PNB FRAUD
PNB scam: Court suspends non-bailable warrant against top executive of Gitanjali Group
A special anti-money laundering court suspended the non-bailable warrant against Sunil Varma, former Gitanjali Group executive linked to the PNB scam, allowing him to return to India for court appearance. Varma, accused alongside Choksi in the alleged bank fraud, faced warrants in money laundering and CBI cases. Bombay HC cancelled CBI warrant earlier, facilitating his return. Enforcement Directorate instructed not to execute warrant pending further orders.
Mehul Choksi says 'reasons beyond his control' have prevented his return to India
Mehul Choksi, a prominent figure in the multi-crore PNB scam, conveyed to a special court his inability to return to India, citing reasons beyond his control. He asserted that this circumstance should preclude him from being labeled a "fugitive economic offender." Choksi maintained that his departure from India was not motivated by a desire to evade criminal prosecution, nor is he unwilling to come back to the country. He cited the suspension of his passport by Indian authorities as a factor contributing to his current situation.
How bankers are helping cybercriminals siphon your money
13 bankers, including a former Yes Bank deputy manager, were arrested for aiding cybercriminals by providing access to bank accounts for online frauds. The manager, Shaikh, opened accounts without following KYC norms. ACP Priyanshu Dewan commented on the case.
Frauds by bank employees: Take these steps to ensure branch manager or any other employee does not run away with your money
Fraud by bank employees: Many reports of bank employees defrauding customers of the bank. These are the cases where the bank and its customers both are the victims of fraud by the employee(s). In a recent judgement by the SC, it was said that banks would be held liable for criminal misconduct by its employees.
SBI, ICICI Bank, Axis Bank, PNB, AU Small Finance Bank warn customers about banking frauds; different scams, ways to safeguard yourself
Bank frauds: SBI recently issued a warning about a scam involving the distribution of an Android Application Package (APK) to users under the guise of redeeming SBI reward points and the precautions to take. Let us take a look at some of the frauds that big banks in India have been warning customers about and how one can stay safe.
UK court rejects Nirav Modi's fresh bail plea due to 'real, substantial' flight risk
Nirav Modi, a 52-year-old diamond merchant in London, has made a new bail application, but a UK judge rejected it, stating that he still poses a "substantial risk" of absconding justice. The judge accepted the legal team's submission that the long passage of time since the last bail application three and a half years ago constituted a change in circumstances to allow the hearing to go ahead. However, Judge Zani concluded that there remain substantial grounds against bail, as there continues to be a real risk that Modi would fail to attend court or interfere with witnesses.
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Refund of fraud transactions: Railway police constable wins case against PNB after 10 years; what to do in such cases?
Punjab National Bank: What happened was an constable with Railway Protection Force (RPF) became a victim of electronic fraud in 2013 and Rs 80,000 was withdrawn through eight unauthorised transactions. Banking lawyers say that the burden of proving customer liability in case of unauthorised electronic banking transactions shall lie on the Bank.
Hot Stocks: Brokerage view on GAIL, ICICI Lombard, PNB Housing and Infosys
Jefferies has underperform rating on GAIL India. Morgan Stanley is overweight Infosys, PNB Housing, ICICI Lombard.
PNB MetLife appoints Vijayalakshmi Natarajan as chief risk & compliance officer
Natarajan, an industry veteran with over three decades of experience, is responsible for enterprise compliance, risk management, design and implementation of internal controls, and policies and procedures, the company said.
SC sets aside Allahabad HC's order for CBI probe into Simbhaoli Sugars loan case
Simbhaoli Sugars, whose account was declared a non-performing asset in 2012, had moved the SC against the HC’s December order on the grounds that the HC had exceeded its jurisdiction “without any material, evidence, much less any allegation, and without any opportunity to address any concerns or apprehensions, rendered findings of collusion, siphoning off, which make these findings perverse.”
Bankruptcy court orders liquidation of Mehul Choksi-promoted Gitanjali Gems
The company was originally admitted under the Corporate Insolvency Resolution Process (CIRP) in October 2018. It has admitted liabilities of over Rs 12,558 crore.
Bank fraud: ED raids in J-K, Punjab, UP in Bharat Papers Ltd case
Incorporated in September, 2006, the BPL is an associate of the Bharat Box Factory Industries Limited (BBFIL), a paper board packaging industry based in Jammu and Ludhiana. The primary allegations against the company are that its directors have perpetrated a bank loan fraud of about Rs 200 crore with a consortium of banks with lead bank as the State Bank of India.
Rising bank frauds force govt to take serious note; key consultations begin
Financial services secretary Vivek Joshi will hold some key consultations on the matter next week. Meetings will include those with the Reserve Bank of India (RBI), Trai, telecom department and the National Payments Corporation of India (NPCI), among others.
I could be in England for years, Nirav Modi tells UK court
Last year, Nirav lost his legal battle in the highest UK court against being extradited to India in the estimated USD 2 billion Punjab National Bank (PNB) loan scam case. But his case is now said to be "statute barred", indicating further pending litigation which could be linked to a confidential asylum application.
