PNB fraud a people failure, not a system failure: CEO Sunil Mehta
6 years, 11 months ago

PNB fraud a people failure, not a system failure: CEO Sunil Mehta

Live Mint  

New Delhi: On 29 January, Punjab National Bank filed its first complaint with the Central Bureau of Investigation on a banking fraud that is now estimated at nearly $2 billion. Jewellers Nirav Modi and Mehul Choksi are alleged to have raised credit overseas on letters of undertaking fraudulently secured from PNB. In an interview with Mint, PNB managing director and chief executive officer Sunil Mehta claimed the bank will bounce back in less than a year. To prevent it, we are segregating front line and back-office functions and all our foreign exchange transactions will be processed at the back office itself so that risk of people failure is minimized.

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History of this topic

CBI names Nirav Modi’s sister in supplementary charge sheet
1 week ago

CBI names Nirav Modi’s sister in supplementary charge sheet

Hindustan Times  

PNB fraud: Nirav Modi MUMBAI: The Central Bureau of Investigation on Monday filed the third supplementary charge sheet in the multi-crore fraud at Punjab National Bank case, naming Purvi Modi, sister of fugitive diamond trader Nirav Modi, and a certain Aditya Nanavati as accused in the case. It is claimed that Purvi was a director in Dubai and Hong Kong …

PNB loan scam accused Mehul Choksi not in country: Antigua's Foreign Minister
1 week, 6 days ago

PNB loan scam accused Mehul Choksi not in country: Antigua's Foreign Minister

India Today  

Fugitive diamond merchant Mehul Choksi is currently not in Antigua, Foreign Minister of Antigua and Barbuda Paul Chet Greene told India Today TV. Until now, Choksi was believed to be in Antigua and Barbuda after leaving India in January 2018, shortly before the Rs 13,850 crore scam was found and the Central Bureau of Investigation filed FIRs. Choksi and his …

PNB loan scam: Court orders auction of assets owned by Mehul Choksi's firm
1 month, 2 weeks ago

PNB loan scam: Court orders auction of assets owned by Mehul Choksi's firm

India Today  

A Special CBI Court in Mumbai on Thursday granted permission for the auction of unsecured properties belonging to Gitanjali Gems Limited, a company owned by fugitive diamantaire Mehul Choksi. The court order lists several properties in Mumbai and Surat that will be auctioned: 7 flats in Kheni Tower in Mumbai’s Santacruz 1 Commercial Unit in Bharat Diamond Bourse, in Mumbai’s …

RBI Report: Bank frauds increased eight-fold in first half of current fiscal
3 months ago

RBI Report: Bank frauds increased eight-fold in first half of current fiscal

Deccan Chronicle  

New Delhi: Facing multiple challenges for the financial system in the country, the Reserve bank of India on Thursday said that the number of bank frauds witnessed a significant rise of eight-fold to Rs 21,367 crore in over 18,000 cases in the first half of the current fiscal. “The number of frauds during April-September stood at 18,461 involving Rs 21,367 …

Bank fraud case: ED raids ex-directors, promoters of Kwality Ltd
4 months ago

Bank fraud case: ED raids ex-directors, promoters of Kwality Ltd

Deccan Chronicle  

New Delhi: The Enforcement Directorate on Wednesday conducted searches at multiple locations in Delhi and adjoining areas as part of an alleged bank loan fraud linked money laundering probe against former promoters of liquidated dairy major Kwality Ltd, official sources said.About a dozen places are being raided under the provisions of the Prevention of Money Laundering Act, the sources said. …

PNB fraud: ED attaches fugitive Nirav Modi’s properties, bank balance worth ₹29.75 crore
6 months, 3 weeks ago

PNB fraud: ED attaches fugitive Nirav Modi’s properties, bank balance worth ₹29.75 crore

Live Mint  

The Enforcement Directorate on Wednesday said it has provisionally attached “proceeds of crime” in the form of immovable properties and bank balances amounting to ₹29.75 crore in a case related to Punjab National Bank fraud by fugitive businessman Nirav Modi. In a statement, the ED said: “During course of investigation, assets worth ₹29.75 Crore of Nirav Modi & his group …

