Fugitive diamantaire Nirav Modi, wanted in India in connection with the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case, is set to appear before a UK court for his customary 28-day remand hearing on Thursday.
India's one of the largest public sector bank, Punjab National Bank (PNB) has collected Rs 278.66 crore from the poor account holders as a penalty in the financial year 2018-19 for not maintaining the minimum balance. According to PNB data, the penalty amount of Rs 278.66 crore is 32 per cent more than the amount recovered in the last financial year (2017-18).
On the assets front, bank's gross non-performing assets fell to 16.49 per cent of gross advances at end of June 2019, as against 18.26 per cent of gross advances at end of June 2018.
Public sector lender Punjab National Bank said Saturday it has detected a fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd (BPSL) and has reported it to the Reserve Bank of India (RBI).
The Debt Recovery Tribunal here on Saturday directed fugitive diamond merchant Nirav Modi, who is currently lodged in a London prison, and his aides to pay more than Rs 7,200 crore with interest to the defrauded Punjab National Bank.
The agency said the bank account is in the name of Pavillion Point Corporation based in the British Virgin Islands, a company that is "beneficially owned" by Purvi Modi and Maiank Mehta. The couple is the sister and brother-in-law of Nirav Modi, who is currently under arrest in this alleged bank fraud case in London from where India is seeking his extradition.
Fugitive diamantaire and key accused in PNB fraud case Nirav Modi's four Swiss bank accounts have been frozen by the authorities in Switzerland on request of India, confirmed Enforcement Department on Thursday.
The Antigua and Barbuda government will extradite fugitive businessman Mehul Chokshi to India soon, confirmed the Island nation's Prime Minister Gaston Browne.
"I am willing to join the investigation but due to my medical issue, I am unable to travel. I undertake to travel to India as soon as I am medically fit to trave," Mehul Choski said.
The beleaguered public sector Punjab National Bank (PNB) has admitted to 1,142 big and small defaulters all over India who have defaulted a stupendous Rs 25,090.3 crore.
PNB Scam case: The Royal Courts of Justice in London denies bail to Nirav Modi. This was Nirav Modi's fourth bail application at the UK court which was refused.
UK high court to deliver judgment on Nirav Modi's bail appeal today
Punjab National Bank scam accused Nirav Modi has been denied bail thrice before this. Westminster Magistrates' Court in London fears that Nirav Modi will run away if he is granted bail. UK High Court is likely to deliver judgment on the matter today.
Authorities at the Arthur Road jail here have kept 'barrack no. 12' ready if fugitive diamond merchant Nirav Modi is extradited from the UK in connection with the USD 2 billion PNB fraud and money laundering case, a Home department official said Tuesday.
The central bank alleged that the accused willfully and deliberately gave false information in their compliance report and the PNB's core banking system was not integrated with the applications and there was no online integration of SWIFT with the RBI's Core Banking Solution.
The RBI has slapped a penalty of Rs 2 crore on Punjab National Bank (PNB) for non-compliance of regulatory directions with regard to SWIFT operations, the state-run lender said Tuesday.
Nirav Modi has fled after allegedly siphoning off about Rs 13,0000 crore from Punjab National Bank using Letters of Undertaking in collusion with his uncle Mehul Choski.
Choksi, who currently lives in the Carribean Islands and is evading Indian investigators, had declared bankruptcy in August, last year.
According to a report, the airline has raised loan worth Rs 1,100 crore and a non-fund based credit facility of Rs 950 crore from PNB.
The senior IAS official had issued the demolition orders after the Enforcement Directorate (ED) handed over the property situated in Raigad district, over 90 km from Mumbai.
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