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The Rs 11,400-crore fraud committed by billionaire jeweller Nirav Modi seems to be running far deeper and wider in the Indian banking system.
17 Feb 2018
On Friday, PNB shares fell 2.1 per cent to end at Rs 125.65 apiece on the BSE. During intraday trades, the stock had tanked 6.03 per cent to its 52-week low of Rs 120.60.
The Institute of Chartered Accountants of India has written to the bank as well as the investigative agencies concerned -- Sebi, CBI and ED -- offering to share the information at its disposal.
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Banks are reviewing their exposure to the gems & jewellery sector in the wake of the Rs 11,000 crore scam involving two major players — Nirav Modi and Mehul Choksi.
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The joint venture is being planned with firms Nalco, Mineral Exploration Corporation (MECL) and Hindustan Copper (HCL) to facilitate the acquisition of strategic mineral assets overseas.
Despite clear guidelines from the government that consumers should not be charged the Goods and Services Tax over the Maximum Retail Price, there were complaints from buyers.
The Finance Ministry has advised PNB to consolidate its branches, merge smaller offices and sell foreign branches.
Congress blames PM Narendra Modi for overlooking scam; BJP says swindling started during UPA rule.
The ED has summoned Modi and his business partner Mehul Choksi under the Prevention of Money Laundering Act (PMLA) and asked them to depose before the investigating officer on February 23.
A staggering 30 banks will be part of the forensic audit, besides Punjab National Bank, to trace and track the chain of money movement that eventually ended up as a gigantic Rs 11,400 crore fraud.
The LoUs to Gitanjali group companies were issued by PNB from March 1, 2017 to May 2, 2017 and the total value of the defrauded amount stood at Rs 3032.12 crore (USD 473.77 million).
The ED summoned diamantaire Nirav Modi and his business partner and jewellery chain promoter Mehul Choksi in connection with its money laundering probe in the Rs 11,400-crore alleged PNB fraud.
16 Feb 2018
Regulators RBI and Sebi today stepped up probe into the massive Rs 11,400-crore fraud at PNB as law enforcement agencies intensified their hunt for billionaire diamantaire Nirav Modi and Mehul Choksi
The Income Tax Department today provisionally attached 29 properties and 105 bank accounts of Nirav Modi, the diamond merchant, his family and firms as part of its tax evasion probe, officials said.
Punjab National Bank (PNB), the country's second largest public sector bank, had detected the $1.8 billion fraud in one of its branches in Mumbai.
The jewellery industry is likely to face some "ripple effects" on credit flow after state-run Punjab National Bank reported fraudulent transactions to the tune of Rs 11,400 crore.
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The National Payments Corporation of India today has accorded its consent to roll out WhatsApp BHIM UPI beta launch with limited user base of one million and low per transaction limit.
The photograph was released by the Congress on Thursday, a day after the $1.8 billion fraud in Punjab National Bank broke out.
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