'UPA gold scheme benefited firms linked to Modi, Choksi'

New Delhi: The CBI, investigating the multi-crore PNB scam, suspect that “20:80” gold import scheme introduced during the United Progressive Alliance regime allegedly “benefited” the firms “directly” linked to jewellers Nirav Modi and Mehul Choksi. Modi and Choksi are the primary accused in the PNB case.

“Preliminary investigation by the CBI has revealed that benefits were passed on to certain private companies, linked to the duo, under 80:20 scheme. The CBI is preparing a list of such firms,” sources said.

The CBI recently questioned former deputy governor of the Reserve Bank of India in connection with bank scams involving Modi and Choksi and relaxation of gold import rules in 2014. The “20:80” gold import scheme, which was cleared by the then finance minister P. Chidambaram on May 13, 2014, barely three days before the counting of votes of the general election, sources said.

Earlier, the agency also questioned three chief general managers and one general manager of the RBI in connection with the case.

Earlier, Central Vigilance Commissioner K.V. Chowdary had blamed the RBI’s lack of audit for the scam. “To determine risk, they must have some parameters, based on which they would have done the auditing. But there was no apparent audit by the RBI during this period (of fraud),” he had said.

“It is suspected that the ‘20:80 scheme’ resulted in a windfall of Rs 4,500 crore to 13 trading houses in six months,” sources said.

Previously only state-owned companies MMTC and STC were allowed to import gold.

The NDA government had said it had taken the “bold” step to scrap the scheme soon after coming to power, but it didn’t name jewellers who might have benefited.