Nirav Modi flees to United Kingdom, claiming political asylum: Report
Nirav Modi, the billionaire jeweler at the heart of a more than $2 billion fraud case in India, has fled to the UK, where he is claiming political asylum, the Financial Times reported on Sunday, citing Indian and British officials. Britain’s Home Office said it does not provide information on individual cases. Nirav Modi […]
21 PSBs lost Rs 25,775 crore to bank frauds in 2017-18: RTI
INDORE: Twenty-one public sector banks (PSBs) have incurred losses totaling Rs 25,775 crore due to banking frauds in the financial year 2017-18, a Right to Information reply has stated. The Punjab National Bank (PNB) had incurred the highest loss of Rs 6461.13 crore due to different cases of fraud during the fiscal that ended on March 31 this […]
RBI should reintroduce LoUs with safeguards: India Inc
MUMBAI: India Inc wants letter of undertaking (LoU), which was banned by the Reserve Bank of India (RBI) in the wake of the Rs 13,000-crore Punjab National Bank (PNB) fraud, back. The LoU ban has affected the industry, leading to a rise in the cost of credit, said Piruz Khambatta, President of Confederation of Indian Industry […]
PNB scam: CBI issues non bailable warrant against Nirav Modi, Mehul Choksi
A special CBI court in Mumbai on Sunday issued non-bailable warrant against billionaire jewellers Nirav Modi and Mehul Choksi in the cases related to Punjab National Bank scam. The NBW was issued on the request of the probe agency as both Modi and Choksi had repeatedly refused to join the investigation in the scam, a CBI spokesperson said. Both […]
Bankers discuss recovery, banks want PNB to pay up
MUMBAI: Banks, which have an exposure in the Rs 11,400-crore fraud at Punjab National Bank, are insisting that the latter should pay up as the letters of undertaking (LoUs) were issued by PNB to Nirav Modi and Mehul Choksi companies. The Indian Banks Association (IBA), which met here Saturday, discussed the PNB issue and the […]