Page 2 - Bank Loan Fraud

US court junks Nirav Modi's plea seeking dismissal of fraud allegations

A bankruptcy court in New York has dismissed a petition of fugitive of diamond merchant Nirav Modi and his associates, seeking dismissal of fraud allegations against them. The allegations were made by Richard Levin, the court appointed trustee of three US corporations--Firestar Diamond, Fantasy Inc and A Jaffe--indirectly owned by Nirav Modi previously. Levin had also sought a minimum compensation of USD 15 million for harm suffered by the debtors of Modi and his associates Mihir Bhansali and Ajay Gandhi. Southern District of New York Bankruptcy Court Judge Sean H Lane issued the order last Friday, in a major blow to the Indian fugitive and his accomplices. ' SDNY Bankruptcy Court Judge Lane in a clear decision denied defendants Modi, Bansali and Gandhi's motions to dismiss US Trustee Richard Levin's amended complaint in the adversary proceeding arising out of Modi's initial chapter 11 bankruptcy petition, alleging fraud, breach of fiduciary duties, RICO and related state law claim

ED arrests Ambience group promoter Raj Gehlot in money-laundering case

The ED has arrested Raj Singh Gehlot, promoter of the Ambience group, in a money-laundering case linked to an alleged bank loan fraud of Rs 800 crore, officials said on Thursday

In pandemic year, bank frauds down 25% by value: RBI annual report

In terms of number, fall is 15%; share of PSBs in cases declines

Banks in India report loan fraud worth Rs 5 trn, SBI's amount largest

Data showed 90 banks and financial institutions reported a total of 45,613 cases of loan fraud till March 31, 2021

Former PNB chief manager, two associates held in Delhi for loan fraud

A former chief manager of a public sector bank and his two associates were arrested in Delhi for allegedly misappropriating funds through a loan fraud, police said on Wednesday

Delhi Police registers case against Niira Radia for alleged loan fraud

The Economic Offence Wing of Delhi Police has registered an FIR against Nayati Healthcare's Niira Radia and four others for alleged embezzlement of over Rs 300 crore of bank loan

CBI books HDIL promoters in Rs 200-cr YES Bank loan fraud: Officials

The agency also carried out searches at nine other premises in Mumbai, including two offices of HDIL

CBI searches 5 places in Delhi, MP for Rs 938 cr SBI loan fraud case

The searches were being carried out in Madhya Pradesh's Morena and the office premises of KS Oils Ltd on Delhi's Barakhamba Road, as also of its Managing Director and promoters

Bankers get shield from fraud heat; boards of PSBs to be held accountable

Measures to protect prudent commercial decisions of PSB brass

Rating agencies move RBI, Sebi over new rule on loan default disclosures

Sources said CRAs highlighted the differential disclosure norms for bond and bank-loan defaults could lead to information asymmetry and affect the rating process, leaving scope for manipulation

Ex-Bhushan Power and Steel CMD sent to 7-day custody for 'bank loan fraud'

The ED recently attached assets worth Rs 4,025 crore of Bhushan Power and Steel Limited (BPSL).

ED arrests ex-Bhushan Power & Steel CMD Sanjay Singal for bank loan fraud

The ED has recently attached assets worth Rs 4,025 crore of Bhushan Power and Steel Limited (BPSL).

ED arrests Kamal Nath's nephew Ratul Puri in Rs 354-cr bank loan fraud case

He is already under the agency's scanner in the AgustaWestland VVIP choppers case

Probing officials for Rs 1.4-bn bribery in Gujarat bank loan fraud case: ED

The agency said the investigation in this aspect is under process as it filed a fresh charge sheet in the case of Vadodara-based Sterling Biotech group before a special court