PNB fraud case: Fugitive Nirav Modi's assets worth ₹29.75 crore attached by ED
6 months, 3 weeks ago

PNB fraud case: Fugitive Nirav Modi's assets worth ₹29.75 crore attached by ED

Hindustan Times  

The Enforcement Directorate has provisionally attached assets worth ₹29.75 crore belonging to fugitive businessman Nirav Modi, as part of its ongoing investigation into the ₹6,498 crore Punjab National Bank fraud case, officials said on Wednesday. Nirav Modi, the mastermind behind the PNB scam, has been fighting extradition from the UK, where authorities arrested him in 2019. The scam, uncovered in …

Why Is Karnataka Govt Angry With SBI, PNB and Saying ‘Withdraw All Deposits’
7 months, 2 weeks ago

Why Is Karnataka Govt Angry With SBI, PNB and Saying ‘Withdraw All Deposits’

News 18  

Karnataka PNB SBI News: The Karnataka government has ordered all its departments, boards, corporations, public sector units and universities to withdraw all their deposits and investments in the State Bank of India and the Punjab National Bank and stop transacting any business with these institutions. The order came after the denial to redeem Rs 12 crore deposited by the Karnataka …

Karnataka govt orders state departments to close accounts with SBI and PNB; here’s why
7 months, 2 weeks ago

Karnataka govt orders state departments to close accounts with SBI and PNB; here’s why

Live Mint  

Karnataka Government has instructed all its departments, public sector units, universities, and subordinate organizations to cease all transactions with the State Bank of India and Punjab National Bank, as quoted by The Economic Times. The Finance department issued a circular to all department heads, highlighting that the Karnataka Industrial Areas Development Board was unable to recover a deposit from Punjab …

CBI arrests Dheeraj Wadhawan in ₹34,000 crore DHFL fraud
10 months, 2 weeks ago

CBI arrests Dheeraj Wadhawan in ₹34,000 crore DHFL fraud

Hindustan Times  

The Central Bureau of Investigation has arrested Dheeraj Wadhawan, promoter of Dewan Housing Finance Ltd, in connection with the ₹35,000 crore fraud with a consortium of 17 banks led by Union Bank of India, people familiar with the development said. The Wadhawan brothers were arrested by CBI on July 19, 2022, but on December 3 same year, a trial court …

₹16,180 crore siphoned off after hacking of payment gateway company account; Thane police register FIR
1 year, 5 months ago

₹16,180 crore siphoned off after hacking of payment gateway company account; Thane police register FIR

The Hindu  

A group of persons allegedly hacked into a payment gateway service provider company’s account and siphoned off funds worth over ₹16,180 crore from different bank accounts over a period of time, the Thane police said. The fraud was taking place since long and came to light following a complaint lodged with Srinagar police station in Maharashtra’s Thane city of hacking …

Police register FIR after Rs 16,180 crore hacked from payment gateway company account
1 year, 5 months ago

Police register FIR after Rs 16,180 crore hacked from payment gateway company account

India TV News  

At least Rs 16,180 crore was taken from different bank accounts over a period of time after a group of persons allegedly hacked into a payment gateway service provider company's account, Thane Police said on Sunday. The fraud was taking place since long and came to light following a complaint lodged with Srinagar police station in Maharashtra's Thane city of …

CBI searches premises of firm in ₹3,847.58-crore cheating case
1 year, 6 months ago

CBI searches premises of firm in ₹3,847.58-crore cheating case

Hindustan Times  

The Central Bureau of Investigation on Saturday carried out searches at four premises linked to a city-based firm and four of its promoters, who are accused of cheating a consortium of banks, led by State Bank of India, of ₹3,847.58 crore. The bank has alleged that the firm, Unity Infraprojects Limited, allegedly diverted the loan money it had obtained from …

PNB moves court, seeks release of Nirav Modi’s properties worth ₹71.16 crore
1 year, 8 months ago

PNB moves court, seeks release of Nirav Modi’s properties worth ₹71.16 crore

Hindustan Times  

The Punjab National Bank on Wednesday filed a petition before the special PMLA court seeking release of fugitive diamond trader Nirav Modi’s properties worth ₹71.16 crore which had been attached by the Enforcement Directorate. PNB moves court, seeks release of Nirav Modi’s properties worth ₹ 71.16 crore The agency is probing the ₹13,850-crore loan fraud at the public sector bank. …

