Karvy group's commodity broking arm, too, is facing a liquidity crisis because of some issues related to NCDEX, said people in the know.
The Reserve Bank has permitted PNB to make provisions against the fraud amount.
This pertains to certain irregularities in loan disbursements towards the development of two Slum Rehabilitation Authority projects undertaken by the company in the past.
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
Theoretically, Modi, who understood corporate finance, committed no crime by raising debt to fund a growing business. In fact, he did a tidy job of it, but his operation started to see the ground underneath it give way in January 2018. A fascinating excerpt from Pavan C Lall's Flawed: The Rise And Fall Of India's Diamond Mogul Nirav Modi.
BharatPe co-founder Shashvat Nakrani has accused Ashneer Grover, with whom he had co-founded the payment startup, of creating a false narrative about the company, and said the board acted quickly and decisively in unseating him after receiving finds of a PwC report. BharatPe, which allows shop owners to make digital payments through QR codes, last week stripped Grover of all titles and positions over his alleged "misdeeds" and may take further legal actions, including clawing back of some of his shareholding. In a letter to employees, Nakrani said the Grover episode was an aberration and not the norm at BharatPe, and went on to defend the board who he said were celebrated names in the banking and financial services industry.
The issuance of NBWs by a court also opens door of seeking Red Corner notices against both of the accused from the Interpol.
He is set to be produced from custody before Judge Emma Arbuthnot for the first management hearing in the case, during which a broad timeline is expected for his extradition trial.
In April 2015, the regulator issued a show cause notice to the bank for alleged violation of portfolio managers' norms with respect to one relationship manager.
The Insurance Regulatory and Development Authority of India (IRDAI) is considering a proposal to make insurance frauds a parameter for calculating credit scores in an attempt to put a lid on the increase in such activity. The proposal, which is a part of the recommendations made by a working group formed by Irdai and the General Insurance Council, suggests that insurance frauds should feature when the risk profiles of individuals are evaluated and should be used to calculate their credit scores. A poor credit score can deprive a person of financial services such as loans and credit cards, and deter him from indulging in fraud.
The entire amount is to be provided for four quarters.
Modi has been relentless in building his brand regardless of banks having a problem of fraudulent and unauthorised transactions with his companies.
Abhishek Bachchan's sneering expression is ill-quipped to convey the confidence of a wheeler-dealer. Those frequent bouts of muahaha make it worse. So much worse, says Sukanya Verma.
Do not trust any incoming phone calls or mails that ask you to install any file or programme, warns Niranjan Upadhye, general manager-fraud risk management, Worldline India.
The banking, financial services and insurance sector was the most targeted by scamsters, says Indeevar Krishna, head, operations and customer service, Max Life Insurance
Leaving behind the luxe life and dapper suits of foreign banks, Puri and his team at the upstart venture shared fizz drinks, wore a footwear brand popular among the middle class, shared a rat-infested space in a yet-to-be gentrified work space to plan and execute it.
During the course of the hearing last month, it emerged that Modi had made death threats to witnesses and also attempted to destroy evidence such as mobile phones and a server holding "material critical to the fraud".
Why can't we have a sunset clause for the ARCs, which is a global norm? questions Tamal Bandyopadhyay.
Coming down heavily on shady operations of fraudulent multi-level marketing companies, Reserve Bank of India has alerted banks to be careful while opening accounts of the marketing/trading agencies.
DLFknowingly suppressed material facts: Sebi
The country's largest lender State Bank of India has seen a perceptible increase in the number transactions happening at its multiple digital channels, with the percentage moving from 60 per cent in the pre-pandemic period to 67 per cent currently, chairman Dinesh Khara said. The rise in the number of digital transactions at the bank was largely driven by pick up in e-commerce during the pandemic-induced lockdown, which restricted movement, he said.
The event will also hurt PNB's asset quality in the March 2018 quarter. While the finer details of the fraud have not been provided, making it difficult to gauge the exact impact, analysts say it will dent the bank's financials.
Report holds Hitachi responsible for debit card data theft. When the data theft came to light, Hitachi had denied that its systems were compromised.
Beware, it's not just criminals who want your data!
'If she contests it, then these people will have to fight it in court.'
"He is expected to be produced before the court for a second bail application hearing on March 29," a court official in London confirmed on Tuesday.
63 Moons Technologies that has a claim of Rs 200 crore from Dewan Housing Finance, which is being taken over by the Piramal Group for as low as Rs 37,500 crore against a total claim of close to Rs 85,000 crore, on Tuesday said it will challenge the resolution at the NCLAT shortly. On Tuesday, making an about-turn, the Mumbai bench of the National Company Law Tribunal (NCLT) chaired by HP Chaturvedi and Ravikumar Duraisamy, allowed Piramal Group to take over DHFL under the bankruptcy code for as low as Rs 37,500 crore against a claim of close to Rs 85,000 crore. It had on May 25 asked the committee of creditors to consider the Wadhawans offer of paying back almost Rs 93,000 crore to the lenders and creditors, which was stayed by the NCLAT after the Pirmal group challenged it.
A total of 64,275 declarations were made under the scheme, an average of Rs 1 crore per disclosure. This is expected to translate into tax collection of about Rs 30,000 crore from the scheme, of which the government exchequer should get around Rs 15,000 crore by the end of 2016-17.
If you ever face a situation where your card transaction is declined, it is advisable to call your bank and check with them for the cause. In most cases, unless it's a fraudulent issue, the problems will be resolved on the phone.
RJD chief Lalu Prasad Yadav demanded the Bihar CM to sack his deputy and lodge a case against him and arrest him.
The money was allegedly diverted by an ATM servicing company in criminal conspiracy with bank officials.
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.
In the Anti Money Laundering (AML) Basel Index 2013 India has been ranked 93rd and 70th in 2012 and 2013 respectively out of 140 countries.
Indian-American actor Vivek Shah, 26, of West Hollywood, California, was sentenced to 7 years and 3 months in federal prison for orchestrating a multimillion-dollar extortion scheme.
Use of blockchain technology will ensure that banks will not be blindsided like in the case of the Nirav Modi-Mehul Choksi blowout at PNB, says Raghu Mohan.
Payments startup BharatPe on Tuesday said it has terminated several employees and vendors as well as filed criminal cases against them for misconduct besides deciding to claw back former founder Ashneer Grover's restricted shares in the firm. The steps have been taken by the company's board following a detailed corporate governance review against the backdrop of alleged lapses and misdoings during the tenure of Grover as managing director. IPO-hopeful BharatPe, which allows shop owners to make digital payments through QR codes, has implemented a new code of conduct for senior management and employees and brought in a comprehensive vendor procurement policy to avoid a repeat of alleged lapses that happened when Grover was managing director.
A high-level three-member committee is formed to grow awareness about fraudulent job offers.
Sebi said Thapar-promoted and -related entities owed Rs 1,723.19 crore as receivables to the company, while connected parties owed another Rs 462.74 crore.
To send a notice under money laundering law.
