Page 35 - Nirav Modi Scam At Pnb

PNB may have to pay Rs 113 bn to banks in fraud involving Nirav: Report

RBI has made their stand very clear that PNB is liable to pay dues to peer banks: Report

PNB fraud: Nirav Modi left India with family in first week of January

On Jan 23, Modi, who is believed to be in Switzerland, was also present in a group photo of Indian CEOs with Prime Minister Narendra Modi

PMO was aware of the PNB scam almost two years ago: Congress

Randeep Surjewala said whistleblower Hari Prasad had written to the PMO in July 2016, alerting the government about the "biggest bank loot scam in 70 years"

PNB's twitter handle harps on Virat Kohli, sidesteps Rs 114 bn fraud issue

After the fraud, that is worth a third of its market capitalisation now emerged on Wednesday, the bank's shares lost 17% in value, eroding about Rs 70 billion of investor wealth

PNB fraud: Govt won't spare the guilty, says Ravi Shankar Prasad

He also slammed Congress for terming the prime accused Nirav Modi as 'Chhota Modi' as an oblique reference to PM Narendra Modi

PNB scam: CBI seals residence of Nirav Modi's wife

PNB detected a 1.77 billion dollars scam in which jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders

ED seizes Rs 51-bn assets of Nirav Modi, asks MEA to revoke his passport

Six properties sealed by the ED in Mumbai in Nirav Modi case; diamond, jewellery and gold have been seized during the searches

PNB sheds Rs 81 bn in market value in 2 days; stock falls 12% on Thursday

Shares of state-owned Punjab National Bank (PNB) dropped 12 per cent on Thursday to Rs 128.4. The lender, in the epicenter of a $1.77-billion scam, has seen market capitalisation erosion of Rs 81 billion in two days. It stock has shed 21 per cent, in its worst two-day decline since May 2004.Besides the government-which holds 57 per cent stake -in the bank, the slide in shares has cut the Life Insurance Corporation of India (LIC), which holds nearly 14 per cent stake. It has impacted other institutional investors like HDFC Mutual Fund and Lazard Emerging Markets. Small investors hold nearly four per cent stake in the bank.PNB, India's second-largest state-owned lender after State Bank of India, is now valued at just Rs 311 billion.Market players said investors are dumping shares of the bank given the big scale of the fraud and concerns of it spreading. Analysts said investors are also doubting the state-owned bank's lending processes and systems."The amount involved is substantial, ..

PNB gives CBI a list of 150 fraudulent LoUs issued to Nirav Modi

The bank has claimed in three complaints to the CBI that so far it has detected 150 LoUs which were fraudulently issued by its officials in connivance with Nirav Modi

Rs 114-bn PNB fraud case: Axis Bank says 'sold down' LoU transactions

While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB

PNB says Nirav Modi made 'vague' offer to repay some of defrauded $1.77-bn

PNB Chairman and Managing Director Sunil Mehta said it has the capability to recover the dues from Modi and promised to take action against all wrongdoers

PNB fraud case: Priyanka Chopra may terminate contract with Nirav Modi

The designer is entangled in controversy after 10 Punjab National Bank officials were suspended over financial fraud to the tune of $ 1.77 billion

PNB Rs 114-billion fraud: When Nirav Modi tweets broke the net

Mehul Choksi of Gitanjali Group, the two prime accused in the fraud, had fled the country

A regulatory failure: Letter to BS on Punjab National Bank fraud case

An LOU has no legal standing and is not governed by the Union Customs Code

How Punjab National Bank became a victim of India's biggest bank fraud

The finance ministry has issued an advisory to all banks to review their large customer exposures, according to media reports

Parliamentary panel seeks report from Finance Ministry over PNB fraud

The committee is headed by senior Congress leader Veerappa Moily, and former prime minister Manmohan Singh is also a member

PNB scam: ED raids Nirav Modi, Gitanjali Gems, seizes Rs 51 bn in jewellery

The search operation came after the agency filed a Rs 2.8-billion money laundering case against Modi; his wife, Ami; brother Nishal; and Choksi on Wednesday, following a complaint by PNB

PNB scam: Will honour bona fide commitments, says bank chief Sunil Mehta

The PNB chief also said Modi had come out with 'vague offers' to repay the amounts due and had not submitted a concrete plan

Govt asks fraud-hit Punjab National Bank to conduct forensic audits

Financial Services Secretary Rajiv Kumar told media persons PNB had 'sufficient funds' to provision for the losses arising out of the fraud

Rs 114-bn PNB fraud case: Banks ignored potential red flag for two years

Lenders allowed CARE to withdraw ratings for Nirav Modi's company