Page 5 - Nirav Modi Scam At Pnb

Demolition of Nirav Modi's illegal bungalow at Alibag has begun: Govt to HC

Nirav Modi, wanted in a Rs 14,000-crore scam at Punjab National Bank, has fled the country

PNB board found no criminality against sacked executive directors

On January 18, the finance ministry, issued an order to sack Rao and Sharan

Nirav Modi's Mumbai seaside bungalow 'illegally' built, being demolished

Raigad Collector Suryawanshi said the bungalow was illegally built and flouted all environmental norms

SBI moves to recover Rs 405 crore from Mehul Choksi, his family, companies

This is the first time the country's biggest bank's exposure has been revealed in the case involving Mehul Choksi, who is among the prime accused in the Rs 13,500 crore fraud in PNB

Mehul Choksi will be brought back to India to face the law: Rajnath

Government sources said India continues to pursue Choksi's return with the government of Antigua through diplomatic and legal channels

Rs 14,300-cr fraud: Centre issues order to sack two PNB executive directors

The Centre said the PNB two executives failed in their capacity in the top management to justify their dismissal

Centre removes two PNB executive directors for lapses in Rs 13,500-cr fraud

The PNB has intimated the action to the stock exchanges

Nirav Modi says he can't return to India, cites security reasons

Modi feared for his safety given the violent threats made against him "as illustrated by the burning of his effigies", the reply to the court said

PNB scam a civil transaction, being blown out of proportion: Nirav Modi

Modi also reiterated that he cannot return to India due to safety concerns and also because his case has been politicised

Banks may take more than $3 billion hit from PNB fraud case: I-T Dept

The bank said these fraudulent transactions had taken place over a number of years and amounted to $1.77 billion

PNB scam: SFIO yet to submit report on Nirav Modi, Mehul Choksi

A multi-agency probe is already underway into the fraud, which was mainly perpetrated by way of fraudulent Letters of Undertaking

Interpol issues Red Corner Notice against Mehul Choksi, says CBI

Choksi, who escaped in the first week of January this year after he and his companies cheated the bank of Rs 70 billion, has taken citizenship of Antigua

Nirav Modi cannot return, afraid of getting lynched in India: Lawyer

There was evidence of a mob lynching against Nirav Modi and he was being compared with 'Ravan'

PNB fraud: Will appear if I'm fit to travel, Mehul Choksi tells PMLA Court

Choksi has claimed that he cannot take a 41-hour flight to come to India due to a 'brain clot' and other medical conditions

PNB fraud: Mehul Choksi aide Deepak Kulkarni nabbed at Kolkata airport

Kulkarni was a director in a Hong Kong-based "dummy" firm linked to Choksi

PNB scam: Citing ill-health, Choksi opposes fugitive offender tag in court

Mehul Choksi's prime argument was to seek cancellation of the ED's complaint against him under the Fugitive Economic Offenders Act on 'health grounds'

Cong alleges 19,000 'bank frauds' under Modi govt, wants Jaitley sacked

Sachin Pilot alleged that 23 fraudsters escaped India under the government's watch after duping the country of over Rs 530 billion

PNB recoveries on track; Rs 130 bn recovered, upgraded in Q1, Q2: MD & CEO

Gireesh BabuPunjab National Bank is well on its target of recovery and loan upgradation for the fiscal year with almost Rs 130 billion recovered and upgraded in the first two quarters of the financial year, said Sunil Mehta, managing director and CEO of the Bank. The Bank is also expecting the Fugitive Economic Offenders Bill, 2018, once implemented, will help it to recover some amount from the Rs 130 billion related to the alleged Nirav Modi scam."We have put up a target of Rs 175 billion of recovery in cash and around Rs 45 billion of upgradation of NPAs, which would make Rs 220 billion of recovery and upgradation during the current financial year. The first quarter itself, we have made a recovery of Rs 84.45 billion. If we include the second quarter, the results are yet to be announced, but we are on the track. The total recovery we have made upto the second quarter, of over Rs 130 billion. We are ahead of our track," he said. He was in Chennai to launch a Trade Finance Centre and .

Not only banks, Nirav Modi also defrauded individuals with fake diamonds

Nirav Modi sold fake diamonds to Canadian national for $200,000

PNB wilful defaulters' dues fall marginally to Rs 150.75 bn at Aug-end

Outstanding dues of big wilful defaulters of Punjab National Bank reduced marginally to 15,075.07 crore at end-August from Rs 15,175 crore at the July end, according to the bank's data. According to the list of wilful defaulters who took loans of Rs 25 lakh and more, Kudos Chemie Ltd and Kingfisher Airlines were the major borrowers with outstanding amount of Rs 1,301.82 crore and Rs 597.44 crore respectively. Jas Infrastructure had outstanding dues of Rs 410.96 crore; VMC Systems Rs 296.08 crore; MBS Jewellers Rs 266.17 crore; Tulsi Extrusion Rs 175.40 crore; ICSA Ltd Rs 134.76 crore; Vibha Agrotech Rs 125 crore; Arvind Remedies Rs 158.16 crore; Bhawani Industries Rs 106.66 crore; Indu Projects Ltd Rs 102.83 crore; BBF Industries Rs 100.99 crore and Rupana Papers Rs 100.49 crore. These are all part of a consortium lending, the PNB list showed. Among those who took loans from PNB as a sole lender included Winsome Diamonds & Jewellery Rs 899.70 crore; Zoom Developers Rs 410.18 ...