Tag: PNB fraud
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Antigua agency’s statement nails Modi government’s lie: Congress
New Delhi : The Congress on Friday said that “complicity and connivance” of the government in the escape of jeweller Mehul Choksi, an accused in the PNB fraud, has been “exposed” after the Antigua government came clear on granting citizenship to Choksi. The party also demanded to know why Prime Minister Narendra Modi had not…
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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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Choksi to CBI: Completely defenceless due to exaggerated allegations
New Delhi : Diamond merchant Mehul Choksi, co-accused in the Rs 13,540 crore Punjab National Bank (PNB) fraud, has said that “exaggerated” allegations by multiple investigating agencies has left him “completely defenceless” and that he feared for his safety to return home. In a two-page March 16-dated letter to the Central Bureau of Investigation (CBI),…
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PNB fraud fallout: 107 firms, 7 LLPs under SFIO scanner
New Delhi : The government has ordered investigation to be carried out by the Serious Fraud Investigation Office (SFIO) into the affairs of 107 companies and seven limited liability partnerships (LLP) pertaining to multi-crore fraud in Punjab National Bank (PNB), Lok Sabha was informed on Friday. “The government has ordered investigation into the affairs of…
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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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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…
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$1.8 bn PNB fraud, macro-data hit equities’ movement (Market Review)
By Porisma P. Gogoi, Mumbai : The weekly trade in the Indian equity markets was almost flat. However, a slew of domestic developments like a $1.8 billion fraud reported by the Punjab National Bank (PNB) and release of major macro-economic data impacted the movements of the two key equity indices, analysts said. On a weekly…
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PNB fraud: Ex-Deputy Bank Manager Gokulnath Shetty arrested
New Delhi : The Central Bureau of Investigation (CBI) has arrested Punjab National Bank’s retired Deputy Manager, Gokulnath Shetty and two others in a multi-crore bank fraud case, officials said on Saturday. “CBI has Shetty, Single Window Operator Manoj Kharat and authorised signatory of the Nirav Modi Group of Firms, Hemant Bhat,” a CBI official…