While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
The quantum of punishment is expected to be pronounced on May 5 by the court.
The Reserve Bank of India also banned with immediate effect issuance of letters of comfort which, like LoUs, are used by importers to fund their overseas purchases.
An I-T probe, sources said, was on to trace the recipient of the reported transfer into a multi-national bank in Singapore.
The agency is also preparing to analyse the details of assets of the Kochhars and others so that they can be provisionally attached under the Prevention of Money Laundering Act
The Income Tax department is likely to initiate prosecution against close to 300 people whose names have been submitted to the Supreme Court in connection with the probe into alleged black money accounts in HSBC Bank in Geneva.
Beleaguered liquor baron Vijay Mallya on Wednesday announced he will retire as chairman of Sanofi India and will not seek reelection as a director of the drug maker.
According to the company, 200,000 handsets have already been shipped in the country for the first phase of delivery.
Chhagan Bhujbal, son of a vegetable vendor, rose through the political ranks by hard work, determination and political opportunism. Now past ghosts have come to haunt him.
The ED has summoned Raj in a case pertaining to alleged irregularities related to Infrastructure Leasing and Financial Services loan to Kohinoor CTNL.
The prime accused deployed a modus operandi of claiming the investment in real estate purchased in the name of third party as unsecured loan
Modi said he was shocked that such voices are being raised for political gains in the land of Shivaji Maharaj.
It had declared Mallya a proclaimed offender for evading summons in a FERA violation case after noting that he had failed to appear despite repeated summonses.
In a thread of tweets, Mallya claimed, "The airlines struggled financially partly because of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $ 140/barrel. Losses mounted and that's where banks money went. I have offered to repay 100 % of the principal amount to them. Please take it."
The Enforcement Directorate (ED) on Wednesday issued show causes notices for alleged foreign exchange violations of Rs 3,805 crore (Rs 38.05 billion) to telecom firms and other entities as part of its investigation into the 2G spectrum allocation case.
"They both were produced in the court and were granted bail on a surety of Rs 50,000 each," special public prosecutor Pradeep Gharat said.
Maharashtra Chief Minister Devendra Fadnavis is expected to form a "final opinion" on the meeting of Mumbai Police Commissioner Rakesh Maria with ex-IPL boss Lalit Modi in London based on the report on the matter to be submitted by the Home Secretary on Tuesday evening.
Pro-Pakistan leader Syed Ali Shah Geelani's death has brought to an end a chapter of anti-India and separatist politics in Kashmir.
Mallya is understood to be in the UK after he left India on March 2.
ED files money laundering case. Fadnavis, Paswan want case transferred to CBI. Mumbai police will investigate on basis of evidence: Minister. Friend alleges he is being pressured to nail Rhea. Bihar government to oppose Rhea's SC plea.
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