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Nirav Modi won't get fair trial in India, former SC judge Markandey Katju tells UK court
India

Nirav Modi won't get fair trial in India, former SC judge Markandey Katju tells UK court

Katju also repeatedly made comparisons between India and Germany under the Nazi regime, saying Nirav Modi has been made a convenient scapegoat for India's economic crisis

PNB fraud: Nirav Modi remanded to custody, set for remote extradition trial from 11 May in UK court
Business

PNB fraud: Nirav Modi remanded to custody, set for remote extradition trial from 11 May in UK court

Nirav Modi, the 49-year-old, who has been lodged at Wandsworth Prison in south-west London since his arrest last year, appeared before a UK court via videolink.

Nirav Modi, aides forged diamond sales to siphon off huge funds from PNB; HSBC, audit firm questioned fugitive's deals: Probe report
Business

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.

PNB fraud case: Fugitive diamataire Nirav Modi to appear for videolink remand hearing from UK jail
Economy

PNB fraud case: Fugitive diamataire Nirav Modi to appear for videolink remand hearing from UK jail

Since his arrest, Nirav Modi's legal team has made four bail applications, which have been rejected each time due to Modi being deemed a flight risk

Financial Intelligence Unit slaps over Rs 15 cr fine on Punjab National Bank for violating money laundering rules
Business

Financial Intelligence Unit slaps over Rs 15 cr fine on Punjab National Bank for violating money laundering rules

The FIU move against Punjab National Bank is significant because it is based on inspection and review of the Bank during April 2016-November 2017, which covers the crucial months before and after demonetisation that was announced on 8 November 2016

A year after PNB fraud: Lessons learnt from Nirav Modi episode, but some questions still elude answers
Business

A year after PNB fraud: Lessons learnt from Nirav Modi episode, but some questions still elude answers

A year after this shocker, the key perpetrators of the case—Modi and Choksi—are still on the run.

CBI arrests 10 people for alleged misuse of LoUs worth Rs 9 cr at PNB's Brady House branch
Business

CBI arrests 10 people for alleged misuse of LoUs worth Rs 9 cr at PNB's Brady House branch

The CBI has arrested 10 people for alleged misuse of Lettter of Undertakings worth over Rs 9 crore in the Punjab National Bank's Brady House branch, the fountainhead of a $2 billion scam perpetrated by billionaires Nirav Modi and Mehul Choksi, officials said on Wednesday.

PNB scam: Mehul Choksi diverted over Rs 3,250 cr to foreign shores; sold jewellery at inflated prices: ED
Business

PNB scam: Mehul Choksi diverted over Rs 3,250 cr to foreign shores; sold jewellery at inflated prices: ED

Mehul Choksi, talking to some media organisations, has termed ED's allegations as "false and baseless".

LoUs should be restored at earliest with proper safeguards, says Parliamentary panel to RBI
Business

LoUs should be restored at earliest with proper safeguards, says Parliamentary panel to RBI

The Parliamentary Standing Committee on Commerce said in its report that the ban of LoU/LoC has resulted in rise in the cost of credit by 2 to 2.5 percent.

EXCLUSIVE: Trouble for PNB top brass as CVC comes down hard on auditors post Rs 14,000 crore fraud
Business

EXCLUSIVE: Trouble for PNB top brass as CVC comes down hard on auditors post Rs 14,000 crore fraud

A CVC note reveals that statutory auditors, who conducted an audit of PNB's Brady House branch, provided vague replies to the watchdog on the Rs 14,000 crore fraud.

Punjab National Bank says no plans to close operations at fraud-hit Brady House branch in Mumbai
Business

Punjab National Bank says no plans to close operations at fraud-hit Brady House branch in Mumbai

PNB's Brady House branch in Mumbai had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011.

PNB scam: Accused Hemant Bhatt challenges PMLA court's jurisdiction, seeks transfer of case to CBI court
Business

PNB scam: Accused Hemant Bhatt challenges PMLA court's jurisdiction, seeks transfer of case to CBI court

The CBI had earlier booked Hemant Bhatt along with others under IPC section 420 (cheating) and relevant sections of Prevention of Corruption Act in connection with the fraud.

The art of fraud: PNB's Dubai, Hong Kong files reveal collusion between Nirav Modi and high ranking officials
Business

The art of fraud: PNB's Dubai, Hong Kong files reveal collusion between Nirav Modi and high ranking officials

Investigators probing the PNB fraud expect to use the Dubai and Hong Kong files to connect the missing dots in the scam, to nab high ranking individuals.

CBI says Nirav Modi managed to travel despite Interpol flashing info on revocation of passport
Business

CBI says Nirav Modi managed to travel despite Interpol flashing info on revocation of passport

Absconding diamantaire Nirav Modi managed to travel across several countries even after information about his passport being revoked by the Indian government was flashed in the Interpol central database on 24 February, the CBI said

Nirav Modi in the UK: Why India may have to prep for yet another long legal battle in fraudsters’ favourite land
Business

Nirav Modi in the UK: Why India may have to prep for yet another long legal battle in fraudsters’ favourite land

Those accused flee to the UK because it is one of the most difficult countries to get an extradition request cleared, despite an India-UK extradition treaty.

Exclusive: In unravelling Nirav Modi's PNB moves, fresh evidence shows lender is playing the victim card
Business

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.

Tatas complete acquisition of Bhushan Steel; deal helps fraud-hit PNB offset some losses from Nirav Modi scam
Business

Tatas complete acquisition of Bhushan Steel; deal helps fraud-hit PNB offset some losses from Nirav Modi scam

Bamnipal Steel, a wholly-owned subsidiary of Tata Steel, has completed the acquisition of a controlling stake of 72.65 percent in Bhushan Steel.

Why state-run Punjab National Bank, the big bad boy among Indian lenders, needs better parenting
Business

Why state-run Punjab National Bank, the big bad boy among Indian lenders, needs better parenting

The government, the Reserve Bank of India (RBI) and various managements have, over time, failed to guide the Punjab National Bank.

PNB tried cover up before Nirav Modi scam exploded: Transferred staff at Hong Kong, Dubai for revealing irregularities
Business

PNB tried cover up before Nirav Modi scam exploded: Transferred staff at Hong Kong, Dubai for revealing irregularities

Investigators have learnt that PNB acted against two staffers, posted in Hong Kong and Dubai, for highlighting colossal anomalies in the banking system.

PNB scam: PMO steps in, wants agencies to probe into new evidence provided by a whistleblower
Business

PNB scam: PMO steps in, wants agencies to probe into new evidence provided by a whistleblower

PNB had alleged in January this year that its Mumbai branch had fraudulently issued LoU and FLC to Nirav Modi firms in connivance with deputy manager Gokulnath Shetty and other bank officials