'For years, the RBI has been warning banks on probable frauds in bank guarantees and advised them to exercise due care.' 'PSB staffers feel their jobs are secured, hence there is no need to be vigilant and exercise financial prudence.'
'I was shocked by the kidnapping episode. I could have lost my life.'
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".
An Indian-origin conman was on Wednesday found guilty of murdering a millionaire oil executive in her central London flat to fund his gambling habits. Rakesh Bhayani from Wembley in north-west London was convicted at the Old Bailey court in London for the murder of Carole Waugh, who had disappeared from her Marylebone flat in May 2012.
Vipul Ambani, a runner who participated in city marathons, never wore his last name on his sleeve, was easy-going, mild-mannered and always smiling. Yet, the question that begs to be asked is why would he join a luxury jewellery company, says Pavan Lall.
Once a stock market darling, the jewellery chain heads for liquidation.
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.
The RBI has been critical of banks for using restructuring schemes to hide the stress.
A quick computation puts the following value to the seizures.
The judge fixed April 26 as the next date of hearing when he will appear via video link from jail.
'It could take at least a couple of years for his case to go through the entire run of the British judiciary.'
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.
The lawyer also claimed "there is no evidence to prove any of the charges levelled against my client."
Justice Ingrid Simler at the Royal Courts of Justice in London concluded the hearing and said as the matter was of "some importance", she would take some time to consider it and hand down her ruling on Wednesday.
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 Swaraj India chief alleged that the raid was conducted at his sisters' hospital-cum-nursing home premises with an intent to "intimidate" and "silence" him as he had launched an agitation for fair crop price for farmers and against liquor shops in that city in Haryana.
According to the RTI reply, absconding diamantaire Choksi's company Gitanjali Gems tops the list of the defaulters with a whopping amount of Rs 5,492 crore. This is followed by REI Agro with Rs 4,314 crore and Winsome Diamonds with Rs 4,076 crore. Rotomac Global Private Limited has funded advances of Rs 2,850 crore which have been technically written off and Kudos Chemie Ltd with Rs 2,326 crore, Ruchi Soya Industries Limited, now owned by Ramdev's Patanjali, with Rs 2,212 crore and Zoom Developers Pvt Ltd with Rs 2,012 crore being the other companies to default on the payment. Mallya's Kingfisher Airlines figures in the list at number 9, with outstanding of Rs 1943 crore which have been technically written off by the banks.
ED team managed to get several bank statements from Barbados, Dubai, Hong Kong etc. which prove vital overseas link and money trail relating to Nirav Modi and his aides.
The firm has blamed a section of unnamed competitors as well as maleficent parties
The case goes back to 2014, where the diamond merchant had pleaded guilty, though indirectly, for mis-declaration of exports of diamonds.
The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
The Rs 11,400 crore PNB fraud saga unfolded after a bribery complaint by the Hong Kong branch of an Indian bank.
In a 7-page letter Choksi said, he was being threatened by the individuals with whom he has business relationship and due to the seizure of his assets, his employees, customers and creditors have started to show animosity towards him.
In her judgment handed down at the Royal Courts of Justice in London, Justice Ingrid Simler concluded there are "substantial grounds" to believe that the 48-year-old fugitive diamantaire would fail to surrender as he does possess the means to "abscond".
The bank's overall exposure to the 40 select accounts referred by the Reserve Bank to be resolved under bankruptcy laws is Rs 15,229 crore
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 bench also said there was merit in ED's contention that while the "driving force behind the companies" (Modi) was not submitting to the agency's jurisdiction, his companies cannot be given any discretionary relief.
Replying to a debate on Motion of Thanks on the President's Address which was adopted by the House later amid walkout by Congress, he replied point-by-point to the issues raised by the Opposition, including surgical strikes and allocations for Mahatma Gandhi National Rural Employment Guarantee Act, agriculture sector and for Scheduled Castes. Opposition had moved 190 amendments to the Motion which were negated.
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.
The Supreme Court-appointed SIT on Friday called for effective norms to curb betting in cricket and a stronger set of norms for P-Notes, while also making a case for bringing donations to educational and religious bodies under tax net.
A glance back at some of the important ups and down Indian Inc faced in 2018.
Customs and excise duty rates have been amended mainly to promote Make in India.
