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11-Sep-2018 New Delhi

Allegations false, ED attached my property illegally : Mehul Choksi

Amid Indias efforts to get a red corner notice against him, fugitive PNB scam accused Mehul Choksi, in his first message from his hideout in Antigua, denied allegations of any wrongdoing and instead accused the ED of "illegally" attaching his properties.In...

13-Aug-2018 New Delhi

PNB scam: Centre dismisses former MD on last day of service

The central government on Monday dismissed former Allahabad Bank Managing Director Usha Ananthasubramanian on the day she was to superannuate from service, according to an official notification.In May this year, Ananthasubramanian had been divested of all...

14-May-2018 Mumbai

PNB scam: CBI chargesheet names Allahabad Bank CEO, 21 others

The CBI on Monday filed a chargesheet against Allahabad Bank MD and CEO Usha Ananthasubramanian and 21 others, including 11 bank officials, in the over Rs 13,000 crore Punjab National Bank (PNB) fraud case in which diamantaire Nirav Modi and his uncle Mehul...

09-Apr-2018 Mumbai

PNB fallout : CBI may act against top law firm

A leading Mumbai law firm may face action by the Central Bureau of Investigation (CBI) in connection with the possession of some unauthorised documents pertaining to the ongoing probe in the Punjab National Bank (PNB) fraud case, official sources said...

08-Apr-2018 Mumbai

Non-bailable warrants issued against Nirav Modi, Mehul Choksi

A special CBI court here on Sunday issued non-bailable warrants (NBWs)against diamantaire Nirav Modi and his uncle Mehul Choksi in connection with Rs 13,500 crore Punjab National Bank (PNB) fraud.The court's move comes following Central Bureau of Investigation...

06-Apr-2018 New Delhi

PNB fraud: CBI questions former RBI Deputy Governor

The CBI on Friday questioned the Reserve Bank of India's (RBI) former Deputy Governor Harun Rashid Khan in connection with Rs 13,500 crore Punjab National Bank (PNB) fraud involving diamantaire Nirav Modi and his uncle Mehul Choksi, an official said.Informed...

05-Apr-2018 New Delhi

PNB fraud: CBI questions four RBI officials

The CBI on Thursday questioned four Reserve Bank of India (RBI) officials in connection with Rs 13,500 crore Punjab National Bank (PNB) fraud involving diamantaire Nirav Modi and his uncle Mehul Choksi, an official said.Those questioned includes three Chief...

05-Apr-2018 New Delhi

PNB fraud: CBI questions four RBI officials

The CBI on Thursday questioned four Reserve Bank of India (RBI) officials in connection with Rs 13,500 crore Punjab National Bank (PNB) fraud involving diamantaire Nirav Modi and his uncle Mehul Choksi, an official said.Those questioned includes three Chief...

29-Mar-2018 New Delhi

PNB to honour all inter-bank LoUs, FLCs

State-run lender Punjab National Bank (PNB) will honour all inter-bank Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) issued by it which mature on or before March 31, 2018.The decision was taken by the Board of PNB in a meeting held on Wednesday."The...

23-Mar-2018 New Delhi

CBI lodges case in another bank fraud involving Rs 445 cr

In yet another case of bank fraud, the Central Bureau of Investigation (CBI) on Friday filed a case against 31 persons, including a General Manager of IDBI Bank, for allegedly defrauding the lender of Rs 445 crore, given out as loans which have since turned...

17-Mar-2018 Mumbai

Rs 9.1-cr Chandri Paper fraud reported to CBI on Feb 13 : PNB

The Punjab National Bank (PNB) on Saturday clarified that Rs 9.10 crore fraud unearthed pertaining to Chandri Paper and Allied Products was not a new fraud."It is not a new fraud. Fraud had already been declared in respect of fradulent and unauthorised issuance...

15-Mar-2018 New Delhi

CBI arrests R.P. Info System directors in Rs 515 cr bank fraud

The CBI on Thursday arrested two directors of Kolkata-based computer manufacturing firm R.P. Info System for allegedly cheating a consortium of banks to the tune of Rs 515.15 crore, an official said.Those arrested have been identified as Shivaji Panja and...

15-Mar-2018 New Delhi

Ex-PNB official Shetty booked in Rs 9-cr LoU fraud with another company

Apparently, the Nirav Modi and Mehul Choksi groups were not the only ones indulging in frauds related to Letters of Undertaking (LoUs) issued by the Punjab National Bank (PNB) officials.The Central Bureau of Investigation (CBI) has filed another case against former...

