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PNB scam

PNB scam case: UK court issues arrest warrant against Nirav Modi

PNB scam case: UK court issues arrest warrant against Nirav Modi

Mon, Mar 18, 2019

The ED and the CBI are investigating Modi, his uncle Mehul Choksi and others for alleged money laundering and corruption to perpetrate the alleged scam in the Brady House branch of the PNB in Mumbai that was unearthed last year.

Economic offenders of PNB scam will be brought back to India: Rajnath Singh

Economic offenders of PNB scam will be brought back to India: Rajnath Singh

Mon, Jan 21, 2019

Economic offenders of the PNB scam will be brought back to India anyhow, said union minister Rajnath Singh.

From Urjit Patel to Rana Kapoor, these shock exits of 2018 surprised everyone

From Urjit Patel to Rana Kapoor, these shock exits of 2018 surprised everyone

Sun, Dec 23, 2018

Shocking exits of this year

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How SBI, ICICI Bank will get Mehul Choksi led Gitanjali Gems to pay its Rs 6000 cr debt

How SBI, ICICI Bank will get Mehul Choksi led Gitanjali Gems to pay its Rs 6000 cr debt

Wed, Sep 12, 2018

Bankers are taking disgraced Gitanjali Gems, promoted by fugitive diamantaire Mehul Choksi, to insolvency resolution under the National Company Law Tribunal (NCLT) after exploring the possibilities of recovering their dues via the Debt Recovery Tribunal, multiple people in know of the development told DNA Money.

PNB scam: Govt dismisses former MD Usha Ananthasubramanian from service

PNB scam: Govt dismisses former MD Usha Ananthasubramanian from service

Mon, Aug 13, 2018

Ananthasubramanian was, three months back, divested of all her powers as MD of Allahabad Bank, after being named in a CBI charge-sheet in the Rs 14,000 crore PNB fraud case but had continued to be an employee of the bank.

PNB scam: CBI seeks whereabouts of Mehul Choksi from authorities in Antigua

PNB scam: CBI seeks whereabouts of Mehul Choksi from authorities in Antigua

Thu, Jul 26, 2018

Choksi's actions show that he had planned in advance his escape and subsequent life knowing that the scam would blow up after the retirement of PNB employee Gokulnath Shetty who was helping him with renewals of Letter of Undertakings, the source told PTI, adding that he escaped the country in the first week and took the oath of allegiance in Antigua on January 15.

PNB scam: Mehul Choksi moves to Antigua, gets local passport

PNB scam: Mehul Choksi moves to Antigua, gets local passport

Tue, Jul 24, 2018

Mehul Choksi, who is accused of defrauding Punjab National Bank of $2 billion along with his nephew, diamond tycoon Nirav Modi, fled India before the accusations came to light, stated in his court application that he could not disclose his location in public because of the threat to his life.

PNB scam: Now Mehul Choksi fears 'mob lynching' in India

PNB scam: Now Mehul Choksi fears 'mob lynching' in India

Tue, Jul 24, 2018

One of the main defendants in India’s largest bank fraud case made a court application on Monday for cancellation of an arrest warrant against him, citing fears for his life because of a growing number of mob lynchings in the country.

PNB fraud case: CBI charges former head and 10 other officials: Sources

PNB fraud case: CBI charges former head and 10 other officials: Sources

Mon, May 14, 2018

PNB, India`s second-largest state-run bank, disclosed in February that two jewellery groups had defrauded it by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff over several years. PNB has been conducting a separate internal probe into the fraud and has already suspended over 20 officials.

PNB fraud case: CBI sleuths interrogate Chartered Accountant of Nirav Modi's sister

PNB fraud case: CBI sleuths interrogate Chartered Accountant of Nirav Modi's sister

Mon, May 07, 2018

According to the report, the well- known chartered accountant, whose office is in South Mumbai’s Tardeo locality, was questioned for three days. The CA specialises in areas like foreign exchange, financial derivatives, and hedging. The CBI reportedly summoned Nirav Modi's financial adviser at a point when it is believed that the diamond trader Modi was either in Hong Kong or had left the place after a brief stay.

PNB fraud case: CEO Sunil Mehta talks tough, says heads could roll

PNB fraud case: CEO Sunil Mehta talks tough, says heads could roll

Thu, Apr 12, 2018

PNB fraud case: Indian authorities have arrested 20 people, and a court has issued non-bailable warrants against jewellers Nirav Modi and his uncle Mehul Choksi. The duo have denied the allegations against them, and authorities say they both left the country before the fraud was uncovered.

Raghuram Rajan says don't need to be clever in Indian system to make away with billion dollars

Raghuram Rajan says don't need to be clever in Indian system to make away with billion dollars

Thu, Apr 12, 2018

On demonetisation, Rajan rejected the claim that the Reserve Bank of India had not been consulted by the government before it went on to declare 1,000 and 500-rupee currency notes as illegal tender in November 2016. He, however, reiterated that the move to cancel 87.5 per cent of the currency value was "not a good idea".

Banking crisis in India: S&P has this to say about turnaround

Banking crisis in India: S&P has this to say about turnaround

Wed, Mar 21, 2018

Banking crisis in India: In a report titled 'Will the global economic recovery lift banks in major emerging markets', S&P said government has taken steps by splitting the post of Chairman and Managing Director but more concrete steps would be needed to reform the banks and strengthen their internal control systems.

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.

Lok Sabha passes bill on seeking damages for breach of contract

Lok Sabha passes bill on seeking damages for breach of contract

Thu, Mar 15, 2018

Lok Sabha passed The Specific Relief (Amendment) Bill, 2018 by a voice vote even as several parties were protesting in the Well over different issues, including the PNB scam.

How Nirav Modi, Mehul Choksi case has impacted jewellers

How Nirav Modi, Mehul Choksi case has impacted jewellers

Mon, Mar 12, 2018

The woes of jewellers are getting worse with many of the banks now refusing to fund any of the industry players in a kneejerk reaction to the Nirav-Choksi scam, Nitin Khandelwal, chairman of All India Gems & Jewellery Trade Federation has alleged.

Is your money safe with scam-hit Indian banks?

Is your money safe with scam-hit Indian banks?

Tue, Mar 06, 2018

If the bank goes into liquidation, the deposit insurance and credit guarantee corporation (DICGC), which is an RBI subsidiary pays up to Rs 1 lakh to the depositor either directly or through a liquidator.

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

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 not shown as creditor in US bankruptcy filing by Nirav Modi companies

PNB not shown as creditor in US bankruptcy filing by Nirav Modi companies

Fri, Mar 02, 2018

The three companies, -- Firestar Diamond, Inc. (FDI); Fantasy, Inc. (FI), and A Jaffe Inc. (AJI) -- filed for bankruptcy protection in the United States Bankruptcy Court for Southern New York on Monday.

PNB shares dip below Rs 100; trade with Rs 90 stoploss, says expert

PNB shares dip below Rs 100; trade with Rs 90 stoploss, says expert

Wed, Feb 28, 2018

Shares of Punjab National Bank (PNB) dipped further below its key psychological level of Rs 100 as selling pressure on the stock strengthened. The stock dipped as much as 6.45 per cent to Rs 92, its fresh 52-week low, in intraday trade today.

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: 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.

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