The alleged fraud comes amid CBIs probe into recent complaints of massive frauds in the Punjab National Bank, Bank of Baroda and Oriental Bank of Commerce.
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 scam: Chalta hai attitude resulted in fraud but jewellery sector not to be impacted for long, says Vinod Hayagriv of C Krishniah Chetty Jewellers
The Punjab and National Bank (PNB) scam does not point to lack of market intelligence or audit mechanisms.
BSE Sensex advanced by 132.64 points, or 0.38 percent, to 34,578.39 in early, gaining over 132 points to 34,578.39 in early trade today
The scam was perpetrated by way of fraudulent Letters of Undertaking (LoUs) generated in the name of Punjab National Bank.
Amit Shah hits back at Rahul Gandhi on PNB scam, says govt has taken 'most stringent of actions' against frauds
Amit Shah took on Rahul Gandhi for his attacks on the prime minister over the PNB scam, saying no other government had acted as promptly and taken stringent action against frauds as the Narendra Modi government
Widening its probe into the PNB fraud case, the Enforcement Directorate will soon send judicial requests to over a dozen countries for obtaining information about the overseas businesses and assets of diamantaire Nirav Modi and owner of Gitanjali Gems Mehul Choksi.
Nirav Modi scams PNB: The prime minister and his govt must put an end to this ‘Gujarat model’ of financial manipulation
Jeweller Nirav Modi joins a list of smart young Gujarati men — including Harshad Mehta, Hiten Dalal, Jatin Mehta and Ketan Parekh — who have in the last few years easily taken thousands of crores each from Indian banks
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
Regulators should have a "third eye" open to detect and check such frauds.
Banks are reviewing and revisiting the systems to ensure drawbacks / loopholes if any, are addressed so that the system becomes robust.
PNB scam: India is better off with inefficient PSBs than private sector's greed that led to global financial crisis
While debating over the privatisation of public sector banks, we must remember that India was cushioned from the 2007-08 global financial crisis because public sector banks commanded about 70.5 percent market share in the country
Uddhav Thackeray's criticism against Narendra Modi continues even as BJP-Shiv Sena try to rebuild alliance
Sena chief Uddhav Thackeray recently attacked Prime Minister Narendra Modi over the ongoing Punjab National Bank fraud case and said that the Rs 11,400 crore scam at the PNB had pushed the controversy surrounding the purchase of Rafale fighter jets to the backburner.
Stocks of Punjab National Bank which had been under selling pressure since the massive fraud detection, however, edged 1.05 percent higher.
Rot in PSBs Part 5: PNB fraud shows beggarly state of lenders; it’s time to reverse Indira Gandhi’s bank nationalisation
It’s time the government looked at reversing Indira Gandhi’s decision on bank nationalisation which has proved to be a failure and give a serious thought on privatisation.
Rot in PSBs Part 4: RBI’s inability to regulate and supervise banks shows it’s time for a super financial regulator
SEBI failed to act against Gitanjali Gems for stock price manipulation while RBI could not detect the fraud at PNB, but better coordination between the two regulators may have helped
Privatisation further means a change of management which does not lead either to a change in the people down the line or the systems or operating practices.
Nirav Modi in his letter to the bank had said that the over-zealousness on the part of the bank to deal with the issue destroyed his jewellery brand and also jeopardised his ability to clear the dues.
The LoUs, which PNB says were issued between 2011 and 2017 with incomplete ledger entries by the two officials, were used by Modi and Choksi’s firms to obtain credit from the overseas branches of mostly Indian lenders.
Punjab National Bank and Lal Bahadur Shastri: Former PM's widow used pension to repay Rs 5,000 car loan
As the alleged fraud of Rs 11,400 crore grips Punjab National Bank, there is an anecdote involving former prime minister Lal Bahadur Shastri that might remind one of a different era.