi NCR. With extensive expertise in cataract surgery, Femto LASIK, ICL procedures, and pediatric ophthalmology, he is trusted by thousands of patients seeking safe and effective vision care.

From being known as the Best femto cataract surgeon in Delhi to a highly recommended Pediatric ophthalmologist in Noida and Delhi, Dr. Rakesh Gupta offers complete eye care solutions for all age groups.

Best Femto Cataract Surgeon in Delhi

Cataracts can significantly impact daily life by causing blurred or cloudy vision. Dr. Rakesh Gupta is regarded as the Best femto cataract surgeon in Delhi, offering advanced bladeless laser cataract surgery with precision and safety.

Advantages of Femto Cataract Surgery:

Laser-assisted accuracy

Reduced surgical risks

Faster recovery

Minimal discomfort

Premium intraocular lens (IOL) options

His customized treatment plans ensure excellent visual outcomes and long-term clarity.

Best Cataract Surgeon in Indirapuram & Noida

Dr. Gupta is also known as the Best cataract surgeon in Indirapuram and the Best cataract surgeon in Noida, providing advanced micro-incision cataract surgery.

Patients benefit from: ✔ Detailed pre-operative evaluation ✔ Personalized lens selection ✔ Modern surgical techniques ✔ Comprehensive post-surgery care

Best Femto LASIK Surgeon in Delhi

For patients seeking freedom from glasses or contact lenses, Dr. Rakesh Gupta is considered the Best femto LASIK surgeon in Delhi. Femto LASIK is a highly precise and safe laser vision correction procedure.

Benefits Include:

Quick and painless procedure

Rapid visual recovery

Long-term vision correction

High safety standards

Best ICL Surgery Doctor in Delhi

For individuals with high refractive errors or thin corneas, ICL (Implantable Collamer Lens) surgery offers an excellent alternative to LASIK. Dr. Gupta is widely trusted as the Best ICL surgery doctor in Delhi.

Why Choose ICL?

Suitable for high power

Reversible procedure

Excellent night vision

Long-lasting results

Best Eye Hospital in Indirapuram

Dr. Rakesh Gupta’s center is recognized as one of the Best eye hospitals in Indirapuram, offering advanced infrastructure and modern diagnostic facilities.

Facilities Include:

Advanced cataract & LASIK technology

Pediatric eye care unit

Retina & glaucoma evaluation

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Pediatric Ophthalmologist & Child Eye Specialist in Noida & Delhi

Children require specialized attention for proper visual development. Dr. Rakesh Gupta is a leading Pediatric ophthalmologist in Noida and Pediatric ophthalmologist in Delhi.

He is widely regarded as:

Best eye doctor for kids in Noida

Best eye doctor for kids in Delhi

Child eye specialist in Noida

Child eye specialist in Delhi

Common Pediatric Eye Conditions Treated:

Squint (Strabismus)

Lazy eye (Amblyopia)

Refractive errors

Congenital cataract

Eye allergies & infections

Early diagnosis ensures better learning, confidence, and long-term vision health.

Best Ophthalmologist & Best Eye Doctor in Noida

As the Best ophthalmologist in Noida and Best eye doctor in Noida, Dr. Gupta offers comprehensive eye care services for patients of all ages.

Services Offered:

✔ Cataract Surgery ✔ Femto LASIK ✔ ICL Surgery ✔ Pediatric Eye Care ✔ Glaucoma Management ✔ Retina Evaluation ✔ Routine Vision Testing

His ethical practice, advanced techniques, and patient-focused approach make him one of the most sought-after eye specialists in Delhi NCR.

Best Pediatric Eye Hospital in Delhi NCR

Dr. Rakesh Gupta’s facility is considered among the Best pediatric eye hospitals in Delhi NCR, offering child-friendly consultation spaces and specialized pediatric diagnostic tools.

Regular eye screening helps:

Detect vision issues early

Prevent permanent vision problems

Support academic performance

Frequently Asked Questions (FAQ) 1. Who is the best femto cataract surgeon in Delhi?

Dr. Rakesh Gupta is widely recognized for performing advanced femto laser cataract surgeries with high precision and excellent outcomes.

2. Which is the best eye hospital in Indirapuram?

Dr. Rakesh Gupta’s eye center in Indirapuram is known for modern infrastructure, advanced equipment, and comprehensive eye care services.

3. Who is the best pediatric ophthalmologist in Noida and Delhi?

Dr. Rakesh Gupta specializes in pediatric eye care and treats squint, lazy eye, refractive errors, and other childhood vision problems.

4. Is Femto LASIK safe?

Yes, Femto LASIK is a safe and effective vision correction procedure when performed by an experienced surgeon.

5. Who is the best ICL surgery doctor in Delhi?

Dr. Rakesh Gupta is highly experienced in performing ICL surgery for patients with high power or thin corneas.

6. When should a child visit an eye specialist?

If a child experiences headaches, squinting, difficulty reading, or frequent eye rubbing, a pediatric eye check-up is recommended.

7. How long does cataract surgery recovery take?

Most patients notice vision improvement within 24–48 hours and resume normal activities within a few days.