CBI books Visa Power for bank fraud of Rs 1,964 crore
"It has transpired that the accused persons in connivance and in furtherance of criminal conspiracy with each other have caused wrongful gain to themselves and wrongful loss to the banks to the tune of Rs 1,964 crore apart from interest dues from the date of NPA," according to the FIR. The project was executed in two phases of 600 MW each and was to be financed through the consortium of lenders.
Mehul Choksi's wife's plea: Special court asks ED to file reply
A special court on Tuesday asked the Enforcement Directorate (ED) to file its reply on a plea filed by Priti Choksi, wife of fugitive jeweller Mehul Choksi, seeking cancellation of a bailable warrant issued against her. The court dealing with money-laundering cases also granted interim stay on the warrant until the next hearing.
Delhi HC grants interim relief to Ratnakar Gutte in bank fraud case
Delhi High Court has allowed interim relief to Ratnakar Gutte, a Maharashtra politician and director of Gangakhed Sugar & Energy, against the banks' declaration of his accounts as "fraud". Gutte filed a petition to have the judgement regarding the declaration scrapped under the Reserve Bank of India’s guidelines. The banks were ordered to file their say in the matter and the declaration will be stayed until then.
CBI raids office of IL&FS Energy Development Company, directors in Rs 100.03 cr loan fraud case
The CBI on Friday said that they carried out search operations at office of IL&FS Energy Development Company Ltd (IEDCL) and residential premises of its directors in New Delhi, Dehradun, and Mumbai in connection with a loan fraud case and recovered incriminating documents and other articles.
PNB scam: HC dismisses CBI's plea contesting bail to two executives arrested in the case
The federal agency is probing both Nirav Modi and his uncle Mehul Choksi for the over Rs 20,000 crore fraud caused to PNB. The uncle-nephew duo managed to flee the country nearly a month before the CBI registered a case in January, 2018. While Choksi has given up Indian citizenship and taken up citizenship of two Caribbean islands, Antigua and Barbuda, Modi is lodged at a jail in London.
PNB scam: Employee of Nirav Modi's firm gets bail more than four years after filing plea
"Till date she has not been arrested, but has been attending this court regularly. No purpose would be served by rejecting her bail," the special court said.
Axis Bank says exposure to Adani Group at 0.94 pc of total loans
"We extend credit, basis comfort on cash flow, security, and repayment capability of obligors as per the Bank's credit assessment framework. We remain comfortable with our exposure to Adani Group basis the same," the bank said in a regulatory filing.
SC suggest Nirav Modi's bro-in-law to give letter of authority to CBI to access offshore bank accounts
The central probe agency has alleged Mehta received a large sum of money siphoned off in the PNB fraud scam and transferred them to his and his wife's offshore bank accounts. Mehta is a British national who lives in Hong Kong with his family and had come to India on September 8, 2021 for appearing in a Mumbai court.
Keeping a tab on development related to Adani Group: PNB MD
"Whatever exposure we are having is backed by cash flow. Total exposure include investment of Rs 42 crore and remaining credit," PNB managing director Atul Kumar Goel said while announcing quarterly numbers.
Over six banks join Grant Thornton in legal fight against Winsome's Mehtas
IDBI Bank, Axis Bank, Exim, Bank of Maharashtra, Standard Chartered Bank and State Bank of Mauritius are among the financial institutions which have registered their claims in an arrangement under which GT, after collecting a generous success fee, would pay the Indian lenders pari passu in relation to the value of their claims, two persons familiar with the development told ET.
CBI books Rishi Agarwal in another case of defrauding PNB-led consortium of Rs 1,688 cr
The CBI has filed an FIR against ABG Shipyard's former chairman Rishi Agarwal in another case of defrauding a Punjab National Bank-led consortium of Rs 1,688 crore, officials said Thursday.
Explainer: How Nirav Modi cheated PNB of Rs 14,000 crore through fraudulent LoUs
After multiple twists and turns in a protracted legal case, Modi on Wednesday lost his appeal against extradition to India as the High Court in London ruled that his risk of suicide is not such that it would be either unjust or oppressive to extradite him to face charges of fraud and money laundering.
Banking frauds of over Rs 100 cr see significant decline in FY'22
In a bid to check frauds, the RBI has been taking several steps including improving efficacy of Early Warning System (EWS) framework, strengthening fraud governance and response system, augmenting data analysis for monitoring of transactions and introduction of dedicated Market Intelligence (MI) Unit for frauds.
Frauds in PSBs dip 51 pc to Rs 40,295 cr in FY22; number of cases not falling fast enough: RBI
According to the RBI data on frauds reported by PSBs in all categories during FY22, the highest amount of Rs 9,528.95 crore was reported by the city-based Punjab National Bank (PNB), involving 431 such incidents. The country's largest lender State Bank of India reported frauds worth Rs 6,932.37 crore in as many as 4,192 cases -- reflecting incidents of a large number of small value frauds.
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