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Nirav Modi IANS Investigation - Tracks down Nirav Modi ops in London

Fugitive diamantaire Nirav Modi fled India in January 2018 only days before the epic Punjab National Bank (PNB) Swift scam broke. Even as investigators swooped down on PNB, it was clear that Nirav Modi..
Sify - Published

Mehul Choksi surrenders his Indian passport

Choksi and his nephew Nirav Modi, in connivance with certain bank officials, allegedly cheated Punjab National Bank (PNB) of about Rs 14,000 crore through issuance of fraudulent letters of undertaking...
IndiaTimes - Published

ED attaches Mehul Choksi-linked Thai factory

The anti-money laundering agency has provisionally attached a factory worth Rs 13 crore in Thailand—Abbeycrest (Thailand) Ltd—a Gitanjali group company of scam accused Mehul Choksi in the Rs 13,600..
IndiaTimes - Published

Serious Fraud Investigation Office yet to submit report on Nirav Modi, Mehul Choksi in PNB scam

A multi-agency probe is already underway into the PNB fraud, which was mainly perpetrated by way of fraudulent Letters of Undertaking (LoUs).
Firstpost - Published

PNB scam: CBI books retd officer in DA case

Shetty is key accused in the PNB scam involving fugitives Nirav Modi and Mehul Choksi as he issued letters of undertaking (LoUs) illegally in favour of their companies.He was arrested in February.
IndiaTimes - Published

Punjab National Bank to turn profitable in FY19; Nirav Modi scam a bygone: MD and CEO Sunil Mehta

Nirav Modi and his uncle Mehul Choksi duped PNB of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs), in connivance with certain bank officials.
Firstpost - Published

Swamy writes to Jaitley, seeking sanctions to prosecute Adhia for Nirav Modi, Choksi links

Senior Bharatiya Janata Party (BJP) leader Subramanian Swamy has written a letter to Union Finance Minister Arun Jaitley seeking permission to initiate proceedings to prosecute Finance Secretary..
DNA - Published

'Choksi diverted Rs 3,257 crore to foreign dummy companies'

Fugitive diamnond jeweller Mehul Choksi, wanted in the Rs 13,500-crore Punjab National Bank (PNB) fraud case, diverted over Rs 3,257 crore of the money raised from fraudently obtained letters of..
Sify - Published

Mehul Choksi diverted over Rs 3,250-crore to foreign shores : ED

An ED investigation has found that absconding jeweller Mehul Choksi diverted over Rs 3,250 crore funds, allegedly defrauded from a PNB branch in Mumbai, to foreign shores and he was in business of..
DNA - Published

Sister's UK flat 1st foreign attachment in Nirav case

The property worth around Rs 72 crore is believed to have been bought last year with money that Nirav Modi obtained from Punjab National Bank (PNB) through forged letters of undertaking (LoUs). The ED,..
IndiaTimes - Published

PNB, US Trustee seek probe into Mehul Choksi's US firm Samuels Jewelers

Fresh from a moral victory, Punjab National Bank (PNB) and US Trustee have now trained their guns at Mehul Choksi's Samuels Jewelers, seeking a probe into the US firm that has filed for..
DNA - Published

PNB fraud: Govt sacks ex-MD Usha Anathasubramanian

The government on Monday dismissed Usha Ananathasubramanian, who was three months ago divested of her powers as MD and CEO Allahabad Bank following the country's biggest bank fraud allegedly carried..
DNA - Published

If Choksi is in Antigua, is Nirav Modi in Malta?

Nirav Modi and Mehul Choksi are accused in the Rs 14,000 crore fraud that involved companies owned by them raising finance against letters of undertaking issued by the state-owned PNB.
IndiaTimes - Published

PNB loss cushioned by tax writeback, lower fraud provisioning

Punjab National Bank (PNB) on Tuesday reported a Rs 940 crore loss in the quarter ended June 30 as bad loans continued to haunt the bank. If it was not for a tax writeback of Rs 623 crore, the loss..
DNA - Published

Panel criticises RBI for Letters of Undertaking withdrawal

A Parliamentary panel on Monday criticised RBI for withdrawing the facility of Letters of Undertaking (LoUs), a sort bank guarantee for traders, and asked the regulator to reintroduce them at the..
IndiaTimes - Published

