Page 6 - Nirav Modi Scam At Pnb

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 ...

ED attaches assets worth Rs 6.37 bn of Nirav Modi, family in 5 countries

The assets have been attached as part of five separate orders issued by the central probe agency

Jewellery exporters start campaign, look to contain fallout of recent scams

The campaign highlights the sector's contribution to economy and employment

PNB fraud: ED seeks to attach Nirav Modi's foreign assets worth Rs 40 bn

The identified foreign assets are in the name of Modi, his family members and in some cases in the name of firms that the agency has called 'bogus or dummy'

PNB puts nearly two dozen NPAs on sale to recover over Rs 13.20 billion

Punjab National Bank has put nearly two dozen non-performing accounts (NPAs) on sale to recover over Rs 1,320 crore. The bank's Stressed Assets Targeted Resolution Action (SASTRA) Division, which is handling the sale of stressed assets to recover dues, has put on sale a total of 21 accounts which cumulatively owe PNB Rs 1,320.19 crore. "We intend to place these accounts for sale to ARCs/NBFCs/other banks/FIs etc, on terms and conditions stipulated in the bank's policy, in line with the regulatory guidelines," PNB said in a notification. The accounts include Moser Baer Solar, which has an outstanding of Rs 233.06 crore, Divine Alloys & Power Co Ltd Rs 200.87 crore, Divine Vidyut Rs 132.66 crore, Chincholi Sugar & Bio Industries Rs 114.42 crore, Arshiya Northern FTWZ Ltd Rs 96.70 crore, Birla Surya Rs 73.58 crore, Shri Saikrupa Sugar & Allied Industries Rs 63.35 crore and Raja Forgings & Gears Ltd Rs 59.73 crore. Templeton Foods (Rs 53.17 crore), Paritran Medical College

ED charges are false and baseless: Mehul Choksi breaks silence on PNB Scam

'They have attacked my properties illegally without there being any basis of the same,' Choksi said

PNB scam: Interpol issues red corner against Nirav's sister Purvi Modi

According to ED officials, Purvi Modi and other family members of Nirav Modi were the recipients of the proceeds of the crime

How a fancy diamond helped Nirav Modi in India's biggest bank fraud

The rapid-fire sales were described as part of a plan in which Modi and associates "fraudulently borrowed approximately $4 billion over a period of years

PNB scam: Nirav Modi, Mehul Choksi's illegal Alibaug bungalows to be razed

All these bungalows have come up allegedly in violation of Coastal Regulation Zone norms and do not conform to their sanctioned plans

PNB scam: Ex-MD Ananthasubramanian, named in CBI chargesheet, gets bail

Usha Ananthasubramanian was the MD & CEO of PNB before moving to Allahabad Bank, from where she was dismissed as MD & CEO on Aug 14

UK authorities confirm Nirav Modi's presence, CBI seeks extradition

On July 2, the Interpol had issued a Red Corner Notice (RCN) against Nirav Modi under money laundering charges levelled by the Enforcement Directorate

PNB fraud: Allahabad Bank says Ananthasubramanian ceases to be MD & CEO

State-owned Allahabad Bank today said Usha Ananthasubramanian no longer heads the bank following the Finance Ministry directive yesterday to remove her from the post. "We have to inform you that the Ministry of Finance, Department of Financial Services vide notification dated August 13, 2018, has notified that...in exercise of powers under section 9 of the Banking Companies Act, 1970 the central government hereby removes Usha Ananthasubramanian, from the office of Managing Director and Chief Executive Officer of Allahabad Bank, with immediate effect," the bank said in a regulatory filing. Accordingly, Usha Ananthasubramanian has ceased to be the MD&CEO of the bank with effect from the date of aforesaid government notification, it said. She was divested of her powers as the head of the bank three months ago as a fallout of the Rs 14,000 crore fraud at Punjab National Bank after being named in the probe agency CBI's chargesheet. Ananthasubramanian was heading PNB before taking ...