CBI books Delhi firm for cheating Union Bank of India of Rs 46 crore
1 year, 9 months ago

CBI books Delhi firm for cheating Union Bank of India of Rs 46 crore

India TV News  

The Central Bureau of Investigation filed an FIR against Delhi-based company Horizon Solution for allegedly cheating Union Bank of India to the tune of over Rs 46 crore in a loan fraud, officials said on Friday. The CBI has booked the East of Kailash-based company, its proprietor Zeba Urfi and guarantor Zaib Un Nisa on charges of criminal conspiracy, cheating, …

CBI registers case against IL&FS subsidiary for defrauding 19 banks of Rs 6,524 cr
1 year, 9 months ago

CBI registers case against IL&FS subsidiary for defrauding 19 banks of Rs 6,524 cr

India TV News  

New Delhi: The Central Bureau of Investigation has filed a case against IL&FS Transportation Network Ltd and its directors for allegedly defrauding 19 banks of Rs 6,524 crore between 2016 and 2018, officials said on Friday. The accused persons are white colour criminals and very well know the intricacies of the law and know to save themselves from the clutches …

CBI books Raigad-based firm for ₹1,017.93-crore loss to bank consortium
1 year, 10 months ago

CBI books Raigad-based firm for ₹1,017.93-crore loss to bank consortium

Hindustan Times  

Mumbai: The Central Bureau of Investigation recently registered a case against a Raigad-based steel processing firm and its directors for allegedly causing a loss of ₹1,017.93 crore to a State Bank of India -led bank consortium in the form of unpaid loans. The SBI, which is the complainant in the case, alleged that the firm had siphoned off a portion …

Got message about Punjab Bank financial scheme? It is fake
1 year, 11 months ago

Got message about Punjab Bank financial scheme? It is fake

India Today  

Some Punjab National Bank customers are receiving a message related to a financial scheme, but the government has clearly deemed it fake. In a tweet by PIB, customers are receiving a fraudulent message claiming there's a reward worth Rs 6,000 under PNB 130th government financial scheme. The tweet states, "chance to win a Financial Subsidy worth Rs 6,000 from Punjab …

₹11-crore coin fraud case: CBI searches 5 locations in Punjab’s Faridkot
1 year, 11 months ago

₹11-crore coin fraud case: CBI searches 5 locations in Punjab’s Faridkot

Hindustan Times  

Central Bureau of Investigation on Thursday conducted searches at five locations in Faridkot district’s Jaitu subdivision in connection with an alleged fraud case wherein coins worth ₹11 crore had gone missing from the vaults of a State Bank of India branch in Rajasthan’s Karauli. Central Bureau of Investigation on Thursday conducted searches at five locations in Faridkot district’s Jaitu subdivision …

PNB scam: PMLA court grants bail to Nirav Modi’s close aide
1 year, 11 months ago

PNB scam: PMLA court grants bail to Nirav Modi’s close aide

Hindustan Times  

MUMBAI: A special PMLA court in the city on Tuesday granted bail to Subhash Parab, a close aide of fugitive diamantaire Nirav Modi, observing that the main beneficiary of the proceeds of crime is still beyond the reach of the law enforcement agencies even after five years of registration of the case. PNB scam: PMLA court grants bail to Nirav …

Fresh FIRs against Mehul Choksi in PNB bank loan fraud case
2 years, 3 months ago

Fresh FIRs against Mehul Choksi in PNB bank loan fraud case

Op India  

The Central Bureau of Investigation on Friday filed three fresh FIRs against fugitive diamantaire Mehul Choksi and two jewellery brands, Nakshatra Brands Limited and Gitanjali Gems Limited. The FIRS were against Nakshatra Brands Ltd and Gitanjali Gems Ltd, Mehul Choksi, who is the managing director of Gitanjali Gems Ltd and guarantor for Nakshatra Brands Ltd; Dhanesh Vrajlal Sheth, director of …

