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PNB fraud: ED to seek immediate confiscation of Nirav Modi"s 70-bn assets

A court-issued non-bailable warrant is already pending against Modi and the ED has also moved the Interpol to get a global arrest warrant issued against him, sometime back.....»»

Category: topSource: business-standardMay 27th, 2018

Rs 140-billion PNB-Nirav Modi fraud case: How money changed hands

The charge sheet was filed against Modi and 23 others associated with him.....»»

Category: topSource: business-standardMay 25th, 2018

Nirav Modi closes Ala Moana Center store amid fraud allegations against billionaire founder

Nirav Modi, a luxury jewelry store in Ala Moana Center is closed, following the company's Chapter 11 bankruptcy filling in New York and reports that its billionaire owner has been charged with bank fraud in India. The jewelry company is owned by I.....»»

Category: topSource: bizjournalsMay 24th, 2018

ED files charge sheet against Nirav Modi over $2-billion PNB fraud

The charge sheet also details the attachments made by the agency against Modi and his associates.....»»

Category: topSource: business-standardMay 24th, 2018

Nirav Modi scam: PNB Ex-MD knew it all, could have averted Rs 130-bn fraud

In its 12,000-page charge sheet, CBI claims that Usha Ananthasubramanian and some other senior bank officials were aware about Nirav Modi's fraudulent dealings, but kept misleading RBI.....»»

Category: topSource: business-standardMay 22nd, 2018

Moody"s downgrades PNB"s rating due to Rs 144 bn-Nirav Modi fraud

Moody's estimates that PNB will require external capital of about Rs 120-130 billion in fiscal 2019 to meet the minimum Basel III CET1 ratio.....»»

Category: topSource: business-standardMay 21st, 2018

PNB refuses to disclose details of Nirav Modi scam as it may hamper probe

The bank was asked to provide details of inspection that resulted in detection of the fraud and provide a copy of inspection reports.....»»

Category: topSource: business-standardMay 20th, 2018

PNB refuses to part with details of Nirav Modi scam as it may hamper probe

The bank was asked to provide details of inspection that resulted in detection of the fraud and provide a copy of inspection reports.....»»

Category: topSource: business-standardMay 20th, 2018

PNB fraud: CBI names 2 EDs, ex-CEO Usha Ananthasubramanian in charge sheet

Central Bureau of Investigation (CBI) found their involvement in the Rs 140 billion fraud related to group of companies belonging to Nirav Modi and Mehul Choksi.....»»

Category: topSource: business-standardMay 14th, 2018

PNB Scam: Two bank execs removed; Allahabad Bank chief to step down

Central Bureau of Investigation (CBI) found their involvement in the Rs 140 billion fraud related to group of companies belonging to Nirav Modi and Mehul Choksi.....»»

Category: topSource: business-standardMay 14th, 2018

Modi"s counter attack to Congress on PNB scam after Karnataka polls

PNB issued over 1,200 fraudulent LoUs to Nirav Modi firms since 2011, of which around 400 were issued during the previous government's regime.....»»

Category: topSource: business-standardMay 9th, 2018

Nirav Modi fraud-hit PNB aims to grow its total business by 10.8%

Nirav Modi fraud-hit Punjab National Bank (PNB) aims to grow its total business by 10.8 per cent and close the current fiscal with to Rs 12 lakh crore on the back of increased focus on CASA mobilisation. The board of the bank in .....»»

Category: topSource: business-standardMay 6th, 2018

PNB"s bad-loan woes mount to over Rs 151 bn on back of Nirav Modi fraud

The public sector lender has been putting out the names of wilful defaulters and firms since June 2017. Within ten months, these defaults have grown by 28%, from Rs 118.79 bn.....»»

Category: topSource: business-standardMay 6th, 2018

Bank will bounce back from fraud hit in 6 months, says PNB Chief

In February, PNB reported the Rs 130 billion fraud committed by the accused diamantaire Nirav Modi and his uncle Mehul Choksi -- both of whom are on the run.....»»

Category: topSource: business-standardMay 1st, 2018

Credit underwriting norms tightened to curb frauds, says PNB

The second largest public sector lender had reported an alleged fraud of over Rs 130 billion by diamantaire Nirav Modi in February-March this year.....»»

Category: topSource: business-standardMay 1st, 2018

Fraud-hit PNB to hire detective agencies to locate untraceable borrowers

The Delhi-headquartered bank has been at the receiving end of the over Rs 130 billion fraud involving diamond merchants Nirav Modi and Mehul Choksi.....»»

Category: topSource: business-standardApr 25th, 2018

Now PNB tightens norms to separate loan appraisal and monitoring teams

Recently, the bank has faced a multi-billion fraud related to the Nirav Modi and Gitanjali Diamonds group.....»»

Category: topSource: business-standardApr 13th, 2018

PNB fraud: CBI court issues non-bailable warrant against Mehul Choksi

The CBI court had last week issued a non-bailable warrant against Nirav Modi.....»»

Category: topSource: business-standardApr 11th, 2018

Nirav Modi fraud is bank"s issue, will not seek govt support: PNB MD

The bank has enough resources and capability to meet the challenges posed by the fraud of this nature, said PNB MD Sunil Mehta.....»»

Category: topSource: business-standardApr 9th, 2018

CBI court issues non-bailable warrants against Nirav Modi and Mehul Choksi

Both Choksi and Modi have been booked in two cases each related to the bank fraud.....»»

Category: topSource: business-standardApr 8th, 2018