Nirav Modi Case

Besides PNB, Nirav Modi defrauded four other public sector banks, used fake invoices with inflated prices to swindle funds

Recent developments suggest that state-owned Punjab National Bank (PNB) may have taken the largest hit of the massive fraud by fugitive diamantaire Nirav Modi but other banks too were targeted by one of the biggest banking swindler in India.

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.

Govt seeks fugitive diamantaire Nirav Modi's extradition from UK in over Rs 13,500 PNB case

Nirav Modi along with his uncle Mehul Choksi of the Gitanjali group are being probed in the fraud scam by the CBI and the Enforcement Directorate (ED).

PNB separates loan appraisal, monitoring system to reduce credit risk post-Rs 14,000 cr fraud

PNB posted a historic loss of Rs 12,283 crore during the fiscal ended March 2018 due to higher provisioning for non-performing assets, mark-to-market losses in treasury portfolio and provisioning for fraud.

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 case: Govt initiates action for removal of Allahabad Bank CEO Usha Ananthasubramanian, 2 PNB directors; board to meet today

The board of Allahabad Bank will meet today and is likely to divest its CEO and MD Ananthasubramanian of all powers. She was the managing director of PNB till 5 May last year.

Vijay Mallya case: London Court’s ruling in favour of Indian banks sends strong signal to global crooks

Vijay Mallya thought he would be comfortably ensconced in his London outskirt home thumbing his nose at the clutch of Indian banks nursing unrecovered loans of close to Rs 10,000 crore together with interest.

PNB scam fallout: RBI does well to stop LoUs, it's never too late to learn from mistakes

LoU can be likened to a general character certificate an applicant in the job market is expected to obtain from referees

CIBIL-like regime for corporate loans need of the hour, CRISIL-like regime not enough

What raises eyebrows is the absence of a similar regime for corporates like CIBIL who are by far the heaviest borrowers and defaulters.

PNB fraud: RBI starts special audit of public sector banks, asks details of LoUs

Most of the big banking frauds which were unearthed in the recent past, including the one perpetuated by diamantaire Nirav Modi and his associates, pertain to trade finance.