Bankers want jewellery industry to become more transparent, compliant to regain trust after Nirav Modi, Mehul Choksi scam
5 years, 6 months ago

Bankers want jewellery industry to become more transparent, compliant to regain trust after Nirav Modi, Mehul Choksi scam

Firstpost  

Incidents like the Nirav Modi and Gitanjali Gems have broken down the trust level for the gems and jewellery industry. Mumbai: Bankers are not averse to financing the gems and jewellery businesses, however, they feel that the industry needs to become more organised, transparent and compliant to regain trust. “Incidents like the Nirav Modi and Gitanjali Gems have broken down the trust level for the gems and jewellery industry. He said the gems and jewellery industry should learn from the pharmaceutical industry, which had taken steps like becoming more compliant, getting international accreditation and building stronger federation.

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History of this topic

Explained | Will the money recovered from Vijay Mallya, Nirav Modi and Mehul Choksi help banks?
3 years, 6 months ago

Explained | Will the money recovered from Vijay Mallya, Nirav Modi and Mehul Choksi help banks?

The Hindu  

The story so far: The Enforcement Directorate on June 23 came out with a statement saying that it has seized assets worth ₹18,170.02 crore belonging to three fugitive businessmen. The seized assets belong to liquor baron Vijay Mallya and diamond traders Nirav Modi and Mehul Choksi — all three left India before law enforcement agencies could nab them for fraud. …

Honey, Where's My Money? How Much Do Mallya, Nirav Modi & Choksi Owe India?
3 years, 6 months ago

Honey, Where's My Money? How Much Do Mallya, Nirav Modi & Choksi Owe India?

News 18  

About 40 per cent of the money lost by banks in alleged frauds perpetrated by fugitive businessmen Nirav Modi, Mehul Choksi and Vijay Mallya has been recovered so far, the Enforcement Directorate said after the sale of attached shares worth over Rs 5,800 crore on Wednesday. Amid developments in the extradition, amount recoveries, and cases of all three fugitives, News18 …

Nirav Modi scam hits rough diamonds
5 years, 1 month ago

Nirav Modi scam hits rough diamonds

Deccan Chronicle  

Chennai: Global rough diamond sales is expected to decline 25 per cent in 2019, thanks to the challenging situation in India’s financial sector among other factors, finds a global study. Polished diamond sales too are expected to drop 10 per cent and 15 per cent by the end of 2019 because of the slowing demand for the diamond jewellery globally, …

Jewellers find exports tough as bank fraud squeezes credit
6 years, 1 month ago

Jewellers find exports tough as bank fraud squeezes credit

Live Mint  

Mumbai: India’s jewellery exporters expect tighter lending to douse any recovery in overseas sales this year, stoking fears that buyers will shift to rivals China and Thailand. In the nine months since India’s biggest bank fraud came to light, jewelers have struggled to get credit to run their businesses. Exports may not grow this year with shipments hovering near last …

PNB Scam: Noose tightens around Nirav Modi, Mehul Choksi as ED attaches Rs 218 cr assets
6 years, 2 months ago

PNB Scam: Noose tightens around Nirav Modi, Mehul Choksi as ED attaches Rs 218 cr assets

India TV News  

Tightening the noose around absconding diamond merchants Nirav Modi and his relative Mehul Choksi in the multi-crore Punjab National Bank scam, the Enforcement Directorate on Wednesday attached property worth Rs 218 crore. The beneficiaries of these assets put under attachment, they said, are absconding diamond jeweller Mehul Choksi, Mihir Bhansali, a close aide and US-based executive of main accused in …

CVC report suggests tough measures to curb banking frauds
6 years, 2 months ago

CVC report suggests tough measures to curb banking frauds

Live Mint  

New Delhi: In a move that will aid investigation agencies in their probes against bank frauds, the Central Vigilance Commission on Tuesday shared its analysis report on the top 100 banking frauds in the country with the Reserve Bank of India, the Enforcement Directorate and the Central Bureau of Investigation. With jewellers Nirav Modi and Mehul Choksi at the centre …

Union Bank of India sues fugitive jeweller Nirav Modi in Hong Kong court over fraud, says report
6 years, 3 months ago

Union Bank of India sues fugitive jeweller Nirav Modi in Hong Kong court over fraud, says report

Firstpost  

Nirav Modi, 47, has been on the run since February after Indian authorities launched an investigation into his alleged involvement in a Rs 13,600 crore scam against the Punjab National Bank, the country’s second-largest state-run lender. Beijing: Union Bank of India has taken fugitive billionaire jeweller Nirav Modi to a court in Hong Kong after two of his companies defaulted …

PNB fraud fallout: Bank finance to jewellers drops 10%; lower lending threatens exports, says industry lobby GJEPC
6 years, 5 months ago

PNB fraud fallout: Bank finance to jewellers drops 10%; lower lending threatens exports, says industry lobby GJEPC

Firstpost  

According to GJEPC, the country’s gem and jewellery exports declined by 8.84 percent during the June quarter to $10.1 billion, compared with $11.1 billion in the same period last year Mumbai: Bank finance to the gem and jewellery sector has declined by at least 10 percent, which will adversely impact exports, GJEPC cautioned in a report. “Bank finance is the …

PNB scam : Jewellers find availing funds from banks a challenge after Nirav Modi, Mehul Choksi fraud
6 years, 5 months ago

PNB scam : Jewellers find availing funds from banks a challenge after Nirav Modi, Mehul Choksi fraud

Firstpost  

Nirav Modi and Choksi are being investigated by the Enforcement Directorate for allegedly cheating Punjab National Bank, the country’s second largest lender, to the tune of more than $2 billion or over Rs 13,000 crore. Chennai: Jewellers are facing challenges in availing funds from banks following the PNB fraud case in which diamond traders Nirav Modi and his uncle Mehul …

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