Once a stock market darling, the jewellery chain heads for liquidation.
'Paying my taxes, diligently repaying my loans, following the rules, scrupulously doing things by the book, when there's this big, beautiful world of unregulated chicanery I could have indulged in for years before just flying off to greener pastures, like Lalit Modi, Vijay Mallya and Nirav Modi,' says Mitali Saran.
The jewellers and companies linked to Nirav Modi and Mehul Choksi had allegedly colluded with PNB officers to obtain fake bank guarantees to get loan from overseas branches of Indian banks including Allahabad Bank, Axis Bank and UCO Bank.
RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.
The total number of arrests by the CBI has risen to six -- four PNB officials, a retired employee of the bank, and an authorsied signatory of Nirav Modi's company -- after Monday's development.
The agency on Monday questioned three general managers of the Punjab National Bank who have handled the -International Banking Division and Treasury department of the bank, officials said without revealing their identity.
Despite Nirav Modi win, in the last five years, India managed to bring only about 20 fugitive offenders.
The two diamond traders, who are said to have left the country before criminal cases were registered, had failed to appear before the ED, promoting the agency to move the PMLA court for issuance of NBWs against them.
Vipul Chitalia was apprehended at Mumbai airport and brought to the CBI office at the Bandra-Kurla Complex in Mumbai for questioning, he said, but did not divulge any other details about Chitalia's alleged role in the PNB fraud.
Confidence had ebbed in the last few years due to default by some errant domestic retailers and exporters. Moreover, many jewellers are believed to have diverted the fund collected through monthly deposit schemes to pay 'mark-to-market' margins on various loans.
She was the managing director and the CEO of PNB since August 14, 2015 before being appointed in Allahabad Bank on May 6, 2017.
The BJP chief said the ED and the CBI have taken prompt action in the Nirav Modi case.
Here's a recap of moments captured in India in the last week.
Banks will also have to seek borrower's status report from Central Economic Intelligence Bureau on the account turning NPA
The jeweller, who had left the country before Punjab National Bank approached the CBI with complaint against him and Nirav Modi, said the media continued to conduct a trial by itself blowing each and every issue out of proportion.
The bank also issued 234 LoUs worth Rs 1,880 crore to another group of companies promoted by Mehul Choksi in 2015 and 2016
The venue for Saturday's meeting was shifted at the last minute from the headquarters of the India Banks' Association in Cuffe Parade to avoid media glare.
Noisy protests disrupted the both houses of the Parliament on the first day of the second part of the budget session
The CBI on Wednesday directed him to contact the embassy of India in a country where he is staying so that his travel to India can be arranged
'Under Modi Ji's 'Jan Dhan Loot Yojana', another scam!' he tweeted.
The four officials were asked questions related to the UPA government's '20:80' gold import scheme, which was cleared by Chidambaram on May 13, 2014, barely three days before the counting of votes of the general election
The ED has filed a fresh chargesheet against absconding jeweller Mehul Choksi, his wife Priti and others under the anti-money laundering law in connection with the over Rs 13,000-crore PNB loan fraud case, officials said on Monday. This is the first prosecution complaint filed by the central agency against Choksi's wife Priti Pradyotkumar Kothari. She has been charged by the Enforcement Directorate (ED) with "helping her husband in layering of the proceeds of crime".
PNB issued a formal appointment letter to Belgium-based consultancy firm BDO
There are around 6,500 diamond manufacturers of which Palanpuri Jains operate a mere 6 per cent, or around 400 companies. But they stand out for being highly interlinked through blood ties.
Upgradation to the new product (from Infosys) will stabilise by this month-end
According to RBI's circular, cases of frauds involving more than Rs 25 crore and up to Rs 50 crore should be given to the CBI's Banking Security and Fraud Cell
Banks have become more vigilant over the past two weeks, with many more officials involved in loan approval and disbursal.
The possibility of the slowdown affecting more players is greater if the industry doesn't get access to easier finance in the next six to eight months.
Urjit Patel, Binny Bansal, Nirav Modi and Rahul Gandhi personify the big trends that defined 2018. Well, almost...
'I was shocked by the kidnapping episode. I could have lost my life.'
Offenders will be tried under Prevention of Money Laundering Act
Surjewala alleged that Mehta and his family were allowed to leave India even when there were complaints pending against him with the CBI.
Jaitley slammed lack of ethics in certain sections of businesses and said multiple layers of auditing system chose to either look the other way or did a casual job.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
'There are so many issues that the CVC is examining both with reference to the PNB and RBI,' K V Chowdary said.
Don't expect the synthetic stones to surpass natural ones anytime soon because the world's biggest miners of diamonds aren't looking to get into man-made diamonds.
The attached properties include three commercial assets based in Dubai, a Mercedes Benz car and a number of fixed deposits in bank accounts in the country and outside, the agency said.
The Harvard alum has known the Yale alum for ages, but hit it off recently.
'All governments try owning the message, but the Modi-Shah BJP has developed it into a fine art.'
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