As per the existing process of law under the PMLA, the ED could confiscate the assets only after the trial in a case finishes which usually takes many years.
However, the road to profitability has already hit some hurdles for the Delhi-based bank as the Union government has rejected its demand for an additional capital infusion of around Rs 8,000 crore in 2018-19
'Modi had promised to deposit money in the accounts of people, but he has done it only in the case of some rich businessmen like the Ambanis'
The protesting students claimed that when they reached Red Fort, police did not allow them to take out the march but they did not budge and said they would make their voices heard.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
Documents accessed by Business Standard show owners of suspected Hong Kong-based shell companies are spread across the globe.
No one knows where billionaire Nirav Modi emerged from. What is known is that when he came (back) to India, he cut his teeth in the diamond business under the tutelage of his jeweller uncle. Then he began to build a glittering international brand. Soon even Hollywood stars like Kate Winslet and Dakota Johnson were walking the red carpet showing off Nirav Modi jewels.
The billionaire jeweller, who has fled the country, in the letter also disagreed with the loan default amount of Rs 11,400 crore and pegged the amount his companies owe to the bank at under Rs 5,000 crore.
'India has a conviction rate of about 25% for serious crimes. This means that 75% of the time the police probably get the wrong suspect, and this makes murdering them in an encounter more morally problematic for the officers concerned.' says Aakar Patel.
Dealers expect prices to fall further, owing to an impending rate hike in the US
Hitting out at Gandhi, the BJP said it was his party's app that was sharing user data with his friends in Singapore.
FinMin finally sacked executive directors K V Brahmaji Rao and Sanjiv Sharan on January 18. The bank's board, however, had felt they had no criminal intent and it was a case of 'casual oversight'
The union government was taking effective steps to rid the country of corruption and nepotism, he said.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
Offenders will be tried under Prevention of Money Laundering Act
The bench also extended the interim protection from arrest granted to Chidambaram till September 5.
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.
The spotlight is back on the hawala trade in diamonds.
He also sought to know if Modi, during his recent meeting with Chinese President Xi Jinping, asked the latter about the 2017 Doklam standoff.
'As long as the government owns the banks, bankers will follow signals from politicians as to how to lend.' 'State-owned banks will remain State-owned banks as long as the current dispensation is in power -- and certainly there will be no change if the other chaps get in,' says Mihir S Sharma.
'The Modi-Shah duo won't leave the war zone without putting up a tough fight.' 'Modi's slogan for 2019 could well be, "I have done much. Give me one more chance to do even more".' '2019 will be tough for the BJP.' 'But it will be even tougher for the Opposition -- united or otherwise,' says R Rajagopalan.
Legal experts are not sure if threat of confiscation of property will be deterrent enough for fleeing offenders
The scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
After taking over on Tuesday night, Rao overhauled the team probing allegations of corruption against Asthana, bringing in completely new faces, officials said.
The Congress is seeking to oust the BJP government in Haryana in the October 21 polls.
'I am not a Hinduwadi leader, but a nationalist leader. I am a leader of every religion, every caste, every language and every class'
Gandhi added the minimum income guarantee would be implemented across the country.
For the baning sector, 2018 was a 'Year of Exits' - borrowers fled from the country as loans went kaput and many bank CEOs were forced to leave
In the atmosphere created by the reaction to the PNB fraud and RBI's resolution framework, "don't lend, don't resolve" is bound to become the bankers' new mantra, says T T Ram Mohan.
The Congress hit back saying the PM could not mislead the people by 'lying' as he had been 'exposed'.
What was the RBI doing, what was the PNB top management doing, what were the auditors doing, asks Debashis Basu.
A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
As many as 68 artworks went under the hammer on Tuesday evening and included works by the greats like Raja Ravi Varma, V S Gaitonde, F N Souza, Jogen Chowdhury, and Akbar Padamsee among others.
'All governments try owning the message, but the Modi-Shah BJP has developed it into a fine art.'
Modi took on Gandhi for mocking him for chanting 'Bharat Mata ki Jai' at every meeting. The prime minister said he will continue to do so despite Gandhi's 'fatwa' on it.
'Change is the rule of politics.'
Finance Minister Piyush Goyal said the instances of people running away and evading the legal process was increasing and this needed to be stopped, as the current laws do not allow fully dealing with the severity of the problem.
Modi, 46, who had figured in the Forbes' list of richest Indians, has been named in the cheating case on a complaint from the PNB, which alleged that the jewellery firm owner, his brother, wife and Choksi entered into a criminal conspiracy with the officials of the bank and cheated it, causing a "wrongful loss".
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
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