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.
PNB fraud case: Mehul Choksi fears 'mob lynching' in India; files application for cancellation of arrest warrant
Mehul Choksi, who is accused of defrauding Punjab National Bank of $2 billion along with his nephew, diamond tycoon Nirav Modi, fled India before the accusations came to light and said in Monday’s application that he could not disclose his location in public because of the threat to his life
PNB scam : Jewellers find availing funds from banks a challenge after Nirav Modi, Mehul Choksi fraud
Nirav Modi and Choksi are being investigated by the Enforcement Directorate (ED) for allegedly cheating Punjab National Bank (PNB), the country's second largest lender, to the tune of more than $2 billion or over Rs 13,000 crore.
PNB fraud case: NCLAT sets aside order giving relief to 5 directors of Nirav Modi firm, Firestar International
Earlier in February, allowing the plea of the government, the NCLT had injuncted all companies of Nirav Modi and individuals from removal, transfer or disposal of funds and properties until its further orders.
I-T raids on Yogendra Yadav's family: Rs 27 lakh seized; officials begin investigation into Rewari hospital land deal
The Income Tax Department (ITD) on Thursday said it has seized about Rs 27 lakh cash and a number of documents and payment receipts after it raided multiple premises of a hospital group in Haryana's Rewari, related to family of Swaraj India chief Yogendra Yadav.
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.
RBI union writes to Governor Urjit Patel, says central bank must act as alert inspector, not just off-site surveyor
Reserve Bank union requested Governor Urjit Patel to monitor banks through a combination of risk-based supervision and on-site inspections of operational systems
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 has also claimed that before filing bankruptcy petition, Modi’s right hand man Mihir Bhansali was in touch with the fugitive diamantaire
RBI must wake up and institutionalise systems audit and make it mandatory. This is like periodic maintenance of machinery
PMO mulls new body to oversee governance of state-run lenders, move could dissolve Banks Board Bureau
It is learnt that the EAC proposal titled ‘Continuing Reforms In PSBs for Better Performance’ is under active consideration of the PMO and a decision to upgrade BBB is likely to be announced soon.
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.
PNB scam: CBI files charge sheet against Mehul Choksi, Allahabad Bank CEO and 13 others in $2 bn scam case
The charge sheet pertains to a second FIR related to alleged crimes of Choksi and his companies in the series of three such cases registered by the CBI in the over USD 2 billion scam case in which jewellers nephew Nirav Modi is also an accused, they said.
PNB scam: Small businesses become collateral casualty when big fish Nirav Modi, Mehul Choksi defraud lenders of over Rs 14,000 cr
After the PNB scam, vigilance levels are very high and bankers are cautious about lending to customers
Bank frauds and wilful default: Gunning for ‘innocent’ managers is inevitable, but witch-hunting must be avoided
A bank manager's job comes with the risk of his/her integrity being questioned in case of an anomaly
PNB suffers biggest-ever quarterly loss for an Indian bank at Rs 13,417 cr in Q4; analysts fear bad debts may damage growth prospects
PNB’s latest loss compared with a net profit of Rs 261.9 crore a year ago, and was higher than a Rs 5,367.1 croreoss it reported in the March 2016 quarter that had been the highest in India’s banking sector.
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.
Billionaire jeweller Nirav Modi, Allahabad Bank MD and CEO Usha Ananthasubramanian and 20 others have been chargesheeted by the CBI.
PNB, India’s second-largest state-run bank, disclosed in February that two jewellery groups had defrauded it by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff over several years.
will split the process of credit underwriting into four divisions with different employees focused on sourcing, appraisal, process and underwriting, documentation and disbursement, and recovery