Pnb Fraud | The Asian Age

Tuesday, Apr 16, 2024 | Last Update : 01:24 PM IST

pnb fraud Page-5

Union Finance Minister Arun Jaitley (Photo: PTI)

PNB scam failure of auditors, bank, says Arun Jaitley

Jaitley pointed out bank frauds have a cost to the country as well as to the tax payer.

21 Feb 2018 2:59 AM

Moody's also placed PNB's baseline credit assessment and adjusted BCA of Ba3 and counterparty risk assessment of Baa3(cr)/P-3(cr) under review for downgrade. (Photo: PTI)

Trouble for PNB: Fitch, Moody's put bank under review for downgrade

Fitch and Moody's warned scam-hit PNB of rating downgrades, citing likely networth erosion and widening losses.

20 Feb 2018 3:07 PM

Lawyer Vijay Aggarwal, speaking by telephone, declined to comment on where Nirav Modi was. (Photo: PTI)

All PNB dealings documented, allegations wrong: Nirav Modi's lawyer

Lawyer Vijay Aggarwal said the state-owned bank had regularly levied fees on its dealings with the jeweller’s firms.

20 Feb 2018 1:20 PM

The head priests had suggested that such an invocation will help the recovery of money from defaulters, however big they are. (Photo: ANI)

PNB fraud: Hyderabad temple invokes Lion God to solve money crisis

The priests also urged people to do the chanting to bring back the 'failed banking' system on the right track.

20 Feb 2018 11:36 AM

The Rating Watch Negative reflects the possibility of a downgrade of PNB's Viability Rating. (Photo: File)

Fitch puts PNB on 'Rating Watch Negative', hints at downgrade

Fitch Ratings has placed PNB's Viability Rating of 'bb' on Rating Watch Negative, following the large fraud reported by the bank.

20 Feb 2018 11:21 AM

Sectoral indices led by metal, capital goods, Teck and IT were trading in the green with gains of up to 0.75 per cent. (Photo: File)

Sensex recovers 157 points, Nifty above 10,400-mark

The 30-share Sensex recovered by 157.24 points, or 0.46 per cent, to 33,931.90 in opening trade.

20 Feb 2018 11:09 AM

Cong President Rahul Gandhi said the entire country was keen to know the 'secret behind his silence' and alleged that it screams out loudly where his loyalties were. (Photo: File)

Cong calls PM 'Maun Modi', questions his silence on Nirav Modi bank scam

Rahul attacked the PM's 'silence' on PNB fraud, questioned where 'country's watchman' was when Nirav Modi fled like Vijay Mallya.

20 Feb 2018 10:33 AM

In letter, Nirav Modi blames PNB for 'haste', urges bank to 'be fair'

In the letter that Nirav Modi wrote on February 15/16 to PNB, he pegged the amount his companies owe to the bank is under Rs 5,000 crore.

20 Feb 2018 8:20 AM

The government action comes as police briefly locked down the PNB branch in south Mumbai that was at the heart of the scam and continued searches today to gather evidence. (Photo: File)

Govt says PNB fraud points to 'supervisory failure' at RBI: report

The RBI did not immediately respond to a request for comment on Monday, which was a holiday in Mumbai. A FinMin spokesman declined comment.

19 Feb 2018 9:40 PM

The Enforcement Directorate also conducted searches at 38 other locations in several cities, including Mumbai, Pune, Aurangabad, Thane, Kolkata, Delhi, Jammu, Lucknow, Bengaluru and Surat. (Photo: File)

PNB fraud: ED raids Nirav Modi’s Mumbai residence, seizes valuables worth Rs 5,716 cr

ED is conducting raids across several cities after the PNB said it has been defrauded of Rs 11, 400 crore by diamond jeweller Nirav Modi.

19 Feb 2018 9:25 PM

The ED, the officials said, would probe if the funds obtained through the alleged fraud were laundered and if the proceeds of the crime were subsequently used. (Photo: File)

Fraud amount Rs 3,695 cr, ED registers FIR against Rotomac pens-owner

The ED lodged the case under the Ptrevention of Money Laundering Act after studying CBI's FIR on the same.

