Page 15 - Nirav Modi Scam At Pnb

Union Bank has Rs 2.95-bn direct exposure to Nirav Modi, Gitanjali firms

Both Modi and Choksi have denied wrongdoing, and so have two key accused PNB employees in the case

PNB may be given one year to provision against Rs 127-billion fraud

PNB had said it was digging into records to examine the magnitude of the fraud

Amount involved in Rs 127-bn PNB scam unlikely to go up, says DEA Secy

We have not seen any more evidence: Subhash Chandra Garg

PNB fraud: CBI's fresh summons to Nirav Modi and Mehul Choksi

Gitanjali Gems promoter Choksi has said it was impossible for him to return to India and join the investigation due to the suspension of his passport

Scrapping of 80:20 scheme enabled Nirav, Choksi to make 200% profits: Cong

UPA govt had in 2013 imposed restrictions on import of gold and made it mandatory to export 20% of imported gold after value addition under 80:20 scheme.

Swamy asks for probe against FinMin official allegedly gifted gold by Nirav

The official later wrongly donated the gift in the 'Toshkhana' at Rashtrapati Bhavan, Swamy claimed

PNB officer gets CVC-instituted vigilance excellence award

The minister said that as per information received from the Central Vigilance Commission, the awards were instituted for the first time in 2017 for the work done in the calendar year of 2016

PNB scam: Choksi asks CBI how he is a security threat; top 10 developments

The Gitanjali Gems owner criticises India's investigating agencies, accuses them of abusing processes in probing the country's biggest banking fraud

PNB scam fallout: Rupee forwards crash as banks stop issuing LoUs

Nirav Modi scam has resulted in disruption in cross-border trade as banks are unwilling to provide guarantees

PNB fraud: CBI registers fresh Rs 3.21 billion case against Nirav Modi

This is the second CBI case in which Nirav Modi has been named by the investigating agency

Nirav Modi no more a part of Indian billionaires' club in Forbes list 2018

Forbes said India's billionaire count has increased over last year

Don't waste the bank scam crisis

Think out of the box and bring in serious changes in the governance of public sector banks

Rs 127-bn scam: PNB MD Sunil Mehta appears before SFIO to record statement

Mehta was seen entering the SFIO office before 11 AM

PNB fraud: Gitanjali Gems tanks 5% as ED attaches Rs 12 bn assets of Choksi

This is the 12th straight session of fall for the stock. It has lost as much as 65.35% since February 14

GJEPC issues notice to Nirav Modi, Choksi, warns of suspension

The council had issued the first show-cause notice to both Modi and Choksi in early February, but has not receive any explanation from them

Can govt's plan to use blockchain choke Nirav Modi-style bank frauds?

Right, so Finance Minister Arun Jaitley said in his Budget speech that government does not consider crypto assets as legal. But in the same breath, he also spoke about the possibility of using blockchain proactively to usher in the digital economy. While Jaitley hadn't dwelt on the ways the technology can be used and the areas in which the government plans to introduce it, experts say blockchain, originally formed for Bitcoin, can be used to maintain land records, and has applications in several other areas. These include agriculture, financial exchanges, infrastructure and education, among others. Some quarters also believe that its usefulness in the banking sector could extend to the issue of Letters of Credit, Letters of Undertaking and other documents of assurance. The question doing the rounds on this issue is: Could the Nirav Modi fraud could have been prevented had LoUs issued on blockchain? Wide applicability Andhra Pradesh and Telangana have already begun testing blockchain ..

The treadmill of business frauds: From 1957 LIC scandal to PNB scam

Satyam offered the first inkling of the chronic governance problems in Indian companies, when a board stuffed with signature international personality patently failed to do its due diligence

Despite PNB FIR, Nirav Modi's brother got $350,000 from SBI, says TV report

Alarmingly, the extent of the unravelling fraud at PNB could rise beyond the nearly $2-billion mark so far outlined by the state-owned lender

PNB fraud: Jewellery export body for uniform lending rules at all banks

The Gems and Jewellery Export Promotion Council (GJEPC) has some suggestions for avoiding a repeat of the Punjab National Bank (PNB) scam.The body, operating under the aegis of the Union ministry of commerce, has recommended to the ministry of finance that a uniform lending standard be adopted across banks.In a letter addressed to Finance Minister Arun Jaitley, it suggests a meeting be convened of all bank chiefs to address the differences in existing guidelines amongst them. And, draft a new one, for all banks.GJEPC represents 95 per cent of the $43-billion diamond jewellery trade in India, wit 6,500 members, across all value chains. Banks differ in lending norms to jewellery entities; the scam involves manipulation of the rules by prominent firms in the segment. One bank might seek diamonds as collateral; another might clear a loan based on customer companies' balance sheets. Diamond jewellery companies have been alleged to inflate their balance sheets through means such as round ..

PNB fraud probe drove Nirav Modi's jeweler to US bankruptcy filing

Punjab National Bank shares plunge most since 2004 in Mumbai