The Enforcement Directorate has attached absconding jeweller Nirav Modi’s assets and valuable worth Rs 255 crore in Hong Kong in connection with $2 billiion alleged fraud in Punjab National Bank.
PNB Fraud
Nirav Modi in Connection with a Money Laundering Case Related to the $2 Billion Nirav Modi in connection with a money laundering case related to the $2 billion Punjab National Bank loan fraud
Gold Silver Reports (GSR) — Nirav Modi in connection with a money laundering case related to the $2 billion Punjab National Bank loan fraud, officials said.
Punjab National Bank (PNB) : Rises On Divestment Plans
Gold Silver Reports (GSR) – Punjab National Bank (PNB): Rises On Divestment Plans — Shares of the fraud-hit lender extended gains for the fourth straight session today, its longest winning streak since Oct last year. The stock rose as much as 4.4 percent to Rs 92.35 apiece.
PNB Scam: Former CEO Of Bank Was Aware Of Fraud, Says CBI
Gold Silver Reports (GSR) – PNB Scam: Former CEO Of Bank Was Aware Of Fraud, Says CBI — Former Managing Director and Chief Executive Officer of Punjab National Bank Usha Ananthasubramanian and some other senior bank officials were aware of the “fraudulent” dealings with diamond merchant Nirav Modi but kept “misleading” the RBI, the CBI has alleged in its charge sheet.
RBI says Examining Enforcement Action; PNB Fraud Case
Gold Silver Reports (GSR) – RBI says Examining Enforcement Action; PNB Fraud Case — Replying to an RTI query, the central bank also said it has been issuing necessary instructions to banks from time to time on a variety of issues of prudential supervisory concern, including the management of operational risks inherent in the functioning of banks.
Jeweler Files for Bankruptcy as PNB Fraud Rises to $2 Billion
The international jewelry business that’s part of the empire controlled by Nirav Modi, a billionaire accused of masterminding India’s biggest bank fraud, has filed for bankruptcy in the U.S. just as the Indian lender at the heart of the scam revised up its fraud estimate.
Bank Fraud Fallout in India Spreads to Market for Trade Finance
Gold Silver Reports – Bank Fraud Fallout in India Spreads to Market for Trade Finance — The fallout from India’s biggest banking fraud is spreading to the market for trade financing, as foreign lenders become more reluctant to accept the guarantees from their local counterparts that underpin the loans.
PNB Stock Down 9% to Hit 52-Week Low – Goldman Neal Bahi Reports – INDIA
Gold Silver Reports – PNB Stock Down 9% to Kiss 52-Week – Shares opened weak at ₹107.80, then cracked 8.75 % to a 52-week low of ₹ 102.10 on the BSE.
India Is Said to Plan Asking PNB to Pay Banks for PNB Bank Fraud
Gold Silver Reports – India is planning to ask state-owned lender Punjab National Bank to compensate other lenders for losses arising out of the $1.8 billion fraud allegedly perpetrated by jewelers Nirav Modi and Mehul Choksi, a person familiar with the matter said.
Jewellery Stocks Down, Gitanjali Gems Shares Tank 60% – PNB Fraud
Gold Silver Reports – Jewellery Stocks Down, Gitanjali Gems Shares Tank 60% – PNB Fraud — While Mehul Choksi-promoted Gitanjali Gems Ltd has lost around Rs435.91 crore or nearly 60% of its market value ever since the fraud at Punjab National Bank (PNB) came to light, the steep erosion has hammered other jewellery stocks as well.