Pnb Fraud
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PNB-Nirav Modi scam: ED raids shell firms; I-T dept attaches Rs 145 crore assets
Business | Feb 22, 2018, 06:36 AM ISTWith today's seizure, the total value of gems and gold jewellery seized by the ED stands at Rs 5,736 crore.
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PNB fraud: I-T Dept attaches Nirav Modi's 141 bank accounts and FDs worth Rs 145 crore
Business | Feb 21, 2018, 09:11 PM ISTThe crackdown by I-T Department comes a day after the Enforcement Directorate (ED) launched an investigation 79 shell companies owned by the Gitanjali Group chief Mehul Choksi and 41 owned by Modi in India.
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PNB-Nirav Modi Scam: 5 mistakes that let India's biggest corporate fraud go unchecked
Business | Feb 21, 2018, 07:05 PM ISTBanking operations failure, RBI's gaffe, auditors' carelessness and mistakes committed by banks which gave out loans based on LoUs issued by PNB, they all contributed to India's biggest corporate fraud.
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PNB fraud: Centre opposes plea in SC for SIT probe
India | Feb 21, 2018, 02:17 PM ISTAttorney General K K Venugopal, appearing for the Centre, said he was opposing the PIL on various grounds, including that an inquiry has started after the FIR was registered.
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PNB fraud: Issuing of LoUs to Nirav Modi going on since 2008, Gokulnath Shetty tells CBI
Business | Feb 21, 2018, 01:59 PM ISTThe CBI has registered two cases involving Modi and Choksi. These relate to fraudulent issuance of 150 Letters of Undertaking (LoU) (a kind of bank guarantee) worth Rs 6,498 crore and 143 LoUs worth Rs 4,886 crore.
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PNB scam: CBI arrests Punjab National Bank GM rank officer in connection with Rs 11,400 crore fraud
Business | Feb 21, 2018, 09:33 AM ISTNews agency ANI reported that the official, who has been identified as Rajesh Jindal, was taken into custody by the country’s premier investigating agency last night.
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PNB fraud: Supreme Court to hear PIL seeking SIT probe today
India | Feb 21, 2018, 08:35 AM ISTThe plea filed in SC has asked for a special investigation team (SIT) to probe PNB fraud involving billionaire jewellers Nirav Modi and Mehul Choksi.
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PNB fraud fallout: RBI sets up committee to monitor bad loans, rising cases of frauds
Business | Feb 21, 2018, 09:30 AM ISTThe panel will be headed by former RBI board member YH Malegam. Malegam, considered country’s most respected auditor, had earlier led several RBI committees on important reform measures.
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Auditors failed to stop PNB fraud, will chase down cheaters till end: FM
Business | Feb 21, 2018, 07:09 AM ISTBreaking his silence over the fraud at country’s second-biggest bank, Jaitley on Tuesday said that the state was duty-bound to ensure those cheating the system are brought to justice.
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PNB fraud: CBI arrests five senior officials of Nirav Modi, Mehul Choksi's firms
Business | Feb 20, 2018, 10:49 PM ISTVipul Ambani is the top executive handling the finances of the firm of billionaire jeweller Nirav Modi, who is the kingpin of the country’s biggest ever bank fraud.
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PNB fraud: People will question Congress on fraudulent loan, says Piyush Goyal
India | Feb 20, 2018, 09:37 PM ISTGoyal, who holds railways and coal ministries, said this while replying to a question regarding alleged swindling of bank money by billionaire Nirav Modi and his associates.
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PNB fraud: CBI court sends 3 bank officials to police custody till March 3
India | Feb 20, 2018, 08:42 PM ISTThose arrested on Monday are Bechhu Tiwari, Chief Manager in charge of Forex Department, Yashwant Joshi, a Scale II Manager in the same department and Praful Sawant, a Scale I officer in the Exports Section.
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PNB-Nirav Modi fraud case: RBI cautioned banks against SWIFT misuse thrice since August 2016
Business | Feb 20, 2018, 08:35 PM ISTThe statement from RBI comes hours after Finance Minister Arun Jaitley said that the PNB scam was a result of a failure of management and auditors.
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PNB fraud: CBI questions 10 bank officials, 18 employees of Nirav Modi and Gitanjali group
India | Feb 20, 2018, 07:40 PM ISTA Central Bureau of Investigation (CBI) team also conducted raids at diamantaire Nirav Modi's Alibaug farmhouse near Mumbai which has a palatial bungalow.
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PNB-Nirav Modi bank scam: Both internal, external auditors failed to detect fraud, says Jaitley
Business | Feb 20, 2018, 08:24 PM ISTExpressing his anger at the functioning of the banks, the finance minister said that the functioning of banks depends on trust, the relationship of borrower and the lender.
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Moody's places fraud-hit Punjab National Bank under review for downgrade
Business | Feb 20, 2018, 01:16 PM ISTFollowing the biggest scam in the country's banking sector to the tune of Rs 11,340 crore at state-run Punjab National Bank (PNB), Moody's today placed the lender under review for downgrade.
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PNB fraud: I-T dept seeks account details of Nirav Modi from counterpart agencies of tax havens
Business | Feb 20, 2018, 03:40 PM ISTAccording to sources, the I-T has written letters to its counterpart agencies of these countries. The tax department said that Modi may have parked money in tax havens.
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PNB fraud: Finance Ministry writes to RBI, seeks view on lapses
Business | Feb 20, 2018, 01:12 PM ISTIn its letter, the Department of Financial Services sought the Central bank’s view on the lapses in the banking system and steps required to check recurrence of such incidents, news agency PTI reported quoting sources.
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PNB fraud: SC to hear PIL seeking SIT probe on Friday
Business | Feb 20, 2018, 12:15 PM ISTThe CBI has already registered two FIRs -- one on January 31 and another a few days ago -- against billionaire diamond merchant Nirav Modi, his relative Mehul Choksi of Gitanjali Gems and others for allegedly defrauding the PNB of about Rs 11,400 cr.
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No direct exposure to Punjab National Bank, says IndusInd Bank
Business | Feb 20, 2018, 12:10 PM ISTThe bank, one of the most active lenders in the gems and jewellery sector, however has a "small" exposure to Gitanjali Gems, promoted by Modi's uncle Mehul Choksi which is also an accused in the Rs 11,400-crore fraud.