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.
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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".
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.
Sun, Feb 18, 2018
Diamond trade has been often found to be a preferred route for money laundering like activities as the valuation process for such commodities is often very complex and prone to manipulations.
Sat, Feb 17, 2018
Although the case has once again drawn the attention to large frauds in banking system, the RBI has been cautioning about it for some time
Fri, Feb 16, 2018
A steep 40 per cent drop in the Punjab National Bank's stock in the last three days weighed heavy on its largest shareholder, Life Insurance Corporation of India (LIC). LIC suffered a notional loss of as much as Rs 1,374 crore in the last three sessions since February 14.
Shares of Punjab National Bank extended losses for the third straight day after the detection of Rs 11,400-crore fraud, slipping over 3 per cent in intraday trade.
Nirav Modi, who was alleged to have carried out fraudulent transactions worth over Rs 11,400 crore in Punjab National Bank, had left the country in the first week of January.
Banks (especially PSU banks) have been grappling with structural asset quality issues, but over last few days risks have got exacerbated following fraud reported by Punjab National Bank (PNB) pertaining to Letter of Undertaking (LoUs) issued in favour of three diamond companies run by Mr.
Thu, Feb 15, 2018
By Anisha Nayar Dhawan Is this going to be the biggest fraud case in India's banking history? For now, it seems so. The fraud, involving state-owned Punjab National Bank (PNB), is estimated to include transactions to the tune of Rs 11,300 crore.
The Rs 11,400 crore financial fraud in Punjab National Bank (PNB) has snowballed, and has taken under its shadow a couple of banks and jewellery firms, and has also given us a poster boy of the scam named Nirav Modi.
Jewellery stocks such as PC Jeweller and Gitanjali Gems sank up to 24 per cent after the PNB fraud issue accentuated and cast its shadow on a couple of banks and jewellery firms too.
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