Page 833 - Finance News

PNB fraud case: Lenders seek forensic audit of Gitanjali group's books

Bankers said the Gitanjali group had a standard account with IDBI Bank and Dena Bank

PNB fraud: Sebi likely to probe disclosure lapses by banks, jewellery firms

The trading patterns of the companies as well as their senior officials who have come under the lens would also be looked by Sebi

Rs 114-bn fraud: Other lenders flouted RBI rules, PNB tells 30 bank heads

'There is a clear criminal connivance of group companies of Nirav Modi and Gitanjali Gems,' said PNB

25,600 cases! Indian banks were defrauded of Rs 1.79 bn till December 2017

Data released by the RBI last March revealed that during the first nine-months of 2016-17, 455 cases of fraudulent transactions of Rs 100,000 and above were detected at ICICI Bank

Despite banks blowing the whistle on bad loans, the Nirav Modi show goes on

Modi has been relentless in building his brand regardless of banks having a problem of fraudulent and unauthorised transactions with his companies

PNB fraud to impact other banks, increase their bad loans provisions

Some banks have direct exposure to Nirav Modi's companies

PNB fraud case: ED searches Nirav Modi's residence, 11 other locations

Confirming the development, an ED official said that search operation is underway and would continue for two days

PNB Rs 114 bn fraud: How 2 bankers, Nirav Modi & his cohorts pulled it off

PNB cautioned other banks about modus operandi of fraud in a letter that Business Standard has reviewed

PNB scam: Will not spare anyone who was involved, says MD & CEO Sunil Mehta

CEO said that the scam was detected by bank officials for the first time on January 25

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

'If PNB does not pay up, it will lead to double provisioning-- both PNB and 30 other banks will have to provide for the huge loss'

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

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

PNB, India's second-largest state-owned lender after State Bank of India (SBI), is now valued at just Rs 311 billion

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

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