How this 'commonwealth' clause in Antigua Law can help India in bringing back Mehul Choksi

India is eyeing to bring back bank fraud accused Mehul Choksi from Antigua under the provision of a law of the island nation which provides for extradition of a fugitive to a designated Commonwealth..
DNA - Published

PNB scam: Senior executive of fugitive diamantaire Nirav Modi's firm gets bail

According to the CBI, the executive was aware of the fraudulent letters of undertaking (LoUs) issued by PNBs former deputy manager Gokulnath Shetty in favour of Modi's firms.
Firstpost - Published

Mehul Choksi citizenship: Police verification report was clear in 2017

*Antigua's assertion that India did not give any adverse report *to stall granting of citizenship to Mehul Choksi last year evoked sharp reactions from the authorities here with the government today..
DNA - Published

Brady House branch in Mumbai not to be closed, says PNB Bank

Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of about Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs
DNA - Published

No plans to close ops at Brady House branch: PNB

Nirav Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of about Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs).
IndiaTimes - Published

Positive development for PNB in US bankruptcy case of Nirav Modi firm, says bank MD Sunil Mehta

Punjab National Bank MD Sunil Mehta has said there are "positive developments" in favour of the lender pertaining to bankruptcy case filed in the US by Nirav Modi's firm Firestar Diamond..
DNA - Published

PNB Fraud: Directors of five dummy companies set up by Nirav Modi earned between Rs 8,000 and Rs 30,000

The Enforcement Directorate in its report against jeweller Nirav Modi have said that owners and directors of at least five firms based out of Hong Kong earned only between Rs 8,000 and Rs 30,000 every..
DNA - Published

PNB fraud case: ED files first chargesheet against Nirav Modi, associates; expected to file another against Mehul Choksi

The criminal complaint has been filed against Nirav Modi, his associates and businesses and the entire gamut of issuance of fake Letters of Undertaking (LoUs) by Punjab National Bank (PNB) to his firms..
Firstpost - Published

PNB fraud case: CBI court orders issuance of non-bailable warrant against Mehul Choksi

A special CBI court has taken cognisance of the second chargesheet filed in the 12,636-crore rupees PNB fraud case and ordered the issuance of a non-bailable warrant against a key accused Mehul..
All India Radio - Published Also reported by •DNA

PNB scam: ED issues summons to Nirav Modi's father, sister

The fraud was committed during 2011-17 by illegally issuing Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs).
Zee News - Published

9 minor boys steal bikes worth lakhs from Mumbai, Thane to go on joyrides

9 minor boys steal bikes worth lakhs from mumbai, thane to go on joyrides
In a shocking incident, 9 minor boys between the age of 10 and 15 years of age were arrested for stealing 27 two-wheelers worth Rs 7.6 lakh. The boys had been stealing bikes from Mumbai and Thane area..
Mid-Day - Published

CBI files charge sheet filed against Mehul Choksi, ex-PNB MD in Rs 7080.86 crore scam case

 Gitanjali group owner Mehul Choksi and Allahabad Bank CEO Usha Ananthasubramanian along with 13 others were today charged by the CBI for alleged cheating and corruption in the issuance of fraudulent..
DNA - Published

PNB posts biggest bank loss of Rs 13,000 cr in Q4

Scam-hit Punjab National Bank (PNB) on Tuesday rattled the banking sector with a twin blow of two mammoth figures. The second largest state-owned bank came up with a loss figure of Rs 13,416.91..
DNA - Published

Nirav Modi scam fails to take away shine from diamond business, De Beers pegs for better growth in India

De Beers, the world's largest diamond producer, has said the business in the country will continue to grow this year despite dampened sentiments following Nirav Modi-led PNB fraud. "There has been..
DNA - Published

Our projects lacked sanctity of contracts, says S S Mundra

The non-performing assets (NPA) mess is far from over in the banking sector. But with the regulator keeping a hawk-like vigil over the banks' books, there is no escape for them but to declare the..
DNA - Published

