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 next edition of attachments will be carried out under sections of the Criminal Procedure Code
Documents such as PAN card, Aadhaar card, I-T return papers, which are used for KYC, can get leaked from a number of sources. Other prominent sources are the direct sales agents and photocopy shops, say Sanjay Kumar Singh.
"The downgrade of the bank's BCA and ratings reflects the negative impact of the discovery of a number of fraudulent transactions on the bank's standalone profile, particularly its capital position," the rating agency said in a report.
A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the submissions of solicitor general Tushar Mehta that the high court order, to the extent of allowing their release from prison, needed to be stayed.
The case pertains to alleged financial irregularities in supply of high-altitude tents worth Rs 22 crore to intelligence agency Research and Analysis Wing during 2009-13.
The government-appointed Satyam board had recently said that it secured Rs 600-crore (Rs 6-billion) bank loans, which would help it fulfil its immediate fund requirements. The lender's board, which met on January 23 to take a call on the IHFL sale, had deferred the decision, citing the need for more information about prospective buyers.
A team from CBI's bank securities & fraud cell in Delhi visited SBI's offices in Mumbai and Delhi and held discussions with senior officials of the bank. The CBI office, however, said no 'search' operations have been conducted so far.
Investors lost around Rs 1.57 lakh crore in market valuation on Friday.
Fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank on Tuesday invited expression of interest (EoI) from potential investors for investment or equity participation in the bank for its reconstruction. Subsequent to commencement of the normal day-to-day operations, it will be open for the investors to convert the bank into a small finance bank by making an application to the RBI, the lender said.
Vijay Mallya has applied to Home Secretary Priti Patel for "another route" to be able to stay in the UK, the liquor tycoon's barrister representing him in bankruptcy proceedings in the High Court of London confirmed during a remote hearing on Friday. The 65-year-old businessman, whose legal challenge to the Indian government's extradition request was turned down at the Supreme Court level in the UK last year, remains in Britain on bail until Patel signs off on the order for him to be extradited to India to face charges of fraud and money laundering related to the now-defunct Kingfisher Airlines. The UK Home Office has so far only confirmed on background that a confidential legal process remains ongoing before the extradition order can be executed.
'No action will be taken against Ajit Pawar. I am sure.'
The apex court's 2017 order had come on a plea by consortium of banks led by SBI, which had said that Mallya had allegedly transferred $40 million received from British firm Diageo, to his children in 'flagrant violation' of various judicial orders.
A delegation of account-holders went to Sion police station in central Mumbai and submitted the complaint against officials of the bank on which the RBI has imposed operational restrictions. The delegation in its complaint alleged that at least 14 people, including the PMC Bank's chairman and all its directors, were involved in misappropriation of funds of the account-holders.
In a relief to liquor baron Vijay Mallya, the high court in London has deferred hearings on a plea by the SBI-led consortium of Indian banks, seeking the indebted tycoon to be declared bankrupt to enable them recover a loan of around 1.145 billion pounds from him. Justice Michael Briggs of the insolvency division of the high court granted relief to Mallya, ruling that he should be given time till his petitions to the Supreme Court of India and his settlement proposal before the Karnataka high court be determined, allowing him time to repay his debts to the banks in full.
National auditor says a significant part of NPAs was due to fraud and may never be recovered
While you can always correct them, the sooner you do it the better it is for you, says Sanjay Kumar Singh
Employees of the beleaguered Satyam Computer Services are now finding it difficult to get personal loans or pay back equated monthly instalments. Even their credit card limits have been reduced by almost 80 per cent since banks have become stringent following reports of the severe cash crunch at Satyam on the back of the admission of a financial fraud by the former company chairman Ramalinga Raju.
Fraud is a big concern among many board members.
The case will now be listed in the coming weeks for a hearing before a judge, where Mallya's legal team and the Crown Prosecution Service will go to reiterate factors for and against the businessman's extradition to Arthur Road Jail in Mumbai.
Vijay Mallya owes several banks thousands of crores of rupees which he had taken as loans for his businesses including the now defunct Kingfisher Airlines.
The 63-year-old former Kingfisher Airlines boss, an avid cricket fan, is wanted in India on fraud and money laundering charges amounting to an alleged Rs 9,000 crores.
Vijay Mallya, facing a case of loan default of over Rs 9,400 crore, on Monday resigned from Rajya Sabha.
In a soon to be published book, 'Of Counsel: The Challenges of the Modi-Jaitley Economy,' former chief economic advisor Arvind Subramanian says though RBI has a good reputation, it does not mean it's always right, as for years, the RBI was unable to grasp the seriousness of the loan repayment problems or identify the prolonged frauds of Nirav Modi and the likes.
'We were number one in commodity, currency, electricity, bonds, spot and everything. 'The purpose was to create an accident and then exploit it to eliminate the group. There were so many vested interests and therefore they did this," said Shah.
Urjit Patel, Binny Bansal, Nirav Modi and Rahul Gandhi personify the big trends that defined 2018. Well, almost...
Confiscation of the tycoon's properties will start from February 5.
If indeed the issues involved between the government and RBI are of immense public interest, why not make public the arguments of both the government and the RBI, irrespective of the outcome of the process, says Tamal Bandyopadhyay.However, the Act is silent on what happens if the governor's views differ from that of the government. If Patel does not want to budge from his stance the government can either see merit in the Governor's arguments and decide against going ahead with its plan or overrule him. My guess is that the issues raised by the government need to be sorted out not at the November 19 board meeting but between the Governor and the government, says Tamal Bandyopadhyay.
SFIO is looking into the role of Grant Thornton LLP which had valued the brand.
The law firm had specifically named the bank's chief executive and managing director of over 25 years, Aditya Puri, his designated successor Sashidhar Jagdishan and company secretary Santosh Haldankar as defendants.
When contacted whether Letters Rogatory have been sent, CBI sources said "it is in the process".
The trial, which opened at the London court on December 4, is aimed at laying out a prima facie case of fraud against the 61-year-old embattled businessman, who has been based in the UK since March 2016.
The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
"Since 2014, I have never given him any appointment to meet me and the question of his having met me does not arise," Finance Minister Jaitley said in a Facebook post.
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.
CBI Jt. Director, A K Sharma, weakened Mallya's "Look Out" notice, says Rahul.
"Fitch Ratings has placed Punjab National Bank's (PNB) Viability Rating of 'bb' on Rating Watch Negative (RWN), following the large fraud reported by PNB," the US-based agency said in a statement.
The central government has already conducted an assessment of security cover given to prisoners in the Arthur Road Jail and its findings conveyed to the UK court.
The extraordinary admission on Tuesday came the same day as Trump's former campaign chairman, Paul Manafort, was convicted of five counts of tax fraud, two counts of bank fraud and one count of failure to disclose a foreign bank account. The jury was unable to reach a verdict on the remaining 10 counts, and the judge declared a mistrial on those charges.
Google on Wednesday launched its global 'Be Internet Awesome' programme for children in India in partnership with Indian comic book publisher Amar Chitra Katha to interweave critical internet safety lessons across eight Indian languages. The tech giant has also launched an enhanced Google Safety Centre in eight Indic languages as part of its efforts to step up safety of users on the internet. Google has significantly increased its resources dedicated to India's Trust Safety teams, including product policy analysts, security specialists, and user trust experts that support over 10 vernacular Indian languages, enabling its central teams to benefit from the local nuance and inputs.
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