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PNB fraud case News
PNB fraud case
ED to sell 173 paintings, 11 vehicles of Nirav Modi
Wed, Mar 20, 2019
The same court, they said, also issued a non-bailable warrant against his wife Ami after the ED recently filed a supplementary charge sheet underlining her role in the USD 2 billion PNB scam.
Fugitive diamantaire Nirav Modi arrested in London, to appear in court
Wed, Mar 20, 2019
PNB scam case: The 48-year-old's arrest would lead to him being produced before a District Judge at Westminster Magistrates' Court in London to be formally charged, following which he is expected to seek bail.
PNB fraud case: Enforcement Directorate seeks to attach Mehul Choksi's Thailand factory
Fri, Jan 04, 2019
Mehul Choksi and his nephew Nirav Modi are under probe by both Central Bureau of Investigation (CBI) and ED. The ED filed money laundering cases against them and others on February 15 on the basis of an FIR registered by the CBI.
Indian banks may take more than $3 billion hit from PNB fraud: tax department
Fri, Dec 28, 2018
According to a complaint by PNB, the biggest fraud in Indian banking history involved two junior officials at a Mumbai bank branch issuing "letters of undertaking" to firms linked to Modi and Choksi for them to obtain credit from overseas branches of other Indian lenders.
PNB fraud: Nirav Modi's New York apartments, London flat, other assets worth Rs 637 cr attached
Mon, Oct 01, 2018
The Enforcement Directorate said it has issued as many as five provisional orders, under the Prevention of Money Laundering Act (PMLA), for attachment of assets in London, New York, bank balances in Singapore and other countries, a flat in Mumbai and diamond studded jewellery that was shipped to India from Singapore.
PNB fraud case: Mehul Choksi in video message says ED allegations ‘false and baseless’
Tue, Sep 11, 2018
In a 15-second ANI video, the jeweller said, “All allegations levelled by the ED are false and baseless. They have attached all my properties illegally without there being any basis of the same."
$2-billion PNB scam: Mehul Choksi's US co Samuel Jewelers opposes probe plan
Mon, Sep 10, 2018
This comes days after a separate US examiner probe turned up crucial evidence linking Nirav Modi’s American jewellery firms to the alleged fraud. PNB and the US Trustee both want a US court-appointed examiner to probe, among other things, the nature and extent of any involvement of Samuels Jeweler’s executives in the fraud.
Bank frauds jump 33% to Rs 32,000 cr; scams at PSBs rise 287%
Tue, Aug 07, 2018
The public sector banks reported Rs 29,246.55 crore of frauds involving 2,883 cases in 2017-18, a rise of 287.72% from 2013-14. The private sector banks reported a rise of 37% to Rs 2,374.19 in 2017-18 over from 2013-14. For SBI group, the number of frauds grew 46% to Rs 2,541.98 during this period.
PNB Scam case: CBI files 2nd chargesheet against Mehul Choksi, Gitanjali Group firms
Wed, May 16, 2018
PNB fraud case: Earlier on Monday, the Central Bureau of Investigation had filed its first chargesheet against some former and current bank officials and others in the fraud case involving over Rs 13,000 crore. The probe agency's chargesheet reportedly included Allahabad Bank MD and CEO Usha Ananthasubramanian, and 21 others, including 11 bank officials. Ananthasubramanian was earlier with PNB.
BoI has Rs 200 cr exposure in PNB scam, initiates proceedings: CEO
Tue, May 08, 2018
State-owned Bank of India (BoI) has an exposure of Rs 200 crore in the Punjab National Bank fraud case and the public sector lender has initiated insolvency proceedings against Nirav Modi firms, said a top official of the bank.
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.
Big wilful defaulters owe PNB Rs 15,172 crore
Sun, May 06, 2018
The data from the bank relates to those wilful defaulters who have taken loans of Rs 25 lakh and above but did not repay despite the ability to do so.
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
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".
It's 'fear mongering': BSE CEO on talk of India's banking sector crisis post PNB fraud case
Mon, Apr 09, 2018
BSE CEO Ashish Chauhan said that the size of the Indian banking system is "Rs one crore crore". "In India we (banks) charge 12 per cent per annum from people who borrow. People who lend to the banks, we give them only four per cent. So basically, the banks earn eight per cent (profit).
CBI quizzes ex-RBI deputy governor in PNB probe: source
Sat, Apr 07, 2018
The source told Reuters that officers from the federal police had been seeking background information from former Reserve Bank of India (RBI) Deputy Governor H.R. Khan on the "80:20 scheme" and that it was "not a grilling exercise".
PNB fraud case: Delhi HC issues notice to ED in Mehul Choksi case over dropping money laundering charges
Fri, Apr 06, 2018
PNB fraud case: Nirav Modi, his uncle Choksi and other persons are being investigated by multiple probe agencies after the Punjab National Bank (PNB) fraud case involving over Rs 11,000 crore came to light in January. The PNB had filed a complaint stating that it had allegedly been cheated to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank.
PNB fraud case impact: Here is who LoU ban is really going to hurt
Wed, Apr 04, 2018
In the wake of Rs 13,000-crore PNB scam allegedly by diamond jewellery designer Nirav Modi and his associates through fraudulent LoUs, the central bank stopped banks from issuing the two instruments for trade credits for imports into India. "The Reserve Bank of India's (RBI) decision to ban LoUs) and LoCs as trade finance instruments is likely to limit the overall financial flexibility of Indian importers," said India Ratings and Research (Ind-Ra).
PNB fraud case: ED approaches Interpol to locate Nirav Modi, family
Thu, Mar 29, 2018
PNB fraud case: Nirav Modi, a regular on the lists of rich and famous Indians since 2013, along with his group companies -- Diamond R US, Stellar Diamond and Solar Exports -- and others have been implicated in the Rs 13,500 crore scam which was admitted by the PNB in February, leading to a massive upheaval in the country`s banking system. The CBI in February also approached the Interpol with a request of issuing a Diffusion Notice against Modi to locate him.
Nirav Modi fraud case: PNB agrees to clear all LoU liabilities due till March 31
Wed, Mar 28, 2018
PNB`s board today approved payment over the fraudulent guarantees due by end-March to seven banks. It will also honour any subsequent maturing guarantees when they are due, the bank said. "This measure will ensure that India`s banking system at large has the least possible disruption owing to the unfortunate fraud and banking operations will continue to function smoothly," PNB said in a statement.