PNB issued 1,213 fake LoUs to Nirav Modi"s firms since March 2011: Jaitley

Executives at PNB's Brady House branch in Mumbai had started issuing LoUs to foreign branches of Indian banks from March 5, 2011.....»»

Category: topSource: business-standardMar 13th, 2018

Rahul Gandhi asks why PM Modi, Arun Jaitley are silent on PNB scam

Congress leader Singhvi issued statement claiming that his family company has no connections with Nirav Modi's firms, except that of renting them some property.....»»

Category: topSource: business-standardFeb 17th, 2018

PNB issued over 41,000 LoUs since 2011; 1,590 of them to Nirav: FinMin

Following the scam, the Reserve Bank has stopped banks from issuing LoUs and Letters of Comfort for trade finance.....»»

Category: topSource: business-standardMar 22nd, 2018

Nirav Modi fraud: Public sector banks expect PNB to honour LoUs

They were all issued by PNB and against that we have made payment, SBI's Deputy Managing Director said.....»»

Category: topSource: business-standardMar 15th, 2018

RBI bars banks from issuing LoUs after Nirav Modi, Choksi fraud at PNB

However, letters of credit and guarantees would continue to be issued like before if they meet certain criterion.....»»

Category: topSource: business-standardMar 13th, 2018

PNB scam: Nirav Modi got 1,213 fraudulent guarantees in 6 yrs, says Jaitley

FM Arun Jaitley said the last fraudulent LoU was issued on May 23, 2017.....»»

Category: topSource: business-standardMar 13th, 2018

Nirav Modi case: CBI recovers documents related to LoU from Mumbai "chawl"

It is alleged that LoUs and LCs worth close to $2 billion were issued to the companies of uncle-nephew duo of Choksi and Modi from the Brady Road branch of the bank through SWIFT.....»»

Category: topSource: business-standardMar 1st, 2018

PNB hits back at Nirav Modi: Filed complaint as your LoUs were illegal

The bank said at no stage were such facilities extended by Punjab National Bank to the three partner firms.....»»

Category: topSource: business-standardFeb 22nd, 2018

Rs 114-billion PNB fraud: FinMin to meet bankers to resolve payment issue

PNB fraud pertains to issuance of fake Letters of Understanding to firms associated with Nirav Modi.....»»

Category: topSource: business-standardFeb 21st, 2018

Little exposure to Gitanjali Gems, none to Nirav Modi: IndusInd Bank

Private sector lender IndusInd Bank today said it has no direct or indirect credit exposures to Nirav Modi with regards to the LoUs issued by the scam-hit Punjab National Bank. The bank, however, added that it has a "small, two-dig.....»»

Category: topSource: business-standardFeb 20th, 2018

Rs 114-bn scam: Pay up dues to banks for claims against LoUs, RBI tells PNB

RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.....»»

Category: topSource: business-standardFeb 15th, 2018

PNB fraud: Rs 49-bn unexplained funds in Nirav Modi, Choksi firms, says I-T

PNB executives had opened fraudulent letters of undertakings (LoUs) without authority on behalf of firms belonging to the Nirav Modi group.....»»

Category: topSource: business-standardFeb 15th, 2018

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.....»»

Category: topSource: business-standardFeb 15th, 2018

What 900 mn? Modi-Choksi firms deposited Rs 100,000 before note ban: Govt

Group of companies belonging to Nirav Modi and Mehul Choksideposited Rs 100,000 in their bank accounts with Punjab National Bank hoursbefore the Union government announced demonetisation in November 2016, Ministerof State Finance M.....»»

Category: topSource: business-standard19 hr. 31 min. ago

PNB scam: Interpol seeks additional information on Nirav Modi, Mehul Choksi

A Red Corner Notice (RCN) is issued to seek the location and arrest of wanted persons for extradition or similar lawful action in a criminal case probe.....»»

Category: topSource: business-standardMar 22nd, 2018

Honoured all Letters of Undertaking during 2011-16: PNB to Finance Ministry

The bank also issued 234 LoUs worth Rs 18.8 bn to another group of companies promoted by Mehul Choksi in 2015 and 2016.....»»

Category: topSource: business-standardMar 21st, 2018

Nirav Modi scam: Diamond traders now courting firms with long-term credit

Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry.....»»

Category: topSource: business-standardMar 21st, 2018

Nirav Modi firms in Surat SEZ diverted duty-free diamonds: DRI

Separately, firms of Modi and his uncle Mehul Choksi are being probed by various agencies like the CBI, the ED and the Serious Fraud Investigation Office in connection.....»»

Category: topSource: business-standardMar 20th, 2018

PNB fraud: CBI court sends 11 accused to judicial custody till March 28

Modi's firms allegedly defrauded the PNB of over Rs 65 billion, while Choksi's firms Rs 70.8 billion.....»»

Category: topSource: business-standardMar 17th, 2018

PNB fraud: RBI bans LoUs; Nirav Modi gets into deeper mess: 10 developments

In a major decision, RBI on Tuesday banned banks from issuing Letters of Undertaking (LoUs).....»»

Category: topSource: business-standardMar 13th, 2018

No Nirav Modi firm in the list of 226,000 deregistered firms: Government

As part of larger efforts to curb the black money menace, the corporate affairs ministry has deregistered little over 2.26 lakh companies.....»»

Category: topSource: business-standardMar 13th, 2018