LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

PNB fraud: Mauritius promises action against entities linked to fraudulent practices

PNB fraud: The Financial Services Commission (FSC) of Mauritius said in a statement that it has taken cognizance of the media reports about the purported fraud allegations with regards to Punjab National Bank, Nirav Modi and Mehul Choksi

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
PNB fraud: Mauritius promises action against entities linked to fraudulent practices
PNB fraud: The overseas branches of some Indian banks are said to have credited thousands of crores into the accounts linked to Nirav Modi. Image source: PTI
Written By: PTI
Updated: Sun, Mar 04, 2018
03:33 pm
PTI

As the alleged Rs 12,600-crore fraud at PNB appears spread across various countries, Mauritius has promised "necessary regulatory action" against all entities found to be linked with any fraudulent practices. The Financial Services Commission (FSC) of Mauritius said in a statement that it has taken cognizance of the media reports about the purported fraud allegations with regards to Punjab National Bank, Nirav Modi and Mehul Choksi.

"The FSC is assessing the reported information and is closely monitoring the matter in collaboration with the Bank of Mauritius, the Mauritius Revenue Authority and the Financial Intelligence Unit. The FSC is also in constant communication with its international counterparts under existing exchange of information agreements," it said. The FSC, regulator of non-banking financial services and global business sectors in Mauritius, said it will take "necessary regulatory action" against any of its licensee, as also individuals or companies under its jurisdiction, "found to be linked with any illegal, harmful and/or fraudulent practices that may cause any prejudice to the good repute of Mauritius".

The alleged loan fraud, said to be perpetrated by billionaire diamantaire Nirav Modi and his associates including Mehul Choksi, came to light last month after state-run Punjab National Bank disclosed it has detected fraudulent issuance of LoUs (Letters of Undertaking) from a Mumbai branch. The fraud is already being probed by multiple agencies in India which are also seeking details from their counterparts in various other countries including Mauritius and Hong Kong about the details of the financial transactions related to the case.

The overseas branches of some Indian banks are said to have credited thousands of crores into the accounts linked to Modi on the basis of the LoUs, which serve as credit guarantees, obtained by Modi and Choksi. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Financial Services Commission (FSC) of MauritiusPNBPunjab National BankNirav ModiMehul Choksi
RELATED NEWS

LATEST NEWS

CG Police Recruitment 2021: Chhattisgarh DEF Constable result decaled on cgpolice.gov.in —Download it this way

Tata Consumer share price: Sharekhan maintains Buy rating on Tata Consumer with a revised price target of Rs 740

XLRI Placements 2020, 2021: 100% jobs! Check highest salary, average package and name of companies, top recruiters

RRB NTPC Exam 2021 Admit Card released on rrbkolkata.gov.in —Check details

Rakesh Jhunjhunwala stock: This Big Bull holding gets a target hike I Details here

Redmi Note 10 series India launch: Check first look, key specs and other details here

SBI reduces home loan rates to 6.70 pc

Salaar Movie: Check release date, new poster, cast, other details of Prabhas, Shruti Haasan, KGF maker's film

Modi government creates RECORD! New feat achieved in highways construction - Nitin Gadkari confirms this

IRCTC Share price: Dolat Capital initiates coverage on IRCTC share with target of Rs 2650

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved