PNB fraud: Hong Kong banking regulator cracks down on Indian lenders operating in the SAR over suspected irregularities
6 years, 8 months ago

PNB fraud: Hong Kong banking regulator cracks down on Indian lenders operating in the SAR over suspected irregularities

Firstpost  

Barring the SBI and a private bank, almost all Indian banks in Hong Kong have been subjected to a review and supervisory measures by the Hong Kong Monetary Authority New Delhi: After Firstpost exposed irregularities in the operations of Indian public sector banks in Hong Kong, the banking regulator in the Special Administrative Region of China has initiated a clean-up operation by subjecting banks to rigourous reviews, including on-site examinations and a review of their credit risk management processes. Top sources privy to the development said barring the State Bank of India and a private bank, almost all the Indian banks have been subjected to a review and supervisory measures by the Hong Kong Monetary Authority, which has also asked the banks to convince the regulator that their branches’ commercial operation is in solid health. Although all the Indian banks have allowed the auditor Natarajan to finish the audit for the 2017-18 fiscal, most have subsequently decided not to continue with him, except Union Bank of India. Despite repeated attempts, PNB’s Chief Executive at Hong Kong could not be reached for comment, while a senior officer from the Indian Overseas Bank, Hong Kong, refused to speak on the HKMA crackdown.

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History of this topic

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 allegations must never be levelled lightly
8 months, 1 week ago

Bank fraud allegations must never be levelled lightly

Live Mint  

The Reserve Bank of India’s latest revision of its Master Circular on Fraud Risk Management in banks and other regulated entities has not come a day too soon. This revision of instructions follows a recent Supreme Court ruling which said the principles of natural justice demand that the borrower be given a chance and time to respond to a charge …

RBI alarmed at lakhs of bank accounts being used for fraud: Report
8 months, 2 weeks ago

RBI alarmed at lakhs of bank accounts being used for fraud: Report

Live Mint  

The Reserve Bank of India expressed its surprise at some banks having lakhs of accounts that are used for fraudulent transactions and evergreening loans, reported Business Standard. We found certain banks having lakhs of such accounts with apparently no valid reason,” RBI Deputy Governor Swaminathan J said on Tuesday in his address to banks, with chief financial officers and auditors …

Lender Banks Required To Provide Audit Reports To Borrowers & Allow Representation Before Classifying Accounts As Fraud: Gujarat High Court
1 year ago

Lender Banks Required To Provide Audit Reports To Borrowers & Allow Representation Before Classifying Accounts As Fraud: Gujarat High Court

Live Law  

The Gujarat High Court while partly allowing a special civil application has emphasized the importance of lender banks affording borrowers the opportunity to review audit reports and present their case before categorizing an account as fraudulent. During meetings held on 18.08.2020 and 29.09.2020, discussions were held regarding forensic audit reports dated 11.08.2020 and 18.09.2020, along with various related issues, including …

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: …

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 …

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 …

PNB Scam: CBI Accuses Choksi of Destroying Evidence in New Chargesheet; Gitanjali's Ex-officials Named
3 years, 9 months ago

PNB Scam: CBI Accuses Choksi of Destroying Evidence in New Chargesheet; Gitanjali's Ex-officials Named

News 18  

The CBI has filed a chargesheet against the former international head of the Gitanjali Group of Companies, Sunil Verma, and others in connection with an alleged fraud in the PNB involving an amount of over Rs 7,080 crore, in which the promoter of the group, Mehul Choksi, is wanted by the agency. The supplementary chargesheet, filed more than three years …

Fraud-hit PMC asked other major banks for merger: Bank tells Delhi HC
4 years, 6 months ago

Fraud-hit PMC asked other major banks for merger: Bank tells Delhi HC

India Today  

India’s fraud-hit PMC Bank has approached other banks over a possible merger even as its efforts to recover funds from a big borrower have been disrupted by the coronavirus pandemic, the bank’s administrator said in a court filing seen by Reuters. PMC has “tried to engage with the major banks of the country to request for a merger”, the bank’s …

PNB classifies its loan exposure to Reliance Home Finance as fraud
4 years, 7 months ago

