Pnb Fraud

UK Court orders Nirav Modi to pay Bank of India over Rs 100 crore in loan guarantee case

A London High Court has ruled that Nirav Modi must pay more than Rs 100 crore to Bank of India under a personal guarantee linked to a loan taken by Firestar Diamond FZE.

PNB fraud: Nirav Modi’s extradition trial to begin from May 11 in UK court

Fugitive diamond merchant Nirav Modi, fighting extradition to India on charges over the nearly $2 billion Punjab National Bank (PNB) fraud and money laundering case, was on Tuesday remanded in custody until 11 May, when his five-day trial will take place in a part-remote setting.

PNB fraud: Singapore HC orders freezing bank account of Nirav Modi's family

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.

PNB fraud: ED attaches 11 properties of Nirav Modi worth Rs 56 crore in Dubai

The central probe agency said the assets were in the name of "Modi and his group company M/s Firestar Diamond FZE and they bear a market value of USD 7.79 million, which is equivalent to Rs 56.8 crore".

PNB fraud: Nirav Modi gets one month to file reply to ED plea

The financial crime probe agency, in the plea, had sought direction to declare the diamond jeweller a "fugitive" under the Fugitive Economic Offenders Act.

PNB fraud: Mehul Choksi moves special CBI court for cancellation of non-bailable warrant

On May 22 this year, after taking cognisance of the second charge sheet filed in the Rs 12,636-crore PNB fraud case by the CBI, the special court had issued the NBW against Choksi.

PNB fraud case: All charges against me part of big political conspiracy, decries Mehul Choksi

Terming himself as a 'soft target', Choksi said that he has been made a sacrificial lamb for the "fault" of the state-owned PNB bank.

Noose tightens around Mehul Choksi as Indian officials visit Antigua, hand over request for extradition

"The team met the Foreign Ministry officials of the island nation yesterday and handed over the request to extradite Choksi to India," an official source said.

PNB fraud: India dismisses Antigua's claims on granting citizenship to Mehul Choksi, says he 'was' clear then

  Official sources said the Ministry of External Affairs has received the extradition request from the CBI and is currently in the process of sending it to the authorities in Antigua and Barbuda.  

PNB fraud: Mehul Choksi present in Antigua, confirm authorities; CBI to move extradition request soon

Dues of PNB's big defaulters fall to Rs 15,354 crore in June

PNB suffered a standalone net loss of Rs 12,282.82 crore in 2017-18, as against a profit of Rs 1,324.80 crore in 2016-17.

PNB fraud: SC dismisses PIL seeking SIT probe against Nirav Modi

The Supreme Court also observed that the PIL is devoid of merit and the allegations made in it are “unwarranted” and “reckless”.

PNB fraud: UK shares ‘movements’ of Nirav Modi, but his specific location remains unknown

The United Kingdom (UK) shared the information on “movements” of Nirav Modi, his brother Nishal and his uncle Mehul Choksi after the CBI issued a diffusion notice through Interpol against them on February 15.

Diamantaire Nirav Modi flees to UK, seeks political asylum: Report

Nirav Modi and his uncle Mehul Choksi are being investigated by the Enforcement Directorate for allegedly cheating the PNB, the country’s second largest lender, to the tune of more than USD 2 billion.

PNB fraud: ED to seek immediate confiscation of Nirav Modi's assets worth Rs 7,000 crore under fugitive ordinance

The agency, empowered by the Union government to enact the new power in the country, will seek an official declaration to categorize Nirav Modi as a "fugitive" based on its prosecution complaint (charge sheet) filed before a special court in Mumbai last week under the Prevention of Money Laundering Act (PMLA).

Nirav Modi fraud fallout: Moody's downgrades PNB rating to Ba1/NP from Baa3/P-3

The downgrade also reflects the weak internal controls and processes of the bank, given that the fraudulent transactions were undetected for a number of years. 

PNB fraud: ED summons four absconding members of Nirav Modi's family, US partner

The ED asked them to depose before the investigating officer of the case in Mumbai over the next few days.

PNB fraud: ICAI sends notices to statutory auditors of Brady House branch, directs them to appear

"ICAI has issued notices to statutory auditors of the Brady House branch under the Chartered Account Act, 1949, to appear before Board of Discipline and offer an explanation," ICAI member S B Zaware said.  

Fraud fallout: PNB tightens norms, to separate loan appraisal and monitoring teams

Besides, the lending major said it will look on a quarterly basis on whatever internal accruals can be generated -- through recovery, more efficient risk management, more business generation and more cross selling.   

Following Nirav Modi scam, Fitch downgrades PNB's viability rating to BB-

A fraud of around $2.2 billion took place in PNB, the second largest in public sector, by diamond trader Nirav Modi and his uncle Mehul Choksi.