CBI Files Fresh FIRs Against Fugitive Mehul Choksi, Jewellery Brands Gitanjali and Nakshatra in Rs 6,700 Cr Bank Fraud Case
2 years, 3 months ago

CBI Files Fresh FIRs Against Fugitive Mehul Choksi, Jewellery Brands Gitanjali and Nakshatra in Rs 6,700 Cr Bank Fraud Case

News 18  

The Central Bureau of Investigation on Friday filed three fresh FIRs against fugitive businessman Mehul Choksi, and jewellery brands Gitanjali and Nakshatra. The FIRs were filed on a complaint from the Punjab National Bank bringing to light an additional Rs 6,746 crore loss incurred by it and other consortium banks, officials said. Four years after his dramatic escape and failure …

CBI registers fresh FIRs against Mehul Choksi in Rs 6,000 crore fraud case
2 years, 3 months ago

CBI registers fresh FIRs against Mehul Choksi in Rs 6,000 crore fraud case

India Today  

The Central Bureau of Investigation has registered two fresh FIRs against fugitive diamentaire Mehul Choksi and two jewellery brands--Nakshatra Brands Limited and Gitanjali Gems Limited--for defrauding a consortium of banks of over Rs 6,000 crore. CBI officials received complaints from Vijay Kumar Wadhwa, deputy general manager of the zonal office of the Punjab National Bank in Mumbai, against Nakshatra Brands …

Delhi HC Calls for Centre's Stand on Plea for NIA Probe Against DHFL's Ex Promoters on Allegation of Terror Funding
2 years, 3 months ago

Delhi HC Calls for Centre's Stand on Plea for NIA Probe Against DHFL's Ex Promoters on Allegation of Terror Funding

News 18  

The Delhi High Court Thursday sought to know the Centre's stand on a plea seeking a probe by NIA against several persons, including former DHFL promoters Kapil and Dheeraj Wadhawan facing prosecution in a multi-crore bank loan scam case, for allegedly indulging in terror funding. The petition said that on May 9, the petitioner filed a complaint "regarding the offences …

Crime Branch Officials Still Unclear About Total Money Embezzled: Report - News18
2 years, 3 months ago

Crime Branch Officials Still Unclear About Total Money Embezzled: Report - News18

News 18  

As cases pile up in the multi-crore fraud at the Punjab National Bank in Kerala, the Kozhikode district Crime Branch team that has been entrusted with the probe in the scam is reportedly still unclear about the actual amount lost in the embezzlement. According to a report by The Hindu, three new cases have been registered in the case and …

Explained: How Nirav Modi scammed Punjab National Bank for Rs 14,000 crore
2 years, 4 months ago

Explained: How Nirav Modi scammed Punjab National Bank for Rs 14,000 crore

Firstpost  

Nirav Modi and his uncle, Mehul Choksi, created a complex web of deception through fraudulent Letters of Undertaking to siphon off Rs 14,000 crore from state-owned Punjab National Bank New Delhi: Pulling off one of the biggest bank frauds in the country, fugitive diamantaire Nirav Modi and his uncle Mehul Choksi created a complex web of deception through fraudulent Letters …

Indian tycoon Nirav Modi loses extradition appeal in UK
2 years, 4 months ago

Indian tycoon Nirav Modi loses extradition appeal in UK

Associated Press  

LONDON — Diamond tycoon Nirav Modi on Wednesday lost an appeal of a British court’s ruling that he should be extradited from the U.K. to India to face allegations he was involved in a $1.8 billion bank fraud. Two High Court judges upheld a lower court’s ruling that the fugitive jeweler has a case to answer before Indian courts and …

What is the PNB fraud case against Nirav Modi and will the fugitive finally be forced to return home?
2 years, 4 months ago

What is the PNB fraud case against Nirav Modi and will the fugitive finally be forced to return home?