PNB classifies its loan exposure to Reliance Home Finance as fraud

Live Mint  

Punjab National Bank has classified its exposure to Reliance Home Finance Ltd as a fraud account and communicated it to the Reserve Bank of India, three bankers aware of the development said. PNB made the decision following a forensic audit report that highlighted some Reliance Home Finance transactions with other companies in the same group, the bankers cited above said …

CBI books Delhi-based private firm for defrauding SBI, PNB of Rs 398 crore
4 years, 9 months ago

CBI books Delhi-based private firm for defrauding SBI, PNB of Rs 398 crore

India Today  

The Central Bureau of Investigation has conducted searches in the national capital in connection with a bank fraud case of Rs 398 core. The two biggest lenders of country, State Bank of India and Punjab National Bank, have been defrauded to the tune of Rs 398 crore, said the agency. On the complaint of SBI, the federal probe agency booked …

PNB fraud: CBI set to file fresh charges in $2-bn loan forgery case; Nirav Modi's kin, 3 employees likely to be booked
5 years, 4 months ago

PNB fraud: CBI set to file fresh charges in $2-bn loan forgery case; Nirav Modi's kin, 3 employees likely to be booked

Firstpost  

PNB in 2018 alleged that a few rogue employees had issued fake bank guarantees over several years to help jewellery groups—controlled by Modi and his uncle Mehul Choksi—raise funds in foreign credit. Mumbai: The Central Bureau of Investigation will soon file fresh charges in the $2 billion Punjab National Bank fraud case and detail how the alleged wrongdoing was carried …

PNB bank fraud: CBI set to file fresh charges in $2 billion scam, says report
5 years, 4 months ago

PNB bank fraud: CBI set to file fresh charges in $2 billion scam, says report

Live Mint  

The Central Bureau of Investigation will soon file fresh charges in the $2 billion Punjab National Bank fraud case and detail how the alleged wrongdoing was carried out, according to a source with direct knowledge of the matter. In the CBI's initial charges, billionaire jeweller Nirav Modi, 21 other people, including PNB officials, and three Modi companies were accused of …

PMC Bank scam: Mumbai Police to investigate how RBI's forensic audit report missed irregularities; 'no auditors will be spared'
5 years, 5 months ago

PMC Bank scam: Mumbai Police to investigate how RBI's forensic audit report missed irregularities; 'no auditors will be spared'

Firstpost  

Mumbai Police commissioner Sanjay Barve said this after meeting a group of PMC Bank depositors met him during the day at his office. Mumbai: The Mumbai Police will investigate how the Reserve Bank of India audit missed various irregularities in the PMC Bank transactions, the metropolis police chief said on Wednesday. While interacting with the depositors, Barve said the police …

PMC Bank case: ICAI to check role of auditors; seeks information from RBI, other authorities on lender's crisis
5 years, 5 months ago

PMC Bank case: ICAI to check role of auditors; seeks information from RBI, other authorities on lender's crisis

Firstpost  

In a statement, ICAI said it has sought requisite details of their findings as well as that of any “member/firm alleged to be involved in the matter. New Delhi: Chartered accountants’ apex body ICAI has sought information from the RBI and other authorities on the PMC Bank crisis to check whether any auditor was involved in the alleged financial irregularities …

18 PSBs hit by 2,480 cases of fraud of ₹32,000 crore in Q1: RTI
5 years, 6 months ago

18 PSBs hit by 2,480 cases of fraud of ₹32,000 crore in Q1: RTI

Live Mint  

Indore: A total of 2,480 cases of fraud involving a huge sum of ₹31,898.63 crore rattled 18 public sector banks in the first quarter of this fiscal, an RTI query has revealed. Punjab National Bank stood third in the list with 99 sham cases worth ₹2,526.55 crore. A total of 75 cases of fraud involving ₹2,297.05 crore were reported in …

Punjab & Sind Bank reports about Rs 238 cr fraud by Bhushan Power; third instance after disclosures by PNB, Allahabad Bank
5 years, 8 months ago

Punjab & Sind Bank reports about Rs 238 cr fraud by Bhushan Power; third instance after disclosures by PNB, Allahabad Bank

Firstpost  

Bhushan Power and Steel has misappropriated bank funds, manipulated books of accounts to raise funds from a consortium of lender banks New Delhi: State-owned Punjab & Sind Bank Wednesday reported over Rs 238 crore fraud by Bhushan Power and Steel, a third such instance after similar disclosures made by PNB and Allahabad Bank recently. “On the basis of forensic audit …