13-Mar-2018 New Delhi

PNB discloses Rs 942 cr additional exposure to Gitanjali group

The Punjab National Bank (PNB) has filed a fresh complaint to the CBI alleging it has uncovered additional exposure of about Rs 942.18 crore defraud by Gitanjali Group of companies in connection with a multi-crore fraud.The PNB, the country's second-biggest...

13-Mar-2018 Mumbai

PNB fraud fallout: RBI scraps Letters of Undertaking system

The Reserve Bank of India (RBI) on Tuesday discontinued the system of issuing Letters of Undertaking (LoUs) by banks for availing trade credits for imports into India in the wake of the Rs 12,600 crore fraud on state-run Punjab National Bank (PNB) unveiled...

12-Mar-2018 New Delhi

Arun Jaitley silent on PNB scam to protect daughter : Rahul Gandhi

Congress President Rahul Gandhi on Monday alleged that Finance Minister Arun Jaitley was silent on the Rs 12,600 crore PNB fraud case to "protect his lawyer daughter" and asked why her firm was not "raided"."It's now revealed that our Finance Minister's silence...

11-Mar-2018 New Delhi

PNB fraud overreaction may hugely hurt credit flow : Assocham

Overreaction by banks and investigative agencies to the Rs 12,600 crore fraud on state-run Punjab National Bank (PNB) which came to light last month could hurt essential credit disbursement to trade and industry, tempering growth expectations, industry association...

08-Mar-2018 New Delhi

PNB fraud accused Choksi says impossible to return to India

Gitanjail Group promoter Mehul Choksi, accused of involvement in the Rs 12,600 crore fraud against the Punjab National Bank (PNB), has said it was "impossible" for him to return to India, citing health reasons and suspension of his passport.In a March 7 dated...

08-Mar-2018 New Delhi

CBI registers fresh Rs 321 crore case against Nirav Modi

The CBI on Thursday said that it has registered a fresh case against diamantaire Nirav Modi for causing a loss of Rs 321 crore to Punjab National Bank (PNB) by availing different credit facilities between 2013 and 2017.According to a Central Bureau of Investigation...

07-Mar-2018 New Delhi

High Court seeks ED response in Nirav Modi case

The Delhi High Court on Wednesday asked the Enforcement Directorate (ED) to file a response on a plea filed by Nirav Modi's firm Firestar Diamond against the probe agency proceedings in the multi-crore-rupee Punjab National Bank (PNB) fraud case.A bench...

06-Mar-2018 New Delhi/Mumbai

PNB fraud: CBI questions top Gitanjali official

The CBI on Tuesday began questioning the Vice President of Banking Operations of Mehul Choksi's Gitanjali Group in connection with its ongoing probe into the multi-crore PNB fraud case, officials said."Vipul Chitalia was picked up for questioning," a Central...

05-Mar-2018 New Delhi/Mumbai

PNB fraud: CBI grills GM, gets remand of 4 accused till March 17

The Central Bureau of Investigation (CBI) on Monday said it questioned a General Manager of the Treasury Division of Punjab National Bank (PNB) in connection with its ongoing probe into Rs 12,600-crore bank fraud case involving diamond jeweller Nirav Modi...

05-Mar-2018 New Delhi

Lok Sabha, Rajya Sabha adjourned amid protests against PNB bank fraud

The Lok Sabha and the Rajya Sabha were adjourned on Monday as soon as they met for the second part of the budget session of Parliament amid opposition protests over the Punjab National Bank fraud and special status to Andhra Pradesh.The Lok Sabha was adjourned...

04-Mar-2018 New Delhi

PNB fraud : NCLT bars 64 firms from selling assets

The National Company Law Tribunal (NCLT) has restrained over 60 companies, including those belonging to Rs 12,600-crore PNB fraud accused Nirav Modi and his uncle Mehul Choksi, from selling their assets, according to a government announcement on Sunday.The...

04-Mar-2018 New Delhi

PNB scam: Mauritius promises necessary action against offenders

In connection with the alleged Rs 12,600-crore fraud at the state-run Punjab National Bank (PNB), also involving overseas branches, Mauritius has promised regulatory action against individuals or entities found to be linked with "fraudulent practices".Taking...