Ex-manager booked over 51-cr scam at Bank of India

A financial fraud of nearly Rs 51 crore at a Mumbai branch of a nationalised bank is the latest addition to the growing list of scams that have hit Indian banks. The Central Bureau of Investigation..
DNA - Published

Lift ban on letters of undertaking, say exporters


IndiaTimes - Published

Punjab National Bank moves Hong Kong HC against Nirav Modi

An official from the Bank told ANI that it would approach the courts of other countries where Nirav Modi and his uncle, Mehul Choksi have assets and businesses. For those unversed, PNB had detected..
DNA - Published

CBI probes Rs 5,280-cr loan to Gitanjali Group

Even as the Central Bureau of Investigation (CBI) is probing billionaire jeweller Nirav Modi and his uncle Mehul Choki in Punjab National Bank scam worth Rs 13,910.02 crore, another scam of Choksi's..
DNA - Published

Wipro's Rishad Premji appointed as new Nasscom chairman

wipro's rishad premji appointed as new nasscom chairman
Global software major Wipro's Chief Strategy Officer Rishad Premji has been appointed the new Nasscom Chairman for 2018-19, said the Indian IT industry's apex body on Tuesday. "Rishad Premji, the..
Mid-Day - Published

PNB Fraud: Did Bengaluru police disobey local court's order to impound Mehul Choksi's passport?

In the middle of the controversy surrounding the PNB fraud that involves jeweller Nirav Modi and his uncle Mehul Choksi, it has been reported that the Bengaluru police had failed to enforce a court’s..
DNA - Published

Nirav Modi fraud is bank's issue; will not seek govt support:PNB MD

Punjab National Bank (PNB) will take care of problems emanating from Rs 13,000-crore fraud perpetrated by billionaire jeweller Nirav Modi on its own and will not seek any governments assistance, its..
Deccan Herald - Published

NBWs issued against Nirav Modi and Mehul Choksi on CBI plea

A special CBI court in Mumbai has issued non-bailable warrants (NBWs) against billionaire diamantaire Nirav Modi and his uncle Mehul Choksi in connection with the cases related to over $2 billion..
Deccan Herald - Published

PNB scam: CBI quizzes ex-RBI dy gov on policy

Harun Rashid Khan was asked about the policy framework at the time when letters of undertaking (LoUs) were fraudulently issued by colluding PNB officials to Modi and Choksi; the statutory audit of the..
IndiaTimes - Published

PNB scam: CBI questions RBI ex-Deputy Governor

The CBI today questioned former Deputy Governor of the Reserve Bank Harun Rashid Khan in connection with bank scams involving jewellers Nirav Modi and Mehul Choksi and relaxation of gold import rules..
Deccan Herald - Published

Course correction? PNB honours LoUs, to return Rs 6,500 crore Nirav Modi took from 7 banks

Punjab National Bank on Wednesday decided to honour LoUs worth Rs 6,500 crore, issued fraudulently to 7 lenders in favour of Nirav Modi and associates in connivance with bank officials. Putting an..
DNA - Published

MCA mulls legal options to stall Firestar Diamond's bankruptcy proceedings in US

The Ministry of Corporate Affairs is considering legal options to try to stall bankruptcy proceedings in the US against diamantaire Nirav Modis group firm Firestar Diamond, amid stepped up action in..
Deccan Herald - Published

PNB plans to stake claim in insolvency proceedings of Nirav Modi co

Punjab National Bank (PNB) plans to take part in the bankruptcy proceeding of Firestar Diamond, a group company of jewellery designer Nirav Modi who has been accused of defrauding the state-run bank of..
Deccan Herald - Published

Ban on LOUs/LUTs to Impact Trade Facilitation and Ease of Doing Business: PHD Chamber

*Mr. Anil Khaitan*, *President*, *PHD Chamber of Commerce and Industry* expressed his disappointment over RBI’s announcement on discontinuation of Letters of Undertaking (LoUs) and Letters of..
NewsVoir - Published

PNB issued over 41k LoUs since 2011, says Finance Ministry

Scam-hit Punjab National Bank had issued as many as 41,178 Letters of Undertaking (LoUs) since 2011, of which 1,590 were given to Nirav Modi, Mehul Choksi and their associates, the finance ministry has..
DNA - Published

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