PNB
PNB fraud crisis: Lender rushes to assure, says customers' money safe with us
Mon, Apr 02, 2018
Facing heat over nearly Rs 13,000 crore fraud, Punjab National Bank today said money of customers is safe and asserted that there would be zero tolerance towards unethical practices. Urging customers not to believe in any rumours, the bank assured that they can withdraw or deposit their money any
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PNB fraud case: RBI says conducted scrutiny, matter under examination for enforcement action
Sun, Apr 01, 2018
PNB fraud case: Replying to an RTI query, the central bank also said it has been issuing necessary instructions to banks from time to time on a variety of issues of prudential supervisory concern, including the management of operational risks inherent in the functioning of banks. Asked to provide details of action taken by the RBI after receiving input of suspected fraud at PNB and steps being taken to check such recurrences, the banking sector regulator said a confidential circular on time-bound implementation and strengthening of 'SWIFT' related operational controls was issued to public and private banks on February 20
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Banks anticipate tough Q4 as RBI tightens NPA norms
Wed, Mar 28, 2018
Withdrawal of all debt restructuring tools by the Reserve Bank of India will lead to more assets being classified as non-performing or bad loans, for which provisions will have to be made in the current quarter ending March 31, a top banker said. So, bottomlines of all banks, including those in the private sector, will be subdued in the last quarter of the current fiscal, the banker added
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PNB fraud case: ED arrests Nirav Modi led Firestar Group VP SS Wadhwa
Wed, Mar 28, 2018
PNB fraud case: Shyam Sunder Wadhwa was arrested in Mumbai on Tuesday night after questioning, said the ED official, adding it was the first arrest by the agency in the case. Informed sources said Wadhwa was accused of conducting fraudulent transactions with Firestar International and Firestar Diamond International owned by Nirav Modi, who along with his group companies -- Diamond R US, Stellar Diamond and Solar Exports -- and others have been implicated in the Rs 13,500 crore scam which was admitted by the PNB in February, leading to a massive upheaval in the country`s banking system
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PNB fraud: MCA mulls legal options to stall Nirav Modi firm Firestar Diamond's bankruptcy proceedings in US
Sun, Mar 25, 2018
PNB fraud: The move comes close on the heels of the National Company Law Tribunal (NCLT) restraining more than 60 entities, including Nirav Modi, Mehul Choksi, various individuals, companies and limited liability partnership firms, from selling their assets. A multi-agency probe, including by the Serious Fraud Investigation Office (SFIO), is progressing into the scam, whose kingpin is alleged to be Nirav Modi. The fraud, the biggest so far in the Indian banking industry, was perpetrated by way of issuance of fraudulent Letters of Undertaking ( LoUs )
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You won't believe how much this diamond seized from Nirav Modi is valued at
Sat, Mar 24, 2018
Officials said the Enforcement Directorate along with the CBI launched fresh searches on March 22 at the Samudra Mahal luxury residential flats of Modi in Mumbai's Worli area which resulted in the recovery of fresh valuables. Antique jewellery worth Rs 15 crore, costly watches valued at Rs 1.4 crore and paintings of acclaimed artists like Amrita Sher-Gil, M F Hussain and K K Hebbar valued at Rs 10 crore have been seized over the last three days under the Prevention of Money Laundering Act (PMLA)
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PNB fraud case: Mehul Choksi refuses to join CBI probe
Tue, Mar 20, 2018
In his latest letter to the CBI dated March 16, Mehul Choksi also mentioned his medical condition, suspended passport, media trial to decline the agency's communication asking him to join the probe. The agency had asked him to appear before it for questioning in connection with first FIR in which Choksi is named as an accused along with his nephew Nirav Modi, Ami Modi, Nishal Modi
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Maharashtra farmers 'reclaim' land acquired by Nirav Modi's firm
Sat, Mar 17, 2018
A group of over 200 farmers, who arrived in bullock carts at the tract of land at Khandala in Karjat tehsil, ploughed a part of it using a tractor as a symbolic reclaiming of possession. They will start cultivation on the full 125 acres of the acquired land soon, farmers said. Today's protest was meant to show that farmers have reclaimed their land, which was acquired on behalf of Nirav Modi's Firestar company some years ago, they said
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PNB fraud fallout: 107 firms, 7 LLPs under SFIO scanner
Sat, Mar 17, 2018
The government has ordered investigation to be carried out by the Serious Fraud Investigation Office (SFIO) into the affairs of 107 companies and seven limited liability partnerships (LLP) pertaining to multi-billion fraud in Punjab National Bank (PNB), Lok Sabha was informed on Friday.
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PNB fraud case: Shocking news keeps pouring in; here's what has happened now
Thu, Mar 15, 2018
PNB fraud case: The newly uncovered scam raises fresh doubts about whether more such cases involving fraudulent guarantees lurk on the books of PNB, the second biggest state-run lender, or other government-owned Indian banks.
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Govt says will take action on P Chidambaram relaxing gold import norm
Mon, Mar 12, 2018
Faced with barrage of attack from the Congress over the Rs 12,700 crore fraud at Punjab National Bank, the ruling BJP had earlier this month accused P Chidambaram of aiding jewellers Mehul Choksi and Nirav Modi
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PNB fraud: Overreaction to scam may hugely hurt credit flow, says Assocham
Sun, Mar 11, 2018
PNB fraud: Supporting the calls from industry for privatising public sector banks (PSBs) in the wake of the PNB scam by accused diamantaire Nirav Modi and his uncle Mehul Choksi, Assocham said that some immediate steps should be taken for capacity building in PSBs.
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PNB fraud case crackdown: ICICI Bank chief Chanda Kochhar, Axis Bank MD Shikha Sharma get SFIO summons
Tue, Mar 06, 2018
Punjab National Bank (PNB) fraud case: The SFIO was investigating loans of Rs 5,280 crore to Gitanjali Gems by ICICI Bank-led consortium of 31 banks which gave loans to the company
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Sensex live today: BJP win in Northeast fails to lift spirits; index dips 250 points
Mon, Mar 05, 2018
Sensex live today: The benchmark indices extended losses for the fourth straight session on Monday, tracking negative trend in Asian markets, which hovered near 2-1/2 week lows as investors worried a US-led trade war could derail economic momentum around the world.
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Loan defaults: Sebi to push for urgent disclosure by listed firms
Sun, Mar 04, 2018
Loan defaults: Concerned over an alleged loan fraud of over Rs 12,000 crore at state-run Punjab National Bank remaining undetected for years, the capital markets watchdog is revisiting its "on-hold" proposal to mandate listed firms to disclose all 'substantial' loan defaults within a day
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PNB fraud: Mauritius promises action against entities linked to fraudulent practices
Sun, Mar 04, 2018
PNB fraud: The Financial Services Commission (FSC) of Mauritius said in a statement that it has taken cognizance of the media reports about the purported fraud allegations with regards to Punjab National Bank, Nirav Modi and Mehul Choksi
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