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PNB fraud

PNB fraud-accused Mehul Choksi's Gitanjali Gems, 8 other firms can't trade in shares from September 9. Here's why

PNB fraud-accused Mehul Choksi's Gitanjali Gems, 8 other firms can't trade in shares from September 9. Here's why

Sun, Aug 19, 2018

Leading exchanges BSE and NSE will suspend trading in shares of as many as nine firms, including banking fraud accused Mehul Choksi's Gitanjali Gems, from September 10.

PNB fraud: Hong Kong regulator enhances supervision of lender's HK branch

PNB fraud: Hong Kong regulator enhances supervision of lender's HK branch

Wed, Jun 13, 2018

State-owned Punjab National Bank (PNB) today said the Hong Kong Monetary Authority (HKMA) has enhanced supervision of its Hong Kong branch and has asked it "not to proactively solicit customer deposits".

Will PNB see any ray of hope; analysts trim down ratings

Will PNB see any ray of hope; analysts trim down ratings

Sun, May 20, 2018

Two jewellers, Nirav Modi and Mehul Choksi linked fraud of over Rs 14,000 crore has reflected in the earnings of Punjab National Bank in a very disappointing manner.

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This is why Rs 13,500cr PNB fraud case went undetected

This is why Rs 13,500cr PNB fraud case went undetected

Tue, May 01, 2018

PNB fraud case: The report, submitted to the Ministry of Corporate Affairs (MCA), focuses on how to deal with frauds and irregularities of a serious nature that have big financial implications. The ICAI, which works under the administrative control of the MCA, had constituted a high powered group in February to look into the PNB scam. Further action on the report will be taken by the government soon. “We are studying the report and will take action wherever it is necessary,” a highly placed source in the government told DNA Money.

PNB fraud: World Bank plays down scam, says not a systemic problem

PNB fraud: World Bank plays down scam, says not a systemic problem

Fri, Mar 16, 2018

The PNB scam has been accompanied by many other frauds, including the over Rs 3,600-crore Rotomac scam and others coming to light and cases being made by the national investigation agency Central Bureau of Investigation.

PNB fraud: Overreaction to scam may hugely hurt credit flow, says Assocham

PNB fraud: Overreaction to scam may hugely hurt credit flow, says Assocham

Sun, Mar 11, 2018

PNB fraud: Supporting the calls from industry for privatising public sector banks (PSBs) in the wake of the PNB scam by accused diamantaire Nirav Modi and his uncle Mehul Choksi, Assocham said that some immediate steps should be taken for capacity building in PSBs.

PNB fraud case crackdown: Big setback for large borrowers; here is what FinMin has done

PNB fraud case crackdown: Big setback for large borrowers; here is what FinMin has done

Tue, Mar 06, 2018

The Finance Ministry has directed state-owned banks to obtain passport details of all borrowers, who have taken loans in excess of Rs 50 crore, within 45 days with a view to preventing alleged fraudsters like Nirav Modi and Vijay Mallya from fleeing the country, sources said. In case the borrower

PNB fraud case crackdown: Gitanjali Group's vice president detained by CBI

PNB fraud case crackdown: Gitanjali Group's vice president detained by CBI

Tue, Mar 06, 2018

PNB fraud: The Rs 12,636-crore fraud was allegedly perpetrated by billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems. It is alleged that Choksi and Modi got Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs) of Rs 12,636 crore issued in favour of foreign branches of Indian banks based on fraudulent claims.

PNB fraud case fallout: Gitanjali Gems share price falls by this whopping amount to new low

PNB fraud case fallout: Gitanjali Gems share price falls by this whopping amount to new low

Tue, Mar 06, 2018

PNB fraud: CBI, which secured a 12-day remand of four accused arrested yesterday, explained the modus operandi involved in the alleged Rs 12,636-crore PNB fraud before the special CBI court.

Budget session of Parliament: Opposition set to corner govt on bank scams

Budget session of Parliament: Opposition set to corner govt on bank scams

Sun, Mar 04, 2018

The government, on its part, is seeking to counter the opposition's offensive by bringing the Fugitive Economic Offenders Bill. The legislation, once passed, will grant powers to the government to attach assets of persons declared fugitive. This will include benami assets too.

PNB fraud: Financial professionals accuse govt of diluting RBI power to select auditors for bank

PNB fraud: Financial professionals accuse govt of diluting RBI power to select auditors for bank

Sat, Mar 03, 2018

In the wake of an alleged multi-crore fraud on state-run Punjab National Bank (PNB), the auditors and financial professionals on Saturday accused the central government of "diluting the bank audit system as well as power of Reserve Bank of India (RBI) for selection of auditors for auditing of ban

PNB fraud: Court issues non-bailable warrants against Nirav Modi, Mehul Choksi

PNB fraud: Court issues non-bailable warrants against Nirav Modi, Mehul Choksi

Sat, Mar 03, 2018

PNB fraud: The ED had earlier issued summonses to Modi and Choksi, both key accused in the scam cases, asking them to appear before the central agency. However, the two diamond traders, who are said to have left the country before criminal cases were registered, had failed to appear before the ED, prompting the agency to move the PMLA court for issuance of NBWs against them.

