Mehul Choksi Scam

Mehul Choksi Scam News

PNB sees 2% rise in wilful defaults to about Rs 15K cr in February; Kingfisher Airlines among major defaulters
Business

PNB sees 2% rise in wilful defaults to about Rs 15K cr in February; Kingfisher Airlines among major defaulters

PNB started listing the names of such wilful defaulters and the loans outstanding against them from last June.

PNB fraud case: Gitanjali Gems files petition in Delhi HC against ED searches; hearing today
Business

PNB fraud case: Gitanjali Gems files petition in Delhi HC against ED searches; hearing today

The ED had issued a provisional order for attachment under the Prevention of Money Laundering Act.

PNB scam: Overreaction by banks, investigative agencies could hurt credit flow, says Assocham
Business

PNB scam: Overreaction by banks, investigative agencies could hurt credit flow, says Assocham

Supporting the calls from industry for privatising public sector banks (PSBs) in the wake of the PNB scam by accused diamantaire Nirav Modi and his uncle Mehul Choksi, Assocham said that some immediate steps should be taken for capacity building in PSBs.

PNB files new complaint against Nirav Modi, claims his companies misused legitimate loans and guarantees
Business

PNB files new complaint against Nirav Modi, claims his companies misused legitimate loans and guarantees

Both Modi and Choksi have denied wrongdoing, and so have two key accused PNB employees in the case, which has so far led to 19 people being arrested. The whereabouts of Choksi and Modi, who police say left India before the first complaint was filed, are unknown.

PNB scam: Did UPA cook up 80:20 scheme to aid the Choksis and Nirav Modis; is Raghuram Rajan guilty of ignoring early warning?
Business

PNB scam: Did UPA cook up 80:20 scheme to aid the Choksis and Nirav Modis; is Raghuram Rajan guilty of ignoring early warning?

The PNB scam was not about hoarding of gold but outright fraud conducted by diamantaire Nirav Modi in collusion with certain bankers forging Letter of Undertaking (LoU) from the bank for a good seven years

PNB-Nirav Modi fiasco: When all has been said and done, what kind of a banking system will we be left with?
Business

PNB-Nirav Modi fiasco: When all has been said and done, what kind of a banking system will we be left with?

Government ownership banks – public sector banks (PSBs) account for more than 70 percent of the system, both on the deposit and credit sides – has made us complacent about their fate.

Rs 12,700 cr PNB scam: NCLT restrains Nirav Modi, Mehul Choksi, 60 entities from selling their assets
Business

Rs 12,700 cr PNB scam: NCLT restrains Nirav Modi, Mehul Choksi, 60 entities from selling their assets

The National Company Law Tribunal (NCLT) has passed the directions against Nirav Modi and Mehul Choksi, the alleged main perpetrators of the fraud, as well as their firms and relatives, among other entities, as per a public announcement by the corporate affairs ministry

PNB scam: Noose tightens around Nirav Modi, DRI to move against fugitive diamantaire for duty evasion
Business

PNB scam: Noose tightens around Nirav Modi, DRI to move against fugitive diamantaire for duty evasion

Nirav Modi and Mehul Choksi, who are said to have left the country before criminal cases were registered, had failed to appear before the ED, promoting the agency to move the PMLA court for issuance of NBWs against them

Nirav Modi, Vijay Mallya aren't only fraudsters to have fled India; RTI shows 184 others on loose: Exclusive report
India

Nirav Modi, Vijay Mallya aren't only fraudsters to have fled India; RTI shows 184 others on loose: Exclusive report

It appears Nirav Modi and Vijay Mallya are not the only fraudsters who have successfully managed to flee the country. Since 2015, there are hundreds of cases of financial scams registered with the Economic Offences Wing (EOW), Mumbai. According to the RTI information obtained by activist Jeetendra Ghadge, 184 of the people accused in those scams are absconding.

Nirav Modi, Mehul Choksi were slow to pay dues long before Rs 12,600 cr PNB scam, say diamond traders
Business

Nirav Modi, Mehul Choksi were slow to pay dues long before Rs 12,600 cr PNB scam, say diamond traders

Nirav Modi and Mehul Choksi had acquired a reputation for not following the industry’s unwritten code of business ethics, said diamond traders in Surat

PNB fraud: Nirav Modi's money trail leading to Delaware in US, says ED;  probes for 'shell cos' in tax havens
Business

PNB fraud: Nirav Modi's money trail leading to Delaware in US, says ED; probes for 'shell cos' in tax havens

Delaware in the US is a tax-free state, attracting a large number of companies from across the coutnry to register there.

PNB scam: ED seeks non-bailable warrant against Nirav Modi, CBI questions Allahabad Bank MD
Business

PNB scam: ED seeks non-bailable warrant against Nirav Modi, CBI questions Allahabad Bank MD

Nirav Modi did not appear before the agency for questioning and hence it has sought issuance of an non-bailable warrant was against him.

PNB Rs 11,400 cr scam: Bank says fraud amount could rise by an additional Rs 1,300 cr
Business

PNB Rs 11,400 cr scam: Bank says fraud amount could rise by an additional Rs 1,300 cr

The scam was perpetrated by way of fraudulent Letters of Undertaking (LoUs) generated in the name of Punjab National Bank.

After PNB scam, three fresh instances of financial fraud comes to light; CBI files cases
Business

After PNB scam, three fresh instances of financial fraud comes to light; CBI files cases

The CBI registered a case against diamond jewellery exporter Dwarka Das Seth International for an alleged bank loan fraud to the tune of Rs 389.85 crore towards the Oriental Bank of Commerce

RBI asks banks to integrate SWIFT in core banking system by April end, says former PNB chief
Business

RBI asks banks to integrate SWIFT in core banking system by April end, says former PNB chief

Admitting that failure of linkage of SWIFT to core banking system (CBS) could have led to Rs 11,400 crore fraud at Punjab National Bank, the former head of the scam-hit lender on Friday said there was an urgent need for banks to revisit their surveillance system and plug the loopholes