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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.

Parliamentary panel is right in calling out RBI’s wrong; it was idiotic to kill LoUs for one Nirav Modi

A blanket ban was wrong in the first place; it almost appeared like the RBI was in a hurry to cover up its failure to regulate the LoU effectively

PNB scam: Senior executive of fugitive diamantaire Nirav Modi's firm gets bail

According to the CBI, the executive was aware of the fraudulent letters of undertaking (LoUs) issued by PNBs former deputy manager Gokulnath Shetty in favour of Modi's firms.

Exclusive: Unravelling billionaire fugitive Nirav Modi's tightly woven round-tripping cobweb

The CBI charge sheet reviewed by Firstpost gave cursory details of Modi’s modus operandi, however, the investigators said they have penetrated Modi’s cobweb.

PNB fraud case: ED files first chargesheet against Nirav Modi, associates; expected to file another against Mehul Choksi

The criminal complaint has been filed against Nirav Modi, his associates and businesses and the entire gamut of issuance of fake Letters of Undertaking (LoUs) by Punjab National Bank (PNB) to his firms in alleged connivance of bank officials.

PNB fraud: Bank accuses Nirav Modi, team of rigging US bankruptcy auction; moves New York court

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: CBI likely to approach Interpol for red corner notice against Nirav Modi, uncle Mehul Choksi

As per reports, Modi was in Hong Kong for a few days and later on, he used his Singaporean passport to avoid detection from authorities. He already holds Indian and Belgium passports.

Nirav Modi scam fallout: Gems and jewellery industry asks bankers not to reduce credit limits in a white paper

Gems and jewellery industry is presenting a white paper on 11 May on challenges of financing to the diamond industry

Mumbai Police arrests three directors of city-based Parekh Aluminex Ltd over Rs 4,000 crore bank fraud

Mumbai Police has arrested three directors of Parekh Aluminex Ltd (PAL) as part of an investigation into the non-payment of dues estimated at Rs 4,000 crore

Reserve Bank's decision to ban LoUs is a knee-jerk reaction; can backfire badly, warn traders

Those running small and midsize firms rue that the RBI is asking banks to view businessmen, seeking letters of undertaking (LoU), with a doubting eye.