Page 35 - Nirav Modi Scam At Pnb

For Indian banks, the worst of their bad-loan woes may be yet to come

The central bank surprised the financial sector this week by halting all of its existing loan-restructuring mechanisms with immediate effect, and rolling out new rules

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 said it had been defrauded of about Rs 114 billion by jeweller Nirav Modi, his maternal uncle Mehul Chinubhai Choksi, and other relatives

PNB fraud: Opposition demands answers on Nirav Modi from Modi government

The Congress party, Delhi Chief Minister Arvind Kejriwal and Communist Party of India (Marxist) chief Sitaram Yechury insinuated that the Narendra Modi government helped Nirav Modi escape Indian law

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

Nirav Modi hugged PM Modi, looted while govt looked other way: Rahul Gandhi

Congress MP Gaurav Gogoi posted a picture of Prime Minister Modi with Indian CEOs at the World Economic Forum in Davos in January

PNB, Gitanjali Gems, D B Corp among 17 stocks that hit 52-week low

Six public sector banks include Allahabad Bank, Corporation Bank, Dena Bank, Oriental Bank of Commerce and Union Bank of India touched 52-week lows on the BSE.

PNB extends fall post Rs 114-bn fraud detection; Gitanjali hits 52-week low

On Thursday, The PNB chief said the fraud was detected on January 25 and was reported to the investigative agencies, including the Central Bureau of Investigation (CBI) on January 29

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