Nirav Modi to make another bail plea in UK court on May 8

Fugitive diamond merchant Nirav Modi would make another bail plea on May 8 at the UK court where he is undergoing extradition proceedings to India in the Punjab National Bank (PNB) fraud and money laundering charges amounting to up to USD 2 billion. The 48-year-old, who has been behind bars at Wandsworth prison in south-west […]

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RBI did not do proper auditing: CVC on PNB fraud

Central Vigilance Commissioner K V Chowdary today said the Reserve Bank of India (RBI) had apparently not conducted an audit during the period of time when a Rs 13,000-crore scam hit the Punjab National Bank. Chowdary stressed the need to put into place a more robust auditing system. “They did not do this (an audit),” […]

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Finance Minister Arun Jaitley slams regulators’ failure to detect PNB fraud

Finance Minister Arun Jaitley today slammed regulators for failing to detect the Rs 11,400-crore fraud at Punjab National Bank for seven long years, saying unlike politicians, regulators in the Indian system are unaccountable. Speaking on the scam for the second time this week, he said employees conniving with fraudsters is worrisome. Also worrisome is that […]

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PNB fraud : Vipul Ambani and 5 others in CBI custody till Mar 5

A special court here today remanded Vipul Ambani, the president (finance) of Nirav Modi’s Fire Star Diamond, and five others in CBI custody till March 5 in connection with the Rs 11,400 crore alleged fraud in Punjab National Bank (PNB). The six were arrested yesterday in connection with two FIRs registered by the CBI involving […]

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PNB fraud: Centre opposes plea for SIT probe

The Centre today opposed in the Supreme Court a PIL seeking an independent probe and deportation of billionaire jeweller Nirav Modi in the over Rs 11,000 crore PNB fraud case, saying an FIR has been lodged and a probe was on. A bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D […]

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CBI begins questioning of Rotomac owner Vikram Kothari

The CBI today started questioning of Rotomac owner Vikram Kothari at its Headquarters here in connection with alleged loan default of Rs 3,695 crore towards a consortium of seven nationalised banks, officials said here. Earlier, Kothari was being questioned in Kanpur where his company and residence is located, they said. He was called here by […]

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Bank under obligation to protect consumers interests: Forum

The Mumbai Consumer Redressal Forum has directed the Punjab National Bank not to close the account of a lawyer over alleged rude behaviour. It also asked the lawyer, a senior citizen, to maintain cordial relations with the bank. “The opponent bank is not entitled to close account of complainant,” the forum ruled after Harish Bhatia […]

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BCCI-Nimbus row: SC asks banks to deposit Rs 400 cr

The Supreme Court today asked three nationalised banks to deposit Rs 400 crore towards securing the claim of BCCI in a dispute over termination of the Rs 1,600-crore contract between the cricket board and Nimbus Communications, pending the hearing of their dispute. A bench of Justices Aftab Alam and Ranjana Desai asked Punjab National Bank, […]

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Court rejects bank’s plea for FIR against customers

Delhi court dismissed a plea lodge as a criminal case by a Punjab National Bank against its two customers for allegedly taking out money from a third customer’s account through an ATM card, wrongly issued to them. District Judge and Additional Sessions Judge R K Gauba dismissed the PNB plea, made against Metropolitan Magistrate Ankit […]

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