Firstpost  

The High Court in London has allowed the extradition of fugitive diamantaire Nirav Modi to India. He fled the country in January 2018, days before the scam was uncovered Fugitive diamond billionaire Nirav Modi’s appeal against extradition to India has been turned down by the High Court in London today. According to Indian Express, the transcripts of Nirav Modi’s conversations …

Honour extradition treaty, don't pick holes: UK Court in Nirav Modi case
2 years, 5 months ago

Honour extradition treaty, don't pick holes: UK Court in Nirav Modi case

India Today  

The high court in London on Wednesday held that since India is a “friendly foreign power”, the UK must not pick holes in the assurances by the Indian government that Nirav Modi will be provided with adequate medical assistance. Hearing Nirav Modi’s plea against extradition to India, the court said, “India is a “friendly foreign power” and the UK must …

Bank Frauds: Know India's 4 Biggest Financial Scams That Have Hit Lenders
2 years, 7 months ago

Bank Frauds: Know India's 4 Biggest Financial Scams That Have Hit Lenders

News 18  

The Enforcement Directorate recently attached assets worth Rs 415 crore of Maharashtra’s two builders in relation to the Yes Bank-DHFL bank loan fraud-linked money laundering case. The DHFL scam is India’s biggest financial fraud involving Rs 34,000 crore, in which a total of 17 banks have been defrauded by this home loan provider. Here’re four biggest financial scams in India: …

PNB scam case: Former V-P of Mehul Choksi's Gitanjali Group gets bail
2 years, 7 months ago

PNB scam case: Former V-P of Mehul Choksi's Gitanjali Group gets bail

India Today  

The Bombay High Court on Thursday granted bail to Vipul Chitalia, former vice-president of Mehul Choksi-promoted Gitanjali Group and an accused in the multi-crore Punjab National Bank scam. However, Aggarwal pointed to the ground of parity where he stated that Chitalia's co-accused, who signed the LOUs with him, was granted bail soon after the first chargesheet was filed in the …

Gems, jewellery among Nirav Modi's Rs 250 crore assets attached by ED
2 years, 8 months ago

Gems, jewellery among Nirav Modi's Rs 250 crore assets attached by ED

India Today  

The Enforcement Directorate has attached properties, jewellery and bank balances, amounting to Rs 253.62 crore, belonging to fugitive jeweler Nirav Modi under the Prevention of Money Laundering Act. Some assets of Nirav Modi were identified in the form of gems and jewellery lying in private vaults and bank balances in accounts maintained there and these have been provisionally attached under …

List of Fugitive Economic Offenders in India: Vijay Mallya, Nirav Modi, others
2 years, 8 months ago

List of Fugitive Economic Offenders in India: Vijay Mallya, Nirav Modi, others

Live Mint  

On July 11, the Supreme Court handed down a four-month term in a contempt case against fugitive tycoon Vijay Mallya, who was charged in a bank loan default case involving his disbanded Kingfisher Airlines and a debt of over ₹9,000 crore. Nirav Modi Jeweller and fashion designer Nirav Modi is charged with defrauding Punjab National Bank of ₹14,000 crore in …

As India’s biggest bank fraud is unearthed, a look at the DHFL case and other big bank frauds in the country
2 years, 9 months ago

As India’s biggest bank fraud is unearthed, a look at the DHFL case and other big bank frauds in the country

Firstpost  

Former promoters of Dewan Housing Finance Ltd are among 13 accused who have been arrested for defrauding a consortium of 17 banks of Rs 34,615 crore The CBI has booked former CMD Kapil Wadhawan and director Dheeraj Wadhawan of Dewan Housing Finance Ltd in the “biggest” banking fraud in India. The audit of DHFL account books showed that the company …

CBI books DHFL and its promoters for alleged ₹34,615-crore bank fraud
2 years, 9 months ago

CBI books DHFL and its promoters for alleged ₹34,615-crore bank fraud

The Hindu  

The Central Bureau of Investigation has booked the Dewan Housing Finance Corporation Limited, its promoters and others for allegedly cheating a consortium of 17 banks to the tune of ₹34,615 crore. A total of 66 entities — which were inter-connected and involved individuals linked to DHFL promoter entities — were extended loans and advances of over ₹29,100 crore, against which …

CBI books DHFL's Kapil, Dheeraj Wadhawan, others in India's biggest bank fraud of Rs 34,615 crore
2 years, 9 months ago

CBI books DHFL's Kapil, Dheeraj Wadhawan, others in India's biggest bank fraud of Rs 34,615 crore