01-Mar-2018 New Delhi/Mumbai

CBI arrests PNB's retired officer, ED attaches Choksi's properties

A day after arresting an internal auditor of PNB, the CBI on Thursday said a retired bank Chief Manager has been arrested in the Rs 12,600 crore bank fraud involving jeweller Nirav Modi and his uncle Mehul Choksi.A Central Bureau of Investigation (CBI)...

01-Mar-2018 Mumbai

PNB attributes recent additional Rs 1,300 cr fraud to Gitanjali

The recently announced escalation in the Punjab National Bank (PNB) fraud amount by Rs 1,300 crore is attributable to Nirav Modi's uncle Mehul Choksi-owned Gitanjali Gems, the bank said in a clarification on Thursday.In a note to the stock exchanges, PNB...

01-Mar-2018 New Delhi

RBI did risk-based supervision of bank every year : PNB

The Rs 12,600 crore fraud-hit Punjab National Bank on Thursday clarified that the Reserve Bank of India (RBI) had done risk-based supervision of the bank on an annual basis."There have been reports in a section of media that Reserve Bank of India has not...

01-Mar-2018 New Delhi

PNB case: ED attaches Choksi's properties worth Rs 1,200 cr

The Enforcement Directorate on Thursday attached 41 properties of Mehul Choksi of the Gitanjali Group, worth Rs 1,217 crore, in connection with an ongoing probe into the Rs 12,600 crore Punjab National Bank fraud case.An ED official told IANS: "At least...

27-Feb-2018 Mumbai

After Rs 12,600 cr fraud, PNB appoints group Chief Risk Officer

It may be seen as a classic case of shutting the door after the horse has bolted, but the multi-crore fraud hit Punjab National Bank appointed A.K.Pradhan as Group Chief Risk Officer, a regulatory filing by the bank said here on Tuesday.The PNB reported...

27-Feb-2018 New Delhi

PSBs asked to check all NPAs above Rs 50 cr for "possible fraud"

In the wake of the Rs 12,600 crore fraud on state-run Punjab National Bank (PNB) by accused diamantaire Nirav Modi and his uncle Mehul Choksi, the government on Tuesday set a deadline of 15 days for public sector banks (PSBs) to examine all non-performing...

27-Feb-2018 Mumbai

PNB scam: Additional Rs 1,300 cr fraud revealed

The fraud-hit Punjab National Bank (PNB) has reported an additional Rs 1,300 crore unauthorised transactions, taking the estimated quantum to Rs 12,600 crore in the scam related to diamond trader Nirav Modi and owner of Gitanjali Gems, Mehul Choksi.In a...

26-Feb-2018 New Delhi

CBI quizzes PNB officials, issues LOCs against 10 firm executives

The CBI on Monday said it questioned Punjab National Bank (PNB) Executive Director K.V. Brahmaji Rao, two General Managers and a retired official in connection with its probe into the Rs 11,300 crore fraud.A Central Bureau of Investigation official said...

26-Feb-2018 Mumbai

PNB fraud: CBI raids top Mumbai law firm

The Central Bureau of Investigations (CBI) raided the offices of a well-known legal firm as part of the ongoing probe into the Rs 11,300 crore Punjab National Bank (PNB) fraud involving billionaire diamond trader Nirav Modi, official sources said here on...

26-Feb-2018 New Delhi

PNB fraud a systemic failure : Venkaiah Naidu

In wake of an alleged Rs 11,300 crore fraud on state-run Punjab National Bank (PNB), Vice President M. Venkaiah Naidu on Monday said there was no use of blame game as the banking system in the country was going through a systemic falure."There have to be...

25-Feb-2018 New Delhi

PNB scam: CII for hi-tech control systems, privatising PSBs

In the wake of an alleged Rs 11,300 crore fraud on state-run Punjab National Bank (PNB), the Indian industry on Sunday urged for better and hi-tech control systems to check financial frauds as also a gradual decrease in government holding in public sector...

25-Feb-2018 New Delhi

PNB fraud should not halt corporate lending : Assocham

The alleged Rs 11,300 crore fraud on state-run Punjab National Bank (PNB) committed by accused diamantaire Nirav Modi should not halt the entire system of corporate lending as demoralisation would set in among public sector bank (PSB) employees, industry...

