A special court in Mumbai has issued notices to Nirav Modi's brothers, Neeshal and Nehal, asking them to explain why they should not be declared fugitive economic offenders in connection with the Punjab National Bank scam.
A special court in Mumbai has issued notices to Nirav Modi's brothers, Neeshal and Nehal Modi, asking them to explain why they should not be declared fugitive economic offenders in the Punjab National Bank scam.
The High Court of Justice in London has rejected a fresh bail petition filed by diamantaire Nirav Modi, who is wanted in India in connection with the Rs 13,000 crore Punjab National Bank (PNB) fraud case.
It appears that the BJP government has succeeded in managing the communication of the PNB scam in a manner that its adverse impact on its electoral fortunes is largely contained
The special court, however, did not permit the ED to attach the paintings owned by Modi and seized by the Income Tax department as the Bombay high court had earlier directed for the artworks to be auctioned but the money to be deposited and not disbursed.
A special court here has allowed the release of properties worth Rs 66.33 crore, owned by fugitive diamantaire Nirav Modi and his sister Purvi Modi and attached by the Enforcement Directorate (ED) in connection with the multi-crore PNB fraud case.
The banks also received a warning from the rating agency Care, in February 2016, after Firestar's financials deteriorated.
About 40 per cent of the money lost by banks in the PNB scam and the fraud linked to fugitive businessman Vijay Mallya's defunct Kingfisher Airlines has been realised by way of sale of shares seized under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate said on Wednesday.
ED said the United Kingdom's home secretary recently referred India's request for extraditing the tainted businessman to a court for initiating legal proceedings against him.
'The financial sector will be hit even harder than the overall market.' 'The banking sector will eventually be rescued.' 'But it may go into a long downwards spiral before things turn around.' 'Threat or buying opportunity?' asks Devangshu Datta.
Belgium's supreme court -- the Court of Cassation -- on Tuesday rejected the appeal of fugitive diamond trader Mehul Choksi challenging the extradition request of India in connection with the Rs 13000-crore alleged bank fraud in Punjab National Bank, authorities in that country said.
'Retail investors have been selling since the Budget and Foreign Portfolio Investors started selling.' 'Thus far, domestic institutions have picked up the slack, buying enough to keep the major indices from falling off a cliff.' 'However, there has been carnage in smaller stocks and the financial sector has been hit much harder than the major market indices,' points out Devangshu Datta.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
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'
Fugitive diamond trader Mehul Choksi has challenged the extradition order in Belgium's Supreme Court.
Wanted diamond merchant Nirav Modi, who remains behind bars in a London prison as he contests his extradition to India on charges of fraud and money laundering in the estimated $2-billion Punjab National Bank (PNB) scam case, will find out the UK court's ruling in the nearly two-year-long legal battle on Thursday. The 49-year-old is expected to appear via videolink from Wandsworth Prison in south-west London at Westminster Magistrates' Court, where District Judge Samuel Goozee is set to hand down his judgment on whether the jeweller has a case to answer before the Indian courts. The magistrates' court ruling will then be sent back to UK Home Secretary Priti Patel for a sign off, with the possibility of appeals in the High Court on either side depending on the outcome.
The scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing
The agency on Monday questioned three general managers of the Punjab National Bank who have handled the -International Banking Division and Treasury department of the bank, officials said without revealing their identity.
While the formation of a holding company will not outright privatise State-owned banks, officials believe it will help the Centre deflect criticism arising out of the latest banking scams.
Parliamentary Affairs Minister Ananth Kumar said the government is ready for a discussion on the issue of alleged financial irregularities in the banking sector and Finance Minister Arun Jaitley will reply to the debate.
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.
Nehal Modi, the younger brother of fugitive diamantaire Nirav Modi, has been arrested in the US based on extradition requests from the Enforcement Directorate and the CBI.
Noisy protests disrupted the both houses of the Parliament on the first day of the second part of the budget session
A court in Antwerp on Friday cleared the extradition of fugitive diamantaire Mehul Choksi, noting that his arrest by the Belgian authorities on India's request was valid, officials in the know of the development said.
Once such a notice is issued against a fugitive, the Interpol asks its 192-member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin.
The 49-year-old jeweller, fighting extradition to India on charges of fraud and money laundering in the estimated $2-billion Punjab National Bank scam case, has made around six previous attempts at bail at the magistrates' court as well as at the high court level.
While the scam highlights the need for an overhaul of the oversight mechanism of banks and of their internal controls, questions are being raised on why multiple audits failed to raise an alarm
Markets regulator Sebi has ordered the attachment of bank accounts and shares and mutual fund holdings of absconding diamantaire Mehul Choksi to recover dues totalling Rs 2.1 crore in a case of violation of insider trading rules in the shares of Gitanjali Gems.
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
Reduce the government stake in public sector banks to 33 per cent, recommends A K Bhattacharya
'There are so many issues that the CVC is examining both with reference to the PNB and RBI,' K V Chowdary said.
Gandhi also labelled Mann Ki Baat a monologue.
PNB issued a formal appointment letter to Belgium-based consultancy firm BDO
The Congress had on Thursday targeted Modi for the presence of Punjab National Bank fraud accused jewellery designer Nirav Modi in an Indian business delegation at the World Economic Forum in Davos.
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.
The CBI has registered an FIR against an officer of Punjab National Bank (PNB), now suspended, for allegedly cheating the state-run lender to the tune of Rs 168.59 crore through 34 fake bank guarantees, officials said Thursday. Nearly four years after LoU (letter of undertaking) scam allegedly perpetrated by uncle-nephew duo of Mehul Choksi and Nirav Modi bled the PNB to the tune of about Rs 13,000 crore, bank official Priya Ranjan Kumar followed similar modus operandi to issue 34 fake bank guarantees without making any entries in its core banking system Finacle, according to the CBI FIR. "As per the interim investigation report dated November 27, 2022, it emerges that the fraud has been perpetrated by the bank staff in collusion with some unknown persons through illegal and unauthorized usage of the bank's systems.
Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry
Govt tells PSBs to integrate banking systems, rotate staff as a policy
She was the managing director and the CEO of PNB since August 14, 2015 before being appointed in Allahabad Bank on May 6, 2017.
The bank has one of the highest current account savings account share, stable credit quality, robust credit growth, adequate capital and low cost-to-income ratio, said PNB chief Sunil Mehta.
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