Tag: Nirav Modi
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ED seeks attachment of Nirav Modi’s assets worth Rs 255-cr in Hong Kong
New Delhi : The Enforcement Directorate (ED) on Thursday said it has sent request for attachment of fugitive diamantaire Nirav Modi’s Hong Kong assets worth Rs 255 crore in the multi-crore Punjab National Bank (PNB) loan default case. The financial probe agency sought attachment of the assets by Hong Kong authorities under the Prevention of…
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Lack of ethics in corporate governance led to Nirav Modi scandal: Goa B-school director
By Mayabhushan Nagvenkar, Panaji : Lack of ethical grounding in corporate governance is the reason behind scandals like the one involving diamantaire Nirav Modi in India, just as absence of values in business practices triggered global accounting scandals like Enron and WorldCom, says Ajit Parulekar, Director, Goa Institute of Management, the state’s top B-school. Speaking…
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ED seizes Nirav Modi valuables worth Rs 36 cr
New Delhi : The Enforcement Directorate (ED) on Saturday said it seized valuables worth over Rs 36 crore of absconding diamond jeweller Nirav Modi in connection with an ongoing probe into the Rs 14,500 crore Punjab National Bank (PNB) fraud case. An ED official told IANS that joint searches with the CBI were carried from…
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CBI registers fresh Rs 321 crore case against Nirav Modi
New Delhi : The CBI on Thursday said that it has registered a fresh case against diamantaire Nirav Modi for causing a loss of Rs 321 crore to Punjab National Bank (PNB) by availing different credit facilities between 2013 and 2017. According to a Central Bureau of Investigation official, the case was registered after the…
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PNB not shown as creditor in US bankruptcy filing by Nirav Modi companies
By Arul Louis, New York : The Punjab National Bank (PNB) is not shown as a creditor in the bankruptcy documents filed in a court here by three companies affiliated with Nirav Modi, who has been accused in a $2 billion-scam involving the nationalised financial institution. But the document acknowledges that the filing of criminal…
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PNB fraud should not halt corporate lending: Assocham
New Delhi : The alleged Rs 11,300 crore fraud on state-run Punjab National Bank (PNB) committed by accused diamantaire Nirav Modi should not halt the entire system of corporate lending as demoralisation would set in among public sector bank (PSB) employees, industry body Assocham said on Sunday. The country can “ill-afford” such fraud induced credit…
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Industry has to introspect on doing ethical business: Jaitley
New Delhi : In light of the Rs 11,300 crore Punjab National Bank (PNB) scam allegedly involving diamantaire Nirav Modi, Union Finance Minister Arun Jaitley said on Saturday that the discourse needed to move on from ease of doing business to that of Indian industry’s responsibility to become ethical in the way it does business.…
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PNB fraud favouring Nirav Modi started in 2008, arrested bank officials tell CBI
By Rajnish Singh, New Delhi : The practice of illegally issuing Letters of Understanding (LoUs) and Foreign Letter of Credits (FLCs) and then rolling them over to favour Nirav Modi and Mehul Choksi groups started in 2008 and continued till these were discovered in January this year, according to CBI officials. The illicit activities resulting…
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PNB fraud: Assocham calls for privatising PSBs
New Delhi : In light of the massive Rs 11,300 crore ($1.8 billion) scam allegedly involving jeweller Nirav Modi that has hit state-run Punjab National Bank (PNB), industry chamber Assocham said on Sunday that the government should surrender its majority control of banks, which should be allowed to function like private sector lenders. In a…