PNB Scam: News | Page 1

07 Mar 2018

Narendra Modi

Sonia Gandhi forges Opposition unity by hosting dinner

Even as various regional parties are considering a non-BJP non-Congress alliance, Congress leader Sonia Gandhi has invited Opposition leaders for dinner to forge a united front against the BJP in Parliament.

05 Mar 2018

India

PNB-scam: Anti-fraud agency summons ICICI's Chanda Kochhar, Axis' Shikha Sharma

The Rs. 12,650cr scam by Nirav Modi and his uncle Mehul Choksi in connivance with PNB employees might be the undoing of many other banks too.

06 Mar 2018

Mumbai

PNB Scam: CBI detains Gitanjali Group Vice-President Vipul Chitalia

The CBI has detained Vipul Chitalia, Vice-President of Gitanjali Group of Companies, as part of its probe into the Rs. 12,636cr Punjab National Bank fraud.

05 Mar 2018

India

Budget session stormed by Nirav Modi, Karti Chidambaram issues

The second part of the budget session began today on a stormy note, with the ruling and opposition parties training their guns on each other over major corruption scandals.

04 Mar 2018

India

PNB scam: Nirav Modi bribed official with gold and diamond

Billionaire Nirav Modi bribed a bank official with gold and diamond for his assistance in the Rs. 12,650cr PNB scam, CBI said.

03 Mar 2018

India

PNB Scam: Non-bailable arrest warrants issued for Modi and Choksi

A special court, set up under the Prevention of Money Laundering Act, has issued non-bailable arrest warrants for diamond traders Nirav Modi and Mehul Choksi in the alleged Rs. 12,650 crore Punjab National Bank scam.

02 Mar 2018

India

Can't confirm if Nirav Modi is in US: State official

The US has acknowledged reports in Indian media that embattled billionaire Nirav Modi is in the country, but is unable to confirm them, a state department official said.

01 Mar 2018

India

PNB-scam: Nirav Modi 'busy' with business, refuses to join probe

Nirav Modi, accused in the massive PNB scam, has refused to join the CBI investigation citing business engagements abroad.

28 Feb 2018

India

PNB scam fallout: Center acts on setting up long-delayed NFRA

The massive PNB scam, India's biggest banking fraud till date, seems to have rattled the authorities.

27 Feb 2018

India

PNB scam: Nirav Modi's Firestar Diamond files for bankruptcy

Even as billionaire Nirav Modi battles allegations of committing India's largest bank fraud of Rs. 11,400cr, his international jewelry brand, Firestar Diamond Inc, has filed for bankruptcy in the US.

27 Feb 2018

India

Nirav Modi case: Fraud amount could be Rs. 1,323cr more

The PNB scam, one of the biggest frauds in India's history, was initially estimated at Rs. 11,400cr, but the bank now says the amount of unauthorized transactions could be Rs. 1,300cr more than that.

25 Feb 2018

India

Nirav Modi deposited Rs.90cr in PNB before demonetization: NCP MLA

Even as billionaire Nirav Modi battles allegations of the largest banking fraud in India's history, he has been hit by more incriminating accusations.

RBI to banks: Link SWIFT, Core Banking Solution by April

The Reserve Bank of India (RBI) has set April 30 as the deadline for banks to integrate SWIFT (Society for Worldwide Interbank Financial Telecommunication) with Core Banking Solutions (CBS), as it looks to strengthen internal controls after the PNB fraud case.

25 Feb 2018

India

Nirav Modi-scam: Property worth Rs. 523cr attached, PNB CEO questioned

Continuing its investigation into the Rs. 11,400cr PNB scam, the CBI yesterday questioned two top officials of the bank, including CEO and MD Sunil Mehta.

24 Feb 2018

India

10,000 employees left helpless as Modi, Choksi deny salaries

Days after Nirav Modi wrote to employees to look for other jobs, uncle Mehul Choksi, Gitanjali chairman, has followed suit.

24 Feb 2018

India

Won't tolerate loot: PM Modi breaks silence on PNB scam

More than a week after news of India's biggest bank fraud worth Rs. 11,400cr broke, PM Narendra Modi has broken his silence on the matter, saying the government won't tolerate loot of public money.

24 Feb 2018

Delhi

CBI acts on OBC's Rs. 389cr-scam complaint six months later

The CBI, left red-faced for not acting on time in the PNB scam, has booked a jewelry firm in Delhi six months after the Oriental Bank of Commerce (OBC) lodged a complaint.

23 Feb 2018

Mumbai

PNB-scam: ED seizes imported watches, freezes shares worth Rs. 14cr

Investigating agencies are keeping up the pressure on Nirav Modi in the PNB scam, with ED continuing to seize assets and freeze shares.

23 Feb 2018

Priyanka Chopra

Finally, Priyanka breaks ties with Nirav Modi's jewelry house

Not wanting her name to be in any way associated with Nirav Modi who has been accused of a major financial fraud, Priyanka Chopra has terminated her contract with his diamond jewelry house.

23 Feb 2018

India

Over 9,000 willful defaulters owe Rs. 1.1-lakh-crore to Indian banks

The Rs. 11,400cr PNB fraud has once again highlighted the growing problem of bad loans in India's banking sector.