CBI targets PNB Mumbai branch auditors in $2 billion fraud probe

CBI targets PNB Mumbai branch auditors in $2 billion fraud probe

Fri, Mar 02, 2018

The Central Bureau of Investigation (CBI) on Thursday told a court an internal auditor at a Mumbai branch of Punjab National Bank conspired with other officials to carry out a $2 billion fraud at the country`s second-biggest state lender.

PNB fraud: SBI chief Rajnish Kumar says PSBs must improve risk infrastructure

PNB fraud: SBI chief Rajnish Kumar says PSBs must improve risk infrastructure

Thu, Mar 01, 2018

PNB fraud: SBI Chairman Rajnish Kumar today said public sectors banks needs to improve their corporate and risk governance infrastructure to mitigate the challenges related to operational risk. "Public Sector Banks (PSBs) need to improve their governance infrastructure. "If there are any deficien

After PNB fraud sparks outrage, ICAI sends this tough message to CAs

After PNB fraud sparks outrage, ICAI sends this tough message to CAs

Thu, Mar 01, 2018

Amid auditors' role coming under the lens in the Rs 12,700 crore fraud at Punjab National Bank, ICAI President Naveen N D Gupta has flagged concerns about perception gap for chartered accountants even as he emphasised the need to "rekindle the credibility as core to our existence and growth". Gup

PNB fraud: RBI conducts risk-based supervision on annual basis, says bank; other details

PNB fraud: RBI conducts risk-based supervision on annual basis, says bank; other details

Thu, Mar 01, 2018

PNB fraud: The Enforcement Directorate (ED) said that it has attached 41 properties, valued at over Rs 1,200 crore, in connection with its money laundering probe in the PNB scam against Gitanjali Gems and its promoter Mehul Choksi.

PNB scam: PSBs asked to check all NPAs above Rs 50 crore for possible fraud

PNB scam: PSBs asked to check all NPAs above Rs 50 crore for possible fraud

Tue, Feb 27, 2018

Late on Monday night, PNB informed stock exchanges that the amount of fraudulent transactions involving the Nirav Modi scam could go up by over Rs 1,300 crore. "In continuation to our filing with stock exchanges on February 14, 2018, we have to inform that quantum of reported unauthorised transactions can increase by $204.25 million," PNB said in a Bombay Stock Exchange (BSE) filing.

PNB fraud: To catch a thief, Centre has these 12 tough steps; in brief, read all about it

PNB fraud: To catch a thief, Centre has these 12 tough steps; in brief, read all about it

Tue, Feb 27, 2018

RBI data suggests that between 2013 and 2017, a total of 17,504 cases of frauds were reported by public and private banks. Of these, about 2,084 had insider involvement.

PNB fraud: 15 days deadline to fix operational gaps, says finmin to senior bank officials

PNB fraud: 15 days deadline to fix operational gaps, says finmin to senior bank officials

Tue, Feb 27, 2018

The scam-hit Punjab National Bank (PNB) informed bourses that the amount of fraudulent transactions involving the bank could go up by over Rs 1,300 crore.

PNB stock hits fresh 52-week low, tanks 9%; bank makes a key disclosure late at night

PNB stock hits fresh 52-week low, tanks 9%; bank makes a key disclosure late at night

Tue, Feb 27, 2018

The shares of Punjab National Bank (PNB) tanked nearly 9 per cent on Tuesday after the public lender informed bourses that the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore.

PNB fraud: ED seeks LRs to probe Nirav Modi's overseas biz, assets

PNB fraud: ED seeks LRs to probe Nirav Modi's overseas biz, assets

Mon, Feb 26, 2018

The Enforcement Directorate investigating the over Rs 11,000-crore PNB fraud case today approached a Mumbai court seeking issuance of Letters Rogatory (LRs) for obtaining information about the overseas businesses and assets of diamantaire Nirav Modi. "It is an application for issuance of LR under

What is PNB fraud? How Punjab National Bank scam happened; blow by blow account

What is PNB fraud? How Punjab National Bank scam happened; blow by blow account

Mon, Feb 26, 2018

PNB fraud: Punjab National Bank, India`s second-biggest state-run lender, stunned the country`s financial sector this month when it announced it had discovered an alleged fraud worth Rs 11, 400 crore ($1.8 billion) at a single branch in Mumbai. The fraud, by far the biggest ever detected by an In

PNB fraud: ED expands probe; Assocham asks banks not to over-react

PNB fraud: ED expands probe; Assocham asks banks not to over-react

Sun, Feb 25, 2018

Noting the reports about banks clamping down certain impractical rules and procedures for trade finance, affecting both importers and exporters in the wake of the alleged Rs 11,400 crore fraud on Punjab National Bank, Assocham said the letters of credit (LOC) or letters of undertaking (LOU) allegedly misused by the diamond traders are legitimate instruments in global trade.

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