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.
Choksi is wanted in India by the CBI and the Enforcement Directorate, which are probing the PNB fraud, the biggest banking scam in the country. India continues to pursue Choksi's return with the government of Antigua through diplomatic and legal channels.
According to ED sources Sunil Mehta said the fraud took place due to "systemic failure" and "procedural lapses", owing to lack of interface or proper links between the core banking software and the SWIFT interbank messaging system.
Sample this. Five cyber-thieves, allegedly part of a network that hacked into the account of a Noida businessman, were nabbed today for a Rs 1.66 crore (Rs 16.6-million) cyber hack. They used Internet banking to transfer the money from the businessman's account with the Punjab National Bank's Noida branch to their own account.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
The company and its sister concern, Forever Precious, owe close to Rs 5,500 crore.
The agency on Friday also carried out searches on the premises of the Gitanjali Group at 20 places in Mumbai, Pune, Surat, Jaipur, Hyderabad and Coimbatore.
However, the Indian capital markets regulator rejected the claim saying it neither received any such request, nor provided any such information to the concerned department in Antigua.
The problem here is that internal auditors are good at accounts, but they are not trained to track foreign exchange transactions
Choksi, along with his nephew and millionaire designer jeweller Nirav Modi, is being investigated by the ED for allegedly defrauding PNB, the country's second largest lender.
Mallya has denied that he had fled India and said he would comply with laws.
What some of our leaders were up to this weekend.
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
Fugitive diamantaire Nirav Modi's sister and brother-in-law have "turned approvers" in the over $2 billion PNB fraud case against him and they will help the Enforcement Directorate confiscate assets worth Rs 579 crore, including Swiss bank deposits, the agency said on Thursday. Forty-nine-year-old Nirav Modi, who is currently lodged in a London jail, his uncle Mehul Choksi and others are being probed by the Enforcement Directorate (ED) in the Punjab National Bank (PNB) money laundering case since 2018. The diamond merchant's younger sister Purvi Modi (47) is a Belgian national while her husband Maiank Mehta is a British citizen. They are stated to be based abroad and have never joined the probe.
The I-T department also attached 34 bank accounts and fixed deposits, valued at Rs 1.45 crore, of the Gitanjali group.
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
While the fixtures from the bungalow will be up for auction, three items, a jacuzzi, a chandelier, and a Buddha statue, have been kept aside for handing over to the ED.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
Many from this small lender have made it to other bank boards over the past 5 years
While Waryam Singh was a non-executive director at HDIL, he is listed as one of the promoters of the company and had relations, including shareholding, with several other entities controlled by the Wadhawans, the HDIL founders.
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 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.
ICAI intends to investigate the chartered accountants of PNB but the bank allegedly refuses to give the information sought.
CBI has registered a case against general secretary of Mumbai BJP Mohit Kamboj, his jewellery manufacturing firm Avyaan Overseas, its directors, few mid-level bankers and others for alleged diversion of funds by availing fraudulent foreign bills negotiation limit and export packaging credit limit, issued by lender Bank of India between 2013 and 2018.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
It has also attached fresh 66 banks accounts, holding deposits of Rs 80.07 crore, of the Gitanjali group, owned by Modi's uncle Mehul Choksi.
But the 30-share Sensex rose by 141.52 points, or 0.41 per cent, to close at 34,297.47. The broader NSE Nifty gained 44.60- points, or 0.42 per cent, to end at 10,545.50 after touching a high of 10,618.10.
Govt tells PSBs to integrate banking systems, rotate staff as a policy
Vikram Kothari took a loan of Rs 485 crore from Mumbai-based Union Bank of India and a loan of Rs 352 crore from Kolkata-based Allahabad Bank. A year later, Kothari has reportedly not paid back either the interest or the loan.
The ED has claimed that Nirav Modi had refused to join the probe despite acknowledging mails and summons issued to him and that he doesn't want to return to India.
Punjab and Sind Bank will take on Services in the first Super League match of the 62nd Senior\nNational Hockey Championship at the Surjit hockey stadium in Jalandhar on Saturday.
The Reserve Bank has permitted PNB to make provisions against the fraud amount.
Choksi said that the ED has attached his properties illegally.
On paper, though, PBKS looks a tad more stronger than KKR.
Patanjali, the lone player left in contention after the exit of Adani Wilmar, had last month increased its bid value by around Rs 200 crore to Rs 4,350 crore for Ruchi Soya.
A British court on Tuesday opened the continuation appeal hearing in the extradition case of Nirav Modi, who is wanted in India on the charges of fraud and money laundering amounting to an estimated $2 billion in the Punjab National Bank (PNB) loan scam case. The 51-year-old diamond merchant had lodged an appeal last year against his extradition order on mental health grounds. Lord Justice Jeremy Stuart-Smith and Justice Robert Jay presided over an initial hearing at the High Court in December last year to determine whether District Judge Sam Goozee's Westminster Magistrates' Court ruling from February 2021 in favour of extradition was incorrect to overlook the diamond merchant's "high risk of suicide".
Companies owned by fugitive diamantaire Mehul Choksi have allegedly siphoned off over Rs 6,344.96 crore from the Punjab National Bank (PNB) using fraudulent letters of undertaking and foreign letters of credit, a CBI investigation into the scam has detected. The findings were submitted by the CBI in a supplementary chargesheet filed before a special court in Mumbai last week, where the agency said the PNB was conned by its employees who were allegedly hand in gloves with Choksi and his company executives and who facilitated the scam as part of a criminal conspiracy. The PNB officials at the bank's Brady House branch in Mumbai issued 165 letters of undertaking (LoUs) and 58 foreign letters of credit (FLCs) during March-April 2017, against which 311 bills were discounted.
The 49-year-old jeweller, wanted in India on charges of fraud and money laundering in the estimated USD 2-billion Punjab National Bank (PNB) scam case, further remanded in custody during a routine call-over hearing held via videolink at Westminster Magistrates' Court in London.
'I find the RBI edict to the Kotak Mahindra Bank to reduce Uday Kotak's shareholding very unreasonable,' says Sudhir Bisht.
A high court judge in London on Monday granted fugitive diamond merchant Nirav Modi permission to appeal against a magistrates' court order in favour of extradition to India to face charges of fraud and money laundering before the Indian courts on mental health and human rights grounds. Justice Martin Chamberlain delivered his verdict remotely under COVID-19 rules to conclude that the arguments presented by the 50-year-old diamond merchant's legal team concerning his "severe depression" and "high risk of suicide" were arguable at a substantial hearing. He also noted that the adequacy of the measures capable of preventing "successful suicide attempts" at Arthur Road Jail in Mumbai, where Nirav Modi is to be detained upon extradition, also fall within the arguable ambit.
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