Allahabad Bank reports ₹1775 core fraud by Bhushan Power & Steel
5 years, 8 months ago

Allahabad Bank reports ₹1775 core fraud by Bhushan Power & Steel

Live Mint  

New Delhi: After Punjab National Bank, another state-owned lender Allahabad Bank Saturday reported a fraud of over ₹1,774 crore by Bhushan Power and Steel to the Reserve Bank of India. In a regulatory filing, Allahabad Bank said on the basis of the findings of the forensic audit investigation and the CBI's FIR against the company and its directors, alleging diversion …

PNB shares tank after lender detects another fraud
5 years, 8 months ago

PNB shares tank after lender detects another fraud

Live Mint  

Shares of Punjab National Bank slumped over 7% on Monday after the lender was hit by yet another fraud, this time by Bhushan Power & Steel Ltd. At 9.30 am, the stock was at ₹75.80 on BSE, down 5.57% from its previous close. On Saturday, the bank reported ₹3,805.15 crore fraud with exposure of ₹3,800 crore includes domestic exposure of …

Punjab National Bank hit by another fraud, this time of Rs 3,800 crore
5 years, 8 months ago

Punjab National Bank hit by another fraud, this time of Rs 3,800 crore

India Today  

The Punjab National Bank on Saturday said it had reported a borrowing fraud of Rs 38.05 billion in Bhushan Power & Steel Ltd's account to the Reserve Bank of India. The fraud, "alleging diversion of funds from the banking system", was being reported to the RBI on the basis of the findings of the forensic audit and the federal police …

PNB reports over ₹3800 crore fraud by Bhushan Power & Steel
5 years, 8 months ago

PNB reports over ₹3800 crore fraud by Bhushan Power & Steel

Live Mint  

Mumbai: Punjab National Bank on Saturday said it has detected a fraud of ₹3,805.15 crore by Bhushan Power & Steel Ltd and has reported it to the Reserve Bank of India. The exposure of ₹3,800 crore includes domestic exposure of ₹3,191 crore, overseas exposure of $49.71 million at the bank's Dubai branch and $38.51 million at its Hong Kong branch. …

Delhi court summons 11 top PNB officials for violation of banking regulations, criminal conspiracy
6 years ago

Delhi court summons 11 top PNB officials for violation of banking regulations, criminal conspiracy

India TV News  

A Delhi court has summoned as accused 11 top officials of the Punjab National Bank, including former and current executive officials and the current managing director, for alleged violation of banking regulations and criminal conspiracy. In its complaint, the RBI has alleged non-compliance of its 2016 order directing commercial banks, including the PNB, to integrate their core banking system with …

How PNB fraud exposed chinks in India’s banking industry
6 years ago

How PNB fraud exposed chinks in India’s banking industry

Live Mint  

New Delhi: The arrest of billionaire jeweller Nirav Modi in the $2 billion PNB fraud case represents a milestone in India’s efforts to deal with those attempting to dupe its banking system, say experts. Having gone unnoticed for several years, the PNB fraud exposed the weak spots in India’s banking regulation and oversight. Ved Jain, former president of accounting rule …

Fraud-hit PNB ranks highest in implementation of ’reforms agenda’ in 2018: Study
6 years, 1 month ago

Fraud-hit PNB ranks highest in implementation of ’reforms agenda’ in 2018: Study

Live Mint  

Fraud-hit Punjab National Bank has been ranked first among public sector banks in the implementation of 'reforms agenda', followed by Bank of Baroda and State Bank of India, said a report Thursday. The BCG-IBA report – EASE Reforms for Public Sector Banks - measures performance of each PSB on 140 objective metrics across 6 themes, including customer responsiveness, credit off-take …

A year after PNB fraud: Lessons learnt from Nirav Modi episode, but some questions still elude answers
6 years, 1 month ago

A year after PNB fraud: Lessons learnt from Nirav Modi episode, but some questions still elude answers

