PNB SCAM
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.
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.
Regulatory tightening over? Time to revisit. 5 housing finance stocks with upside potential of up to 39%
To some the news of the possible changes in project finance by banks and other sectoral lenders might appear to have come out of the blue. But the fact is that RBI has been in a process of tightening and cleaning up the system of every segment and subsegment of banking and financial services for more than the last one and a half years. Infact the first set of companies where the tightening of the norms was implemented were housing finance companies. Right from raising capital to disbursement norms, everything was tightