The latest fraud is a failure of management supervision and accountability, as no bad debt was generated and no cash was involved
The assets have been attached as part of five separate orders issued by the central probe agency under the Prevention of Money Laundering Act, it said.
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.
Public sector lender Bank of India has moved to the National Company Law Tribunal (NCLT) seeking initiation of insolvency proceedings against Future Retail Ltd and a moratorium over the assets of the Kishore Biyani-led debt-ridden firm. Besides, Bank of India (BOI), the lead banker of a consortium of banks that lent money to Future Retail Ltd (FRL), also suggested the insolvency tribunal appoint Vijay Kumar V Iyer as the interim professional of the company. Meanwhile FRL, in a regulatory filing, said it has been served and received a copy of the petition and is in the "process of taking legal advice".
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.
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.
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.
If his attempt to have his appeal heard in the Supreme Court fails, in principle, Modi can apply to the European Court of Human Rights (ECHR) to try and block his extradition on the basis that he will not receive a fair trial and that he will be detained in conditions that breach Article 3 of the European Convention on Human Rights, to which the UK is a signatory.
The company and its sister concern, Forever Precious, owe close to Rs 5,500 crore.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
It's mid-morning and the two-kilometre stretch from Rashbehari Avenue to Gariahat Market is bustling with activity. Dotted with saree shops and hawker stalls that sell everything, from hairpins, hangers and towels to hosiery, mobile phone covers and kurtas, this is one of South Kolkata's busiest shopping areas. And it is beginning to wake up to the Paytm crisis.
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
Six decades and more later, we are now captives of our identities. Every poll is based on elaborate calculations of electability of candidates on the basis of their castes and other narrow definers. That, along with voter promiscuity, is what defines our political culture, which remains stubbornly resistant to any change, asserts Shreekant Sambrani.
Mallya has denied that he had fled India and said he would comply with laws.
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.
The I-T department also attached 34 bank accounts and fixed deposits, valued at Rs 1.45 crore, of the Gitanjali group.
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
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
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.
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.
Many from this small lender have made it to other bank boards over the past 5 years
What some of our leaders were up to this weekend.
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.
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.
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.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
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.
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.
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.
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