Tax sleuths have detected over Rs 52 crore of unexplained cash in jewellers' bank accounts
The Reserve Bank has permitted PNB to make provisions against the fraud amount.
The Dominica high court has stayed the removal of Choksi from its soil and put a gag order on the developments till the matter is heard in an open court on June 2.
'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 Enforcement Directorate has alleged that this is a bigger bank scam in volume than that of the Punjab National Bank fraud by fugitive diamantaires Nirav Modi and Mehul Choksi, as it involves fraud to the tune of about Rs 16,000 crore.
Factors like dedicated recovery teams, centralised follow-up on bad loan accounts and resolutions via NCLT are driving the trend
Nirav Modi, the fugitive diamond merchant wanted in India to stand trial on fraud and money laundering charges, told a UK court on Thursday that he could be in England for years as some ongoing proceedings prevent his extradition. The 52-year-old former billionaire appeared for a hearing at Barkingside Magistrates' Court in east London via video link from Thameside prison in relation legal costs, or fines, amounting to GBP 150,247.00, accrued over his failed extradition appeal proceedings in the London high court. Dressed in a pink prison-issue outfit and sporting a moustache, a plump and bald Nirav addressed the three-member magistrates' bench to reveal that he had complied with the previous court direction to pay in GBP 10,000 per month towards the fines.
She was the managing director and the CEO of PNB since August 14, 2015 before being appointed in Allahabad Bank on May 6, 2017.
District Judge Marie Mallon said there were substantial grounds to believe that Nirav Modi would fail to surrender if granted bail.
PNB officials entered into a criminal conspiracy with 19 accused companies, the FIR alleges.
Dominica high court on Thursday adjourned the hearing on a habeas corpus petition filed on behalf of diamond trader Mehul Choksi, local media reported. Judge Bernie Stephenson will decide the next date of hearing after meeting both sides, Antigua News Room said. The adjournment is to allow lawyers for Choksi and the Dominica government "to agree on the language to be used with respect to the injunction filed to prevent his removal from Dominica", the media outlet reported.
The capital infusion would help improve the financial health of banks. While some banks would get necessary regulatory capital while others would get it for fueling growth.
The ED conducted further searches at 21 locations across India.
Nirmala Sitharaman said Nirav Modi may have been able to run away from the country, but the government is taking action against him, and claimed that it will "surely nab him".
Choksi filed the affidavit in connection with two petitions submitted by him in the HC seeking dismissal of an application filed by the ED in a special court for declaring him a fugitive economic offender.
"I don't care if someone doesn't like my visits to Madhya Pradesh. I will continue to talk about farmers, employment to the youth and good education," said the Patidar agitation leader.
There was a massive 24% decline in India's gems and jewelry exports to $2,321 million for September 2018 as against $3,053.38 million in the same period last year.
The move takes the process of extraditing and bringing back Nirav Modi to face the law in India to the next stage, the sources said.
Official sources said while the accounts of Nirav Modi, the diamantaire under arrest in this case in London, have deposits of $3,74,11,596 (Rs 258 crore) while the accounts in the name of his sister Purvi Modi has deposits of 27,38,136 (Rs 24 crore).
Nirav Modi, the fugitive diamond merchant wanted in India to face charges of fraud and money laundering in the estimated $2-billion Punjab National Bank (PNB) scam case, has lodged his appeal against extradition from the UK and the case will be heard at the high court in London on December 14. The 50-year-old jeweller, who remains behind bars at Wandsworth Prison in south-west London since his arrest in March 2019, was granted permission to appeal against the Westminster Magistrates' Court extradition order on mental health and human rights grounds. High court judge Martin Chamberlain had ruled on August 9 that arguments presented by Modi's legal team concerning his "severe depression" and "high risk of suicide" were arguable at a substantial hearing.
'Investors should not commit fresh money to these stocks right now, unless they can hold for the next three to four years.'
Gokulnath Shetty, then deputy manager (now retired), Manoj Kharat, a single window operator of PNB, and Hemant Bhat were taken into custody by the agency
Prime Minister Narendra Modi on Friday claimed that the Congress and Samajwadi Party will run a bulldozer over the Ram temple if elected to power, and asked them to take 'tuition' from Uttar Pradesh Chief Minister Yogi Adityanath 'where to run bulldozers'.
The Government of Dominica has told a court there to reject the habeas corpus petition filed on behalf of businessman Mehul Choksi who had claimed that he was abducted and forcefully brought to the Caribbean island nation, local media reported. The high court of Dominica ordered that the businessman be produced in a magistrate court to answer charges of his illegal entry into the country and adjourned the hearing on the habeas corpus petition till Thursday, according to local media. Rejecting the submission of Choksi who is wanted in India in an alleged Rs 13,500 crore loan fraud case in Punjab National Bank, the prosecution said the habeas corpus petition does not stand as he had illegally entered the country and was subsequently detained.
The second leg of the budget session is of 23 days and all 14 days so far have been wasted.
Experts say the recent Rs 14,000-crore PNB fraud could have been avoided had there been an integration of PNB's CBS with its SWIFT system
RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.
They said the global arrest warrant against the Belgian national Nehal, 40, has been issued on charges of alleged money laundering that is being probed by the Enforcement Directorate.
Despite Nirav Modi win, in the last five years, India managed to bring only about 20 fugitive offenders.
One incident should not be used to generalise the health of all cooperative banks, says RBI governor Shaktikanta Das.
The jeweller, who had left the country before Punjab National Bank approached the CBI with complaint against him and Nirav Modi, said the media continued to conduct a trial by itself blowing each and every issue out of proportion.
It has registered 2,000-plus money laundering cases and about 12,000 forex violation ones in the 14 years since it was established. Yet, its probes have resulted in no more than 13 convictions from nine cases of money laundering since 2005.
The Budget session of Parliament was the least productive since the year 2000.
The government must set up a Bank Investment Company to shrink its role in PSBs, if we are serious about tackling the two persistent issues - lax corporate governance practices and discretionary decision-making, says Shyamal Majumdar.
The chargesheet, filed in a special court in Mumbai, also names several other top officials of the bank.
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 PMLA court in Mumbai has sought their appearance on September 25 (Nirav Modi) and 26 (Mehul Choksi) respectively under the fugitive economic offender law.
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'
Firestar Diamond, which on its website states that its operations span the US, Europe, the Middle East, the Far East and India, blamed liquidity and supply chain challenges.
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