Firstpost  

A year after this shocker, the key perpetrators of the case—Modi and Choksi—are still on the run. Last year, in February, India’s second largest government-owned lender, Punjab National Bank disclosed that it has been badly hit by Rs 14,000 crore financial fraud orchestrated by diamond merchant Nirav Modi and his uncle Mehul Choksi. Three: The case was initially looked at …

PNB case: 2 senior executives fired
6 years, 2 months ago

PNB case: 2 senior executives fired

The Hindu  

The government has sacked two senior executives of state-run Punjab National Bank for allegedly failing to prevent a $2 billion fraud, two sources with direct knowledge of the matter said on January 20, nearly a year after the country's biggest bank scam came to light. The firing of the two executive directors, whom the federal police have accused of breaching …

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

Exclusive: Punjab National Bank likely to shut down Hong Kong branch amid rising NPAs in big borrowers' accounts
6 years, 7 months ago

Exclusive: Punjab National Bank likely to shut down Hong Kong branch amid rising NPAs in big borrowers' accounts

Firstpost  

New Delhi: Scam-hit Punjab National Bank is likely to shut down its Kowloon branch in Hong Kong in the next few days. 14,000 crore, is reviewing the performance of its overseas banking operation amidst reports of growing non-performing assets in trade finance accounts at London, Hong Kong and Dubai. PNB has a presence in Hong Kong through two branches at …

Reality check: On bank NPAs
6 years, 9 months ago

Reality check: On bank NPAs

The Hindu  

The worst is far from over for Indian banks. The financial stability report released by the Reserve Bank of India on Tuesday has warned that the gross non-performing assets of scheduled commercial banks in the country could rise from 11.6% in March 2018 to 12.2% in March 2019, which would be the highest level of bad debt in almost two …

The art of fraud: PNB's Dubai, Hong Kong files reveal collusion between Nirav Modi and high ranking officials
6 years, 9 months ago

The art of fraud: PNB's Dubai, Hong Kong files reveal collusion between Nirav Modi and high ranking officials

Firstpost  

Investigators probing the PNB fraud expect to use the Dubai and Hong Kong files to connect the missing dots in the scam, to nab high ranking individuals. On 22 February 2011, a buyers credit on behalf of Firestar Diamond Limited Hong Kong’s account number 7111000149 was sanctioned $141,277. Two days later on 3 June 2011, another buyers credit was wrongly …

Hong Kong branches of PNB, IOB under supervisory oversight as capital ratio slip below RBI norms
6 years, 9 months ago

Hong Kong branches of PNB, IOB under supervisory oversight as capital ratio slip below RBI norms

Firstpost  

New Delhi: Hong Kong-based branches of Punjab National Bank and Indian Overseas Bank have been put under enhanced supervisory oversight and barred from proactively soliciting customer deposits by the Hong Kong Monetary Authority as the capital adequacy ratio of the two lenders fell below the regulatory requirements. IOB and fraud-hit PNB in separate regulatory filings said in view of the …

Punjab National Bank fraud: Hong Kong Monetary Authority enhances supervision of lender's HK branch
6 years, 9 months ago

Punjab National Bank fraud: Hong Kong Monetary Authority enhances supervision of lender's HK branch

Firstpost  

State-owned Punjab National Bank on Wednesday said the Hong Kong Monetary Authority has enhanced supervision of its Hong Kong branch New Delhi: State-owned Punjab National Bank on Wednesday said the Hong Kong Monetary Authority has enhanced supervision of its Hong Kong branch and has asked it “not to proactively solicit customer deposits”. “…In view of the capital position of the …

PNB fraud case: CBI files chargesheet against Mehul Choksi, others
6 years, 10 months ago

PNB fraud case: CBI files chargesheet against Mehul Choksi, others

Live Mint  

Mumbai: The Central Bureau of Investigation has filed a chargesheet against five more people, including jeweller Mehul Choksi, as part of a probe into the alleged $2 billion PNB fraud case, said two people aware of the matter. In a statement, CBI confirmed it had filed a second chargesheet in the PNB fraud case, dubbed the biggest fraud in India’s …

Bank frauds and wilful default: Gunning for ‘innocent’ managers is inevitable, but witch-hunting must be avoided
6 years, 10 months ago

Bank frauds and wilful default: Gunning for ‘innocent’ managers is inevitable, but witch-hunting must be avoided