19 Feb 2018 5:09 PM

In January, PNB filed an initial criminal complaint with the CBI, accusing celebrity jeweller Nirav Modi and others of defrauding the bank and causing it a loss of 2.8 billion rupees (more than USD 43 million). (Photo: File)

Ex-PNB official used, shared passwords to help Nirav Modi

Failure to notice largest fraud in Indian banking history reveals a 'rot' in the state financial sector, said an ex-PNB official.

19 Feb 2018 11:09 AM

Kanpur-based company Rotomac Pen's owner Vikram Kothari had taken a loan of more than Rs 800 crore from over five state-owned banks, including Allahabad Bank, Bank of India and Union Bank of India. (Photo: Facebook)

CBI registers FIR for Rs 800 cr fraud against Rotomac pen-owner; raids premises

Amid reports of Kothari fleeing the country, the Rotomac Pen owner had earlier rubbished claims saying he will stay in Kanpur.

19 Feb 2018 9:38 AM

The Nifty also resumed the week up at 10,518.20 and traded between 10,618.10 and 10,434.05 before ending the week at 10,452.30.

Market ends flat for the week, PNB fraud shock play spoilsport

BSE Sensex and Nifty managed to close week flat at 34,010.76, up 5 points, and 10,452.30 marginally down 2.65 points respectively.

17 Feb 2018 1:45 PM

Besides Shetty (who is now retired), PNB’s single window operator (SWO) Manoj Kharat and authorised signatory of the billionaire diamantaire Nirav Modi Group of Firms Hemant Bhat have been apprehended. (Photo: PTI)

PNB scam: CBI arrests bank ex-official, prime accused Gokulnath Shetty

Shetty and two others apprehended will be produced before CBI special court in Mumbai later on Saturday.

17 Feb 2018 12:36 PM

The first complaint against Nirav Modi's company was filed on January 29, but he and his family had already fled the country on January 1. (Photo: File)

ED raids Nirav Modi premises, seizes Rs 5,700 Cr from 35 locations, 11 states

ED sources say they raided 35 new locations covering 11 states and seized diamond and gold worth Rs 549 crore on Friday.

16 Feb 2018 9:40 PM

Congress President Rahul Gandhi fired yet another salvo at Prime Minister Narendra Modi over tainted businessmen Nirav Modi fleeing the country. (Photo: File)

NaMo helped NiMo, LaMo flee : RaGa blames PM for Nirav Modi mess

Cong chief on Thursday said NDA govt was looking away when Nirav Modi used his clout with PM to slip out of India and steal Rs 12,000 Cr.

16 Feb 2018 8:42 PM

The Ministry of External Affairs on Friday suspended validity of passports of Nirav Modi and his business partner and uncle Mehul Choksi with immediate effect for a period of four weeks. (Facebook screengrab/NIRAVMODI)

Interpol notice out, but is diamantaire Nirav Modi in this New York hotel?

His clientele includes only high net-worth individuals, and his jewellery ranges from Rs 2 lakh to hundred crores.

16 Feb 2018 4:33 PM

Bank sought 100 per cent cash margins for issuing LoUs for raising buyers credit, which was contested by the firms saying they had availed of the facility from as early as 2010.

Union Bank has USD 300 million exposure to PNB fraud

Union Bank of India shares dropped 2.37 pc to Rs 117.25 while PNB stock fell over 3 pc to Rs124.45 on BSE.

16 Feb 2018 10:47 AM

Punjab National Bank MD and CEO Sunil Mehta addresses Media in New Delhi. (Photo: Twitter | ANI)

Fraud started in 2011, we detected in Jan this year, says PNB chief

PNB chief Sunil Mehta said there were no solid proposals by Nirav Modi on repayment, ‘got vague proposals’.

15 Feb 2018 2:57 PM

5 of 6

Columns

Aakar Patel