Page 27 - Nirav Modi Scam At Pnb

PNB fraud: This Hyderabad temple is praying to solve the 'banking crisis'

At the Chilkur Temple, the devotees performed a special chanting invoking the Lion God

Let dogs bark: BJP MP over Rahul Gandhi's attack on PM Modi in PNB fraud

Brij Bhushan Sharan said Gandhi has no right to seek any explanation since the whole scam started during UPA regime

Rs 114-bn PNB scam: Mehul Choksi, the uncle who mentored Nirav Modi

Modi followed in his uncle's footsteps to build successful brands, only to go bust

PNB solely liable for fraud: Affected public sector banks tell govt

PSBs say will resolve payments issue bilaterally

Rs 114-bn PNB scam: Govt seeks RBI's view on lapses in banking system

In its letter, finance ministry has pointed to sections 35, 35A and 36 of the Banking Regulation Act, 1949, to highlight the powers and functions of the RBI as regulator

PNB's haste closed all options to clear debt, Nirav Modi tells banks

Your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues, said Nirav Modi

PNB fraud: Banks Board Bureau may wind up in March after Vinod Rai's exit

It is unlikely the government will look for a successor to Rai, sources familiar with the developments said

3 key officials of Gitanjali resign citing 'conscience', personal reasons

The CFO, VP, Company Secretary and a board member of Gitanjali Gems resigned

Industry chambers for privatisation of PSBs, Congress against idea

Ficci President Rashesh Shah argued a dynamic banking sector was the need of the hour

Scam-hit Punjab National Bank says enough arrangements for customers

However, PNB added realisation of any specific asset would be decided at the time of need with the approval of board

Scam-hit PNB asks Gitanjali group companies to pay Rs 10.45 billion

Gitanjali Gems also released resignation letter of Independent Director S Krishnan

Revealed: Nirav Modi's Taiwan, Surat, Hong Kong & Dubai connections

Documents accessed by Business Standard show owners of suspected Hong Kong-based shell companies are spread across the globe

Govt tells PSBs to integrate banking systems, rotate staff as a policy

The department of financial services will soon hold a meeting with the information technology team of all public sector banks (PSBs) to ensure a scam such as the one at Punjab National Bank does not recur, officials said.The department has directed all PSBs to plug the technology lapses that enabled the scam of fraudulent Letters of Undertaking (LoUs) issued on behalf of the Nirav Modi and Mehul Choksi groups of companies, to foreign branches of Indian banks."We have asked all banks to integrate their Core Banking System with the SWIFT [Society for Worldwide Inter-Bank Financial Telecommunication] system," said a senior official, on condition of anonymity.PNB says the scam was undetected as its CBS was not integrated with SWIFT, helping executives at a Mumbai branch to bypass the system and issue fraudulent transaction messages to other banks. As a result, the transactions were not reported in PNB's account books."Banks need to put systems in place to ensure security of transactions ..

Rs 114-bn PNB scam: Experts see share price slipping to Rs 90-100 levels

At Rs 114 billion, the hit could be about 23% of PNB's current net worth

CBI arrests three more Punjab National Bank staff in Rs 114-bn fraud case

Two of them are forex managers and one is responsible for checking SWIFT messages

Put more safeguards: Letter to BS on Nirav Modi's fraud at PNB

With the mother of all bank scams showing the authorities in poor light it is imperative for the regulator and banks to put more safeguards in place

PNB fraud is a clear cut case of no systemic accountability: Letter to BS

It is remarkable that despite losing Rs 2.65 trillion in a decade no head of institution has lost his job, leave alone face prosecution

Indian banks taking hit of $3 bn due to PNB fraud is false news: Govt

The fraud involved issue of illegal letters of undertaking and foreign letters of credit favour Nirav Modi and Gitanjali group of companies which were unauthorised by bank

I-T dept attaches 7 properties of Mehul Choksi, Gitanjali group in Mumbai

I-T sources said while four of these attached assets were in the name of Gitanjali Gems Limited, two were in the name of Mehul Chinubhai Choksi and one in the name of Gili India Limited

Nirav Modi diverted Rs 12.16-bn SEZ diamonds to domestic market: I-T Dept

Instead, low-quality diamonds were exported to associate units abroad to keep up the appearances