24-Feb-2018 New Delhi

CBI questions PNB MD, Director in $1.8 bn bank fraud

The CBI on Saturday questioned Punjab National Bank (PNB) Managing Director-cum-CEO Sunil Mehta and Executive Director K.V. Brahmaji Rao in connection with the Rs 11,300 crore/$1.8 billion bank fraud case.Both the officials were called at the Central Bureau...

24-Feb-2018 New Delhi

PNB fraud: ED attaches Nirav Modi's properties worth Rs 524 cr

The Enforcement Directorate (ED) on Saturday said it has attached diamond trader Nirav Modi's 21 immovable properties worth Rs 523.72 crore in connection with an ongoing probe into Rs 11,300-crore Punjab National Bank (PNB) fraud case.The assets include...

24-Feb-2018 New Delhi

Bank scams: Three fresh cases of financial fraud reported

Three fresh cases of financial fraud have come to light after the CBI filed cases against a jeweller, a businessman and a public servant on complaints by three different banks earlier this week, an official said on Saturday.On Thursday, the Central Bureau...

23-Feb-2018 New Delhi/Mumbai

'Nirav Modi could have imported watches for business purpose'

The Enforcement Directorate (ED) that seized over 10,000 imported watches from several locations connected to diamond czar Nirav Modi contend that the watches might have been imported for "business purpose".The imported watches were seized from the 60 plastic...

23-Feb-2018 New Delhi/Mumbai

PNB fraud: Assets of Rs 43 cr of Nirav seized

The ED on Friday said it had frozen diamantaire Nirav Modi's bank account and shares worth Rs 43 crore even as the CBI raided his Mumbai-based Kamala Mills firm and seized documents regarding the Rs 11,300 crore Punjab National Bank fraud probe.Nirav's bank...

23-Feb-2018 Chennai

'RBI Governor should quit after PNB fraud'

Reserve Bank of India (RBI) Governor Urjit Patel should own up moral responsibility for the massive $1.8 billion scam/fraud allegedly committed by diamond retailer Nirav Modi and resign his post, demanded a top banking employees union leader."The continued silence...

23-Feb-2018 New Delhi

It is PNB's responsibility to validate, fix data breach : CloudSek

A day after reports surfaced that nearly 10,000 credit or debit card holders of Punjab National Bank (PNB) were affected by a data breach, the cyber security firm that detected the breach on Friday said it is now the responsibility of the bank to validate...

23-Feb-2018 New Delhi/Mumbai

PNB fraud: ED freezes Nirav's bank account, shares worth Rs 43 cr

The Enforcement Directorate on Friday said it has frozen diamond trader Nirav Modi's bank account and shares worth Rs 43 crore in connection with an ongoing probe in the Rs 11,300 crore Punjab National Bank fraud case.According to the financial probe agency,...

22-Feb-2018 New Delhi

PNB fraud: Can't depose, says Nirav Modi, ED seizes assets

Diamond czar Nirav Modi, who is being investigated in India for over Rs 11,300 crore Punjab National Bank along with his uncle Mehul Choksi of the Gitanjali Group, on Thursday told the Enforcement Directorate (ED) saying that he could not appear before it as...

22-Feb-2018 New Delhi

PNB denies transferring 18,000 staff after Nirav Modi scam

Defrauded Rs 11,300 crore ($1.8 billion) allegedly by diamantaire Nirav Modi, state-run Punjab National Bank (PNB) on Thursday denied media reports that it has transferred close to 18,000 employees on account of the ongoing probe into the scam.In a message on...

22-Feb-2018 Mumbai

PNB fraud overlooked at several levels, say bank employees union

The staggering Rs 11,300 crore fraud unearthed in the Punjab National Bank (PNB) last week, was "overlooked at multiple auditing and regulatory levels, compounding it to a point of no return", said a prominent banking industry union here on Thursday."The...

22-Feb-2018 New Delhi/Hyderabad

Gitanjali Group properties worth Rs 1,200 crore attached

Officials of the Income Tax (IT) Department on Thursday said they have attached properties worth Rs 1,200 crore of the Mehul Choksi-owned Gitanjali Group in Hyderabad.According to the IT officials, the agency has attached the SEZ (special economic zone) property...

22-Feb-2018 Mumbai

PNB reasserts it has enough capital and assets to meet liability

The $1.8 billion fraud-hit Punjab National Bank (PNB) on Thursday reiterated that it had enough assets/capital to meet any liability which is decided as per law.The bank said this in response to a clarification sought by the stock exchanges about what would...

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