India Today  

The Central Bureau of Investigation is conducting searches in Maharashtra at 12 locations at premises linked to DHFL, its promoters Kapil Wadhawan, Dheeraj Wadhawan, businessman Sudhakar Shetty and others in connection with a Rs 34,614 crore bank fraud case. According to the FIR, Dewan Housing Finance Corporation Limited, its then Chief Managing Director Kapil Wadhawan, then Director Dheeraj Wadhawan, businessman …

CBI Books DHFL's Kapil, Dheeraj Wadhawan in Rs 34,000-Cr Bank Fraud Case
2 years, 9 months ago

CBI Books DHFL's Kapil, Dheeraj Wadhawan in Rs 34,000-Cr Bank Fraud Case

News 18  

The Central Bureau of Investigation, or CBI has filed a new case against DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan, officials said on Wednesday, June 22. The case has been registered against the two Dewan Housing Finance Corporation Ltd or DHFL promoters for cheating a consortium of 17 banks led by the Union Bank of India to the tune of …

ED files chargesheet against Mehul Choksi, his wife in PNB scam case
2 years, 9 months ago

ED files chargesheet against Mehul Choksi, his wife in PNB scam case

India Today  

The Enforcement Directorate has filed a chargesheet against fugitive diamentaire Mehul Choksi, his wife Priti and others in connection with the Rs 13,000 crore Punjab National Bank fraud case. In June 2021, India Today ran an exclusive report on how Priti Choksi was also a major beneficiary of the proceeds of crime in the PNB scam. In 2013, Priti, along …

Nirav Modi's close aide brought back to India by CBI in PNB scam case
2 years, 11 months ago

Nirav Modi's close aide brought back to India by CBI in PNB scam case

India Today  

Subhash Shankar, a close aide of fugitive diamantaire Nirav Modi, has been brought back to Mumbai by the CBI after he was nabbed in Cairo. This was a major operation by CBI officials investigating Nirav Modi in connection with the PNB fraud case. Nirav Modi is wanted in India on charges of fraud and money laundering in the estimated USD …

No PSB bank employees found involved in Rs 14,349-crore ABG Shipyard fraud case, says Nirmala Sitharaman
3 years ago

No PSB bank employees found involved in Rs 14,349-crore ABG Shipyard fraud case, says Nirmala Sitharaman

Firstpost  

ABG Shipyard was granted a loan under consortium arrangement led by ICICI Bank, and the account was declared as a non-performing asset by the lender banks in August 2013 New Delhi: Finance Minister Nirmala Sitharaman on Tuesday said no public sector bank employees were found to be involved in the Rs 14,349 crore bank fraud by ABG Shipyard Ltd, and …

Rs 18,000 crore recovered from Vijay Mallya, Nirav Modi, Mehul Choksi
3 years, 1 month ago

Rs 18,000 crore recovered from Vijay Mallya, Nirav Modi, Mehul Choksi

Op India  

The Central Government has told to the Supreme Court that Rs 18000 crore have been returned to the banks which were stifled by fugitives Vijay Mallya, Nirav Modi, and Mehul Choksi until now. While comparing the numbers with the global data, Tushar Mehta added, “very small number of cases are being taken up for investigation under the PMLA as compared …

18,000 crore recovered from Vijay Mallya, Nirav Modi, Mehul Choksi: Government
3 years, 1 month ago

18,000 crore recovered from Vijay Mallya, Nirav Modi, Mehul Choksi: Government

Hindustan Times  

Banks have recovered ₹18,000 crore from fugitives Vijay Mallya, Nirav Modi and Mehul Choksi, Solicitor General Tushar Mehta told the Supreme Court on Wednesday. Mehta told the top court bench, led by Justice AM Khanwilkar, that the value of cases registered under the Prevention of Money Laundering Act against Mallya, Modi, and Choksi is now ₹67,000 crore. Vijay Mallya is …

‘ABG Shipyard fraud detected faster than average time in such cases’ - FM
3 years, 1 month ago

