Nirav Modi, aides forged diamond sales to siphon off huge funds from PNB; HSBC, audit firm questioned fugitive's deals: Probe report
In 2011, Modi's shadow company Unique allegedly transferred Rs 7.13 crore to his another company namely Synergies.
Antiques owned by Nirav Modi likely to go under hammer: Nirav used PNB money to buy personal assets, claims court-appointed trustee
At least, twenty-two antique statues, mostly from the 3rd Century Gandhara period owned by fugitive diamond merchant Nirav Modi, is likely to go under the hammer in the ongoing bankruptcy proceeding in the US court. These statues, that have substantial value in the international market, were brought from Christie's Auction House in March 2010 and recovered from Firestar Diamond office in New York.
Nirav Modi, 47, has been on the run since February after Indian authorities launched an investigation into his alleged involvement in a Rs 13,600 crore (US$1.8 billion) scam against the Punjab National Bank (PNB), the country's second-largest state-run lender.
PNB scam: Investigators want to question Nirav Modi’s confidant Mihir Bhansali after emergence of shocking new details
According to sources Bhansali, who lives in a $7 million Manhattan apartment overlooking the sublime Hudson River, was not only the top executive of Firestar Diamond but an active collaborator helping Modi pull off the biggest fraud in the Indian banking history.
Exclusive: In unravelling Nirav Modi's PNB moves, fresh evidence shows lender is playing the victim card
The investigators suspect that Nirav Modi and his uncle Mehul Choksi all along knew that one day the loot would be unraveled and started plotting to erase the evidence linking them and frame others in the fraud.
PNB has also claimed that before filing bankruptcy petition, Modi’s right hand man Mihir Bhansali was in touch with the fugitive diamantaire
PNB fraud: US court calls for probe of troubled lender's employees before deciding on bankruptcy proceedings
A US court has called for an investigation into the role of PNB employees in the alleged fraud involving diamantaire Nirav Modi and his companies.
PNB fraud: CBI likely to file chargesheet in May; agency finds major lapses by bank officials in issuing LoUs to Nirav Modi’s firms
CBI is likely to file its first chargesheet in the second week of May in PNB scam involving Nirav Modi, his uncle Mehul Choksi and their companies.
Unravelling PNB Rot Part 2: Secret trip by Indian bankers to Hong Kong to cover up scam under scanner
A large chunk of buyer’s credit was raised by PNB's Mumbai branch to various government-owned banks in Hong Kong to facilitate companies owned by the diamantaires.
Punjab National Bank plans to stake claim in insolvency proceedings of Nirav Modi's Firestar Diamond group
The bank is exploring all options for the recovery, including participating in the bankruptcy proceeding of Firestar Diamond Incorporation, sources said.
PNB fraud: ED analysing 120 shell companies, files two cases against Nirav Modi, Mehul Choksi under PMLA
ED has conducted 247 searches at various locations in country, total assets amounting to Rs 7,638 crore have been seized in the case.
The demand for diamond jewellery seems to have decreased by 10-15 percent within two months, Assocham said
PNB scam: Govt makes startling revelation in Parliament, says RBI had cautioned banks multiple times on SWIFT misuse
RBI has mandated commercial banks to put in place adequate audit and compliance mechanisms with bank board-level reporting through the audit committee of the board post PNB scam.
No Nirav Modi firm featured in list of 2.26 lakh companies deregistered as part of anti-black money measure: Govt
As part of larger efforts to curb the black money menace, the corporate affairs ministry has deregistered little over 2.26 lakh companies.
PNB discloses Rs 942-cr additional exposure in Nirav Modi and Mehul Choksi fraud probe, reveals document
The new disclosure takes PNB’s overall exposure in the still unravelling fraud case to well over the $2 billion mark.
PNB fraud, the biggest in the Indian banking sector, is alleged to have been perpetrated by way of fraudulent Letters of Understanding.
PNB scam: Mehul Choksi won't return to India anytime soon; tells CBI health issues prevent him from travel
Mehul Choksi goes on to explain that if arrested in India, he would lose access to his doctor and a private hospital.
PNB scam-hit diamantaire Nirav Modi drops out of 2018 Forbes list; was ranked 85 among Indian billionaires in 2017
Diamond trader Nirav Modi, accused of pulling off the country's biggest bank fraud, is no longer a part of Forbes billionaires list
Circa 1996, state-controlled Indian Bank faced a Rs 1,336 crore scam which after inflation-adjustment may compare well in size with the PNB fraud.
Gitanjali Gems falls 5%, hits fresh 52-week low of Rs 18.35; CBI says PNB fraud was going on since 2010
It is alleged that Choksi and Modi got LoUs and Foreign Letters of Credit (FLCs) of Rs 12,636 crore issued in favour of foreign branches of Indian banks based on fraudulent claims.