8. Does Dr. Rakesh Gupta treat both adults and children?

Yes, he provides comprehensive eye care services for both pediatric and adult patients.

If you are searching for the Best cataract surgeon in Noida, the Best eye doctor for kids in Delhi, or the Best ophthalmologist in Noida, Dr. Rakesh Gupta offers advanced, safe, and personalized eye care solutions to help you achieve clear and healthy vision.

The Punjab National Bank (PNB) Fraud (2018) was a fraudulent letter of undertaking scheme worth ₹12,000 crore (US$1.4 billion) issued by the Punjab National Bank at its House branch in Fort, Mumbai, making the Punjab National Bank liable for the amount.^[1] The fraud was allegedly organized by jeweler and designer Nirav Modi. Nirav, his wife Ami Modi, brother Nishal Modi, and uncle Mehul Choksi, all partners of the firms, M/s Diamond R US, M/s Solar Exports, and M/s Stellar Diamonds; along with PNB officials and employees, and directors of Nirav Modi and Mehul Choksi's firms, have all been named in a charge sheet by the Central Bureau of Investigation (CBI).^[2] Nirav Modi and his family absconded in early 2018, days before the news of the scam broke in India.

India's Enforcement Directorate had begun to attach assets of the accused and was seeking immediate confiscation under the Fugitive Economic Offenders Ordinance.^[3] Nirav was on the Interpol's wanted list for criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corruption and money laundering since February 2018.^[4][5] In March 2019, Nirav was arrested in central London by UK authorities.^[6]

The bank initially said that two of its employees at the branch were involved in the scam. The bank's core banking system had been bypassed when the corrupt employees issued LoUs to overseas branches of other Indian banks, including Allahabad Bank, Axis Bank, and Union Bank of India, using the international financial communication system, SWIFT. The transactions were noticed by a new employee of the bank.^[7] The bank then complained to the CBI, which investigated the scam apart from ED and Reserve Bank of India. The CBI named key officials Usha Ananthasubramanian, former CEO of PNB, executive directors KV Brahmaji Rao and Sanjiv Sharan in a charge-sheet holding them responsible for failing to implement several circular and caution notices issued by the RBI regarding the reconciliation of SWIFT messages and core banking systems.^[8]

PNB alleged associates of three firms–Diamond R US, M/s Solar Exports and M/s Stellar Diamonds–approached PNB on 16 January 2018, with a request for letters of undertaking (LoUs) to make payment to their overseas suppliers. The bank demanded at least a 100 percent cash margin for issuing LoUs, but the firms contended that they had received LoUs without any such guarantee in the past. Branch records did not show any such facility having been granted to the firms, PNB suspected fraud and began investigating into transaction history.^[9]

On 29 January 2018, PNB filed a complaint with the CBI, wherein it was alleged that Nirav, Ami Modi, Nishal Modi and Mehul Choksi, all partners of M/s Diamond R US, M/s Solar Exports and M/s Stellar Diamonds, in collusion with two bank officials committed the offence of cheating against PNB and caused a wrongful loss. The PNB official in his complaint informed the agency that at the Bank's branch office at Brady House in Fort, Mumbai, two of its employees, Gokulnath Shetty, retired Deputy Manager of PNB and another bank official, issued fraudulent LoUs to Hong Kong based creditors on behalf of three firms associated with Nirav Modi and the Gitanjali Group. “The public servants committed abuse of official position to cause pecuniary advantage to Diamonds R US, Solar Exports and Stellar Diamonds and wrongful loss of ₹280.70 crore to PNB during 2017," said the first information report (FIR) filed by CBI.^[9][10]

As of 18 May 2018, the scam has ballooned ₹14,356.84 crore (US$2.1 billion) and Nirav Modi was said to be hiding in London allegedly travelling on a fake passport.^[11][12]

On 13 June 2018, the CBI approached the Interpol to issue a red corner notice (RCN) against Nirav Modi's brother Nishal and one of his executives in connection with its probe into the Punjab National Bank (PNB) fraud. The CBI sent a request to the Interpol to issue a RCN against Nirav Modi and his uncle Mehul Choksi of the Gitanjali Group.^[13]

On 20 August 2018, former MD and CEO of Allahabad Bank, Usha Ananthasubramanian was granted bail on a surety bond of Rs 1 lakhs by Special CBI court in Mumbai. A week earlier, the government had dismissed Usha on the last day of her work. Ananthasubramanian was MD of Punjab National Bank between August 2015 and May 2017 and had also served as its executive director. She was dismissed with immediate effect.^[14]

The CBI registered a disproportionate assets case against a retired deputy manager of Punjab National Bank, Gokulnath Shetty, a key accused, for allegedly amassing wealth 200 per cent more than his known sources of income.^[15]

