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.
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.
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.
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.
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.
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: 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: 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.
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.
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: 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.
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.
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
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: 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.
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.
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.
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.
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.
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
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
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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