Firstpost  

It is the constant refrain among the commentariat that if the Central Bureau of Investigation constantly breathes down the neck of bank managers who grant loans, the result would be a slowing down of the economy as the latter would play it safe and not lend even if there is a slight element of risk. They also aver that banks …

Allahabad Bank CEO to be axed for involvement in PNB fraud case
6 years, 10 months ago

Allahabad Bank CEO to be axed for involvement in PNB fraud case

Live Mint  

New Delhi/Mumbai: The government on Monday initiated the process of removing top bankers, including Allahabad Bank managing director Usha Ananthasubramanian and two executive directors of Punjab National Bank, charged by the Central Bureau of Investigation in the Rs12,636-crore fraud involving jewellers Nirav Modi and Mehul Choksi. “In the meantime, the government has instructed the government nominees to move board resolutions …

PNB tried cover up before Nirav Modi scam exploded: Transferred staff at Hong Kong, Dubai for revealing irregularities
6 years, 10 months ago

PNB tried cover up before Nirav Modi scam exploded: Transferred staff at Hong Kong, Dubai for revealing irregularities

Firstpost  

Investigators have learnt that PNB acted against two staffers, posted in Hong Kong and Dubai, for highlighting colossal anomalies in the banking system. New Delhi: Just months before the Nirav Modi scam tumbled out, Punjab National Bank quietly recalled two employees, both internal auditors posted at the lender’s Hong Kong and Dubai branches after they exposed a deep rot within …

PNB fraud: Top bank officials likely to face charges in over Rs 13,000 cr scam, say sources
6 years, 10 months ago

PNB fraud: Top bank officials likely to face charges in over Rs 13,000 cr scam, say sources

Firstpost  

PNB, India’s second-largest state-run bank, disclosed in February that two jewellery groups had defrauded it by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff over several years. New Delhi: Investigators will bring charges against senior bank officials on Monday following an investigation into the $2 billion fraud at state-run Punjab National …

PNB scam: PMO steps in, wants agencies to probe into new evidence provided by a whistleblower
6 years, 11 months ago

PNB scam: PMO steps in, wants agencies to probe into new evidence provided by a whistleblower

Firstpost  

PNB had alleged in January this year that its Mumbai branch had fraudulently issued LoU and FLC to Nirav Modi firms in connivance with deputy manager Gokulnath Shetty and other bank officials New Delhi: The Prime Minister’s Office has moved swiftly seeking appropriate action by the investigative agencies in the Punjab National Bank scam involving diamond czar Nirav Modi, his …

Fraud-hit Punjab National Bank to hire detectives to hunt down untraceable borrowers; invites applications from agencies
6 years, 11 months ago

Fraud-hit Punjab National Bank to hire detectives to hunt down untraceable borrowers; invites applications from agencies

Firstpost  

Fraud-hit Punjab National Bank has invited applications for empanelment of detective agencies to locate its untraceable borrowers New Delhi: Fraud-hit Punjab National Bank has invited applications for the empanelment of detective agencies. The lender now wants to hire detectives to locate its untraceable borrowers, as it looks to “significantly” supplement efforts to recover bad loans that surged to Rs 57,519 …

Nirav Modi fraud: PNB moves recovery writ in Hong Kong court
6 years, 11 months ago

Nirav Modi fraud: PNB moves recovery writ in Hong Kong court

Live Mint  

New Delhi: After moving the insolvency authority in the US, Punjab National Bank has raised heat by approaching Hong Kong court against billionaire jeweller Nirav Modi, who is accused of a Rs13,000 crore fraud. Hong Kong authorities have been approached and recovery writ has been filed against companies of Nirav Modi, the official said without disclosing other details. Meanwhile, China …

Nirav Modi fraud: PNB moves Hong Kong court, plans legal action in other countries too
6 years, 11 months ago

Nirav Modi fraud: PNB moves Hong Kong court, plans legal action in other countries too

The Hindu  

After moving the insolvency authority in the US, Punjab National Bank has raised the heat by approaching Hong Kong Court against billionaire jeweller Nirav Modi, who is accused of a ₹ 13,000-crore fraud. Hong Kong authorities have been approached and recovery writ has been filed against the companies of Nirav Modi, the official said without disclosing other details. Meanwhile, China …