Nirav Modi, who disappeared in February 2018, was in the British capital since June 2018. He was arrested in central London on 19 March 2019 after an Indian-origin clerk at a bank in central London recognized him and alerted the police. UK police arrested Modi, on behalf of the Indian authorities, who asked for his extradition. Modi appeared in court on 20 March 2019. In the same month, the UK court refused twice to grant him bail on the ground that he was a flight risk and could flee the country if given a chance.^[16] For the third time again, Modi was denied bail and to remain in prison till 24 May 2019. The court had also noted that Modi could tamper with evidence if left free. It has revealed in earlier hearings that Modi had threatened to kill a prime witness and bribe another to escape justice.^[17] In June 2019, Four Swiss bank accounts belonging to Nirav Modi and his sister, Purvi Mehta, were frozen by authorities in Switzerland as part of the Scam, The total amount of ₹283.16 crore was frozen at the request of the Enforcement Directorate.^[18] After Swiss bank, a few days later, on 2 July 2019, the Singapore High Court ordered to freeze four bank accounts in the name of Modi, Purvi, and her husband, Mayank Mehta. These accounts have Rs 44 crore between them. Interpol issued a Red Corner Notice against both Purvi and Mayank.^[19]

In August 2019, The Central Bureau of Investigation (CBI) has moved an application in the special CBI court, seeking to declare fugitive businessman Nirav Modi, his brother Neeshal Modi and a close associate Subhash Parab proclaimed offenders and to attach their properties. All three declared 'wanted' by the CBI in its charge sheet in the ₹13,700 crore PNB scam. Though warrants were issued for their arrest, the CBI was unable to execute the warrant as the accused had fled India prior to the charges being filed in February of 2018.^[20]

Nirav Modi's legal team had made four bail applications, which were rejected each time due to Modi deemed a flight risk. Modi, who is imprisoned at Wandsworth prison in south-west London since March 2019 which extended till 19 September and later further remanded to judicial custody until 17 October by a UK court which said it was working towards his five-day extradition trial hearing for 11–15 May 2020 and he must appear via video link before a court every 28 days.^[21]

In September 2019, Antigua and Barbuda Prime Minister Gaston Browne said Fugitive diamantaire Mehul Choksi of the Gitanjali Group was a "crook" and should be repatriated to India after he exhausts all legal options. Mehul Choksi, who is currently in the Caribbean nation of Antigua, told the high court that he left India for medical treatment and not to avoid prosecution in the case. He said he would return to India as soon as he was medically fit to travel.^[22]

In December 2019, Nirav Modi, his step-brother Nehal Modi and two of their business associates tried to threaten witnesses and destroy evidence, said the Central Bureau of Investigation (CBI) in the additional charge sheet submitted before the CBI court in Mumbai. According to CBI's charge-sheet, the evidence came after nine of Nirav's employees submitted details to CBI of how Nirav and Nehal, along with associates, took them to Egypt against their will and coerced them into signing documents that would establish the nine as owners of dummy companies Nirav had floated.^[23]

In March 2020, Enforcement Directorate (ED) auctioned 72 luxury items seized from Nirav Modi for Rs 2.29 crore.^[24]

In May 2020, Based on the request from Indian agencies, Interpol had put Nehal Modi back again on the Red Corner Notice for assisting his step-brother Nirav Modi in defrauding the PNB months. Last year his name was removed from the Interpol website when Nehal Modi and Neeshal Modi had challenged the RCN.^[25] CBI reported, Nehal purportedly managed two companies for Nirav Modi, which received $50 million from dummy entities. After the scam got exposed, he took away diamonds worth $6 million, 3.5 million in UAE dirham, and 50 kg of gold. In Dubai, he destroyed digital evidence in the form of mobile phones and a server, and also threatened the key witnesses.^[26]

On 8 June 2020, The Prevention of Money Laundering Act (PMLA) Court has ordered a confiscation of nearly Rs 1,400 crores worth property of Nirav Modi.^[27]

In May 2020, the UK court adjourned the Nirav Modi trial until September 2020, on the Five-day extradition trial hearing. Modi has applied for political asylum after his bail was denied five times in the UK.^[28]

In July 2020, Enforcement Directorate (ED) filed a charge sheet against Mehul Choksi alleging how he ran an organized racket to cheat customers and lenders in India, Dubai and the United States.^[29]

On 1 March 2018, the government approved the Fugitive Economic Offenders Bill to deter economic offenders from evading the process of Indian law by giving powers to the government to confiscate assets of a fugitive, including Benami assets of absconding loan defaulters.^[30] The bill covered a wide range of economic offences including loan defaulters, frauds, and violation of laws governing taxes, black money, Benami properties, and corruption. On 12 March 2018, the government introduced the bill in the Lok Sabha.^[31]

In March 2018, the Reserve Bank of India scrapped banking instruments such as the Letter of understanding (Lou) and Letter of Comfort (LoC) that in an attempt to plug a loophole and improve banks’ due diligence in trade credit. Some bankers noted that Lou's and LoCs led receiving banks depend entirely on the issuing bank's assessment ofcreditworthiness.^[32]

The fraud was featured in the second episode "Diamonds Aren't Forever" of the Netflix based documentary series Bad Boy Billionaires: India. ^[33] The series got involved in legal issues, as Mehul Choksi approached the Delhi High Court and filed a plea demanding a pre-screening before the release.^[34] However the plea was dismissed by a single judge panel of the Delhi High Court on 29 August 2020.^[35] The series was released on 5 October 2020.