22 Feb 2018

Delhi

Nirav Modi scam: More PNB, Gitanjali, Nakshatra employees arrested

The CBI has arrested Rajesh Jindal, now the general manager at PNB's Delhi head office, in the Rs. 11,400cr Nirav Modi scam.

22 Feb 2018

Mumbai

PNB-scam: ED seizes luxury cars, freezes shares worth Rs. 94.5cr

As investigation continues in the Rs. 11,400cr PNB scam, the ED has seized nine high-end luxury cars of Nirav Modi, including a Rolls Royce Ghost, a Porsche Panamera and a Mercedes Benz.

21 Feb 2018

Haryana

"Why not speak on Nirav, Rafale on Mann Ki Baat?"

'Why ask for ideas when in your heart you know what every Indian wants to hear you speak about? 1. Nirav Modi's 22,000 Cr. Loot & Scoot 2. The 58,000 Cr. RAFALE scam,' replied Rahul Gandhi today on Twitter, where PM Narendra Modi had asked for ideas for Mann ki Baat.

21 Feb 2018

Mumbai

PNB-scam: CBI arrests three employees, including 'man who revealed fraud'

CBI has arrested three PNB employees including one who, according to their lawyer, was "instrumental" in revealing the Rs. 11,400 fraud.

21 Feb 2018

India

PNB-scam: I-T notice to Singhvi's wife for cash-purchases worth crores

I-T has sent a notice to Congress leader Abhishek Manu Singhvi's wife Anita, seeking explanation for jewelry purchases allegedly worth Rs. 6cr from Nirav Modi.

21 Feb 2018

Punjab National Bank

PNB scam: Nakshatra, Gili 'directors' living in chawls, one-room sets

Billionaire Nirav Modi fled the country after allegedly duping PNB of Rs. 11,400cr.

20 Feb 2018

Narendra Modi

#PNBScam: Will chase down fraudsters, says Jaitley blaming auditors, management

Finance Minister Arun Jaitley, finally breaking his silence on the Rs. 11,400cr PNB scam involving Nirav Modi and Mehul Choksi, blamed the bank's management and auditors for not detecting the fraud.

20 Feb 2018

India

PNB's going public destroyed my ability to repay debt: Modi

Nirav Modi, the man behind India's largest bank fraud, has blamed PNB's "anxiety to recover dues immediately" for his failure to repay the loans, which he claims is much less than the reported Rs. 11,400cr.

19 Feb 2018

India

Shiv Sena: Nirav Modi is BJP's "partner," funded their poll-campaign

Shiv Sena and BJP's rivalry continues to simmer even as they remain coalition partners.

19 Feb 2018

India

Rotomac chairman Vikram Kothari arrested for Rs. 800cr loan default

Amid rumors that Vikram Kothari had fled the country after defaulting on loans worth Rs. 800cr, the Rotomac chairman has been arrested, reports say.

19 Feb 2018

India

Nirav Modi scam reveals deep flaws in India's banking system

One is likely to wonder how Nirav Modi managed to dupe Punjab National Bank (PNB), India's second-largest public lender, of Rs. 11,400cr for seven years without anyone realizing.

18 Feb 2018

India

Indian banks may lose Rs. 19,000cr in PNB-fraud: I-T Dept

The Income Tax Department stated Indian banks could lose Rs. 17,632cr from loans and corporate guarantees provided to Punjab National Bank in the Rs. 11,400cr fraud.

18 Feb 2018

India

Every four hours, one Indian banker gets caught for fraud

An analysis of data compiled by the Reserve Bank of India (RBI) has revealed that on an average, at least one in India is caught and punished for fraud every four hours.

17 Feb 2018

India

Nirav Modi case: CBI arrests PNB's ex-Deputy Manager, two others

The CBI has arrested Punjab National Bank's former Deputy Manager Gokulnath Shetty, Single Window Operator Manoj Kharat, and the authorized signatory of Nirav Modi Group of Firms Hemant Bhat in connection to the alleged Rs. 11,400cr banking fraud by Nirav Modi and Mehul Choksi.

Gitanjali shares fall for third day, investors lose Rs. 300cr

Shares of Gitanjali Gems fell for the third straight day today. It dropped another 20%, closing at Rs. 37.45 on NSE.

16 Feb 2018

India

Nirav Modi scam: Massive cover-up by banks, media and govt?

For seven years, billionaire Nirav Modi and his associates managed to dupe one single bank of a whopping Rs. 11,400cr, and it apparently never found out till now.

16 Feb 2018

India

PNB scam: CBI approaches Interpol for help with Nirav Modi

The CBI is acting to ensure the man behind India's biggest fraud case isn't able to escape prosecution.

15 Feb 2018

India

PNB fraud case: Govt. revokes Nirav Modi's passport

The government on Thursday announced that it had revoked the passport of the absconding Nirav Modi, the billionaire jeweller who recently became notorious after defrauding the Punjab National Bank of Rs. 11,400 crore.

08 Feb 2018

India

After steep rise, Nirav Modi stares at a sharp downfall

When he was young, India's premier jeweler Nirav Modi aspired to be a music conductor, but that was not to be.

15 Feb 2018

India

Priyanka Chopra sues Nirav Modi for default of payments

A day after Nirav Modi was named in a Rs. 11,000+ crore fraud, Priyanka Chopra has sent him a legal notice.

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