‘ABG Shipyard fraud detected faster than average time in such cases’ - FM

The Hindu  

Finance Minister Nirmala Sitharaman said that the Opposition has put its foot on the proverbial axe by raising a hue and cry about the biggest banking fraud of ₹22,842 crore perpetrated on banks by ABG Shipyard, stressing that the account had turned into a non-performing asset in November 2013 while the UPA was in power. While it normally takes 52 …

ABG Shipyard Bank Fraud: Rahul Gandhi, Akhilesh Yadav Target Modi Govt
3 years, 1 month ago

ABG Shipyard Bank Fraud: Rahul Gandhi, Akhilesh Yadav Target Modi Govt

ABP News  

New Delhi: Taking a dig at Prime Minister Narendra Modi over the recent alleged bank fraud incidents in the country, Congress leader Rahul Gandhi on Sunday said such frauds have never taken place with people’s money in the history of Independent India. “Till now Rs 5,35,000 crore bank frauds have taken place during Modi era - never in 75 years …

ABG Shipyard bank fraud: SBI claims there was no delay in the filing of case
3 years, 1 month ago

ABG Shipyard bank fraud: SBI claims there was no delay in the filing of case

India TV News  

ABG Shipyard bank fraud: SBI claims there was no delay in the filing of case ABG Shipyard fraud is much higher than the one perpetrated by Nirav Modi and his uncle Mehul Choksi, who allegedly cheated the Punjab National Bank of around Rs 14,000 crore through the issuance of fraudulent Letters of Undertaking. Highlights CBI recently booked ABG Shipyard Limited …

US court junks Nirav Modi's plea seeking dismissal of fraud allegations against him
3 years, 5 months ago

US court junks Nirav Modi's plea seeking dismissal of fraud allegations against him

Firstpost  

The allegations were made by Richard Levin, the court appointed trustee of three US corporations indirectly owned by Nirav Modi previously Washington: A bankruptcy court in New York has dismissed a petition of fugitive diamond merchant Nirav Modi and his associates, seeking dismissal of fraud allegations against them. The allegations were made by Richard Levin, the court appointed trustee of …

PNB asks NCLAT to quash Jet Airways’ rescue plan
3 years, 6 months ago

PNB asks NCLAT to quash Jet Airways’ rescue plan

Live Mint  

New Delhi: India's Punjab National Bank on Thursday urged a tribunal to quash the rescue plan for defunct debt-laden Jet Airways, alleging irregularities in it, a move that risks delaying any return of the airline grounded two years ago. PNB, the court-appointed official in charge of Jet's revival, Ashish Chhawchharia, and a spokesperson for the consortium investing funds into the …

CBI lodges FIR against UP-based firm for defrauding banks of Rs 6,883 crore
3 years, 7 months ago

CBI lodges FIR against UP-based firm for defrauding banks of Rs 6,883 crore

India Today  

The Central Bureau of Investigation has registered an FIR against an Uttar Pradesh-based firm for defrauding at least 10 banks to the tune of Rs 6,833 crore, officials said. The case has been lodged by the federal probe agency on the complaint of Central Bank of India against Shri Lakshmi Cotsyn Limited, its directors - Dr Mata Prasad Agarwal, Sharda …

CBI books Amrapali Biotech, directors in alleged ₹48 crore bank fraud
3 years, 8 months ago

CBI books Amrapali Biotech, directors in alleged ₹48 crore bank fraud

Live Mint  

The Central Bureau of Investigation has filed an FIR against Amrapali Biotech and its directors over allegations of duping Punjab National Bank to the tune of ₹47.97 crore. The original bank of concern was Oriental Bank of Commerce, which was merged with Punjab National Bank, with effect from April 1, 2020, under the mass public-sector banks' consolidation. The Central Bureau …

PNB moves court seeking restoration of assets of Nirav Modi’s firms confiscated by ED
3 years, 8 months ago

PNB moves court seeking restoration of assets of Nirav Modi’s firms confiscated by ED

Live Mint  

The Punjab National Bank on Wednesday moved multiple applications before a special PMLA court here, seeking restoration of the assets of two firms owned by fugitive diamond merchant Nirav Modi, who is accused of duping the bank. The Enforcement Directorate had earlier confiscated assets worth over ₹329.66 crore of Nirav Modi under the fugitive economic offenders law. The confisticated property …

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