Unravelling PNB Rot Part 2: Secret trip by Indian bankers to Hong Kong to cover up scam under scanner
6 years, 11 months ago

Unravelling PNB Rot Part 2: Secret trip by Indian bankers to Hong Kong to cover up scam under scanner

Firstpost  

A large chunk of buyer’s credit was raised by PNB’s Mumbai branch to various government-owned banks in Hong Kong to facilitate companies owned by the diamantaires. New Delhi: Days after the mammoth Punjab National Bank fraud involving diamond merchants Nirav Modi and Mehul Choksi surfaced, two officials of an Indian public sector bank made a secret trip to Hong Kong. …

Unravelling PNB rot: Hong Kong module in over Rs 13,000 cr scam comes under India scanner
6 years, 11 months ago

Unravelling PNB rot: Hong Kong module in over Rs 13,000 cr scam comes under India scanner

Firstpost  

New Delhi: Investigators in the Punjab National Bank scam have questioned many auditors in the country and have now zeroed-in on a cobweb of Hong Kong-based book-keepers who audit all Indian banks in the special administrative region of China. Sleuths from various investigative agencies said they would soon be questioning Indian bank officials and auditors in Hong Kong. Charles further …

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 …

PNB scam: Bank conducts internal probe in fraud case; 21 officials suspended, more action may follow
6 years, 11 months ago

PNB scam: Bank conducts internal probe in fraud case; 21 officials suspended, more action may follow

Firstpost  

PNB has so far suspended 21 officials and Mehta said the bank was carrying out an investigation to find out how the fraud - the biggest in Indian banking history - went unnoticed for more than half a decade. New Delhi: Punjab National Bank is conducting an internal investigation into an alleged $2 billion crore Punjab National Bank fraud and …

PNB fraud: Fitch Ratings downgrades Viability Rating of Punjab National Bank to 'bb-' from 'bb'
6 years, 11 months ago

PNB fraud: Fitch Ratings downgrades Viability Rating of Punjab National Bank to 'bb-' from 'bb'

Firstpost  

Followingmulti-crore fraud that took place in bank, Fitch Ratings has downgraded the Viability Rating of Punjab National Bank to ‘bb-’ from ‘bb’ New Delhi: Following the multi-crore fraud that took place in the bank, Fitch Ratings on Tuesday has downgraded the Viability Rating of Punjab National Bank to ‘bb-’ from ‘bb’ and has maintained the rating on Rating Watch Negative. …

PNB scam: Income Tax Department asks tax havens to furnish account details of fraudster Nirav Modi
6 years, 11 months ago

PNB scam: Income Tax Department asks tax havens to furnish account details of fraudster Nirav Modi

Firstpost  

I-T department is reportedly set to launch legal action against Nirav Modi, who is wanted in connection with PNB fraud, under Black Money Act The Income Tax Department will reportedly initiate legal action against diamantaire Nirav Modi, who is wanted in connection with the Rs 13,500 crore Punjab National Bank fraud, under the Black Money and Imposition of Tax Act, …

PNB fraud: Beijing won't interfere in Nirav Modi episode, says Hong Kong free to extradite fraudster if need be
6 years, 11 months ago

PNB fraud: Beijing won't interfere in Nirav Modi episode, says Hong Kong free to extradite fraudster if need be

Firstpost  

China said that Hong Kong can accede to India’s request to arrest fugitive Nirav Modi based on local laws and mutual judicial assistance agreements Beijing: China on Monday hinted it won’t push for fugitive Indian jeweller Nirav Modi’s arrest, who is suspected to be in Hong Kong, saying the Chinese autonomous region has its own set of judicial rules and …

PNB fraud: Talk of banking sector plunging into financial crisis just 'fearmongering', says BSE chief
6 years, 11 months ago

PNB fraud: Talk of banking sector plunging into financial crisis just 'fearmongering', says BSE chief

India TV News  

PNB fraud: Talk of banking sector plunging into financial crisis just 'fearmongering', says BSE chief The BSE chief added that the scandal would not have taken place had appropriate reforms in the banking sector including the RBI been taken after the 1992 Harshad Mehta scam. Rejecting apprehensions of India's banking sector plunging into a financial crisis as a result of …

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