Page 16 - Nirav Modi Scam At Pnb

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

PNB scam: Gitanjali Group's VP held, SFIO calls top bankers; 10 highlights

ICICI Bank Managing Director and Chief Executive Chanda Kochhar and her Axis Bank counterpart Shikha Sharma have been summoned by the SFIO in connection with the scam at PNB

PNB scam: SFIO summons senior officials of ICICI Bank, Axis Bank

The officials were in the office for over two hours and are understood to have been asked about their business with firms like Choksi's Gitanjali Gems and also Modi

PNB fraud probe: Stocks tumble after Axis, ICICI bank officials summoned

Markets fall most in the month; Sensex drops 743 points from day's high

The reason why extent of fraud unravelling at PNB could rise beyond $2 bn

Investigators had not yet recovered all the papers and loan guarantees allegedly issued by rogue employees of the bank

PNB scam: PMO apprised of action taken against fraud on Mar 1, says FinMin

Jaitley expressed hope that going forward the bank's market capitalisation would improve

PNB fraud: Nirav Modi's Firestar Diamond moves Delhi HC against ED

The Enforcement Directorate (ED) has registered a money laundering case against Nirav Modi and others on the basis of a CBI FIR

PNB fraud: SFIO to quiz ICICI's Chanda Kochhar, Axis Bank's Shikha Sharma

ICICI Bank is believed to have extended a loan of Rs 10 billion and Axis Bank Rs 7 billion last year to Mehul Choksi's Gitanjali Gems

Gitanjali Gems downfall continues; tanks 71% in three weeks

The stock is locked in lower circuit for the 13th straight trading day, down 5% at Rs 18.35 after the media report suggested that the CBI had arrested Vice President of the company in PNB case.

Rs 127-bn PNB fraud: CBI detains Gitanjali Group's vice president

The Rs 126.36-billion fraud was allegedly perpetrated by billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems

Rs 127-billion fraud fallout: Foreign banks stop selling gold to PNB

In recent months, PNB has emerged as one of the largest gold importing banks, where it earned a margin of 1-2 per cent

PNB scam: Violation of norms going on since 2010, says CBI

Nair had signed various applications to avail the LoU facility, and he was also a director at 19 other companies of Mehul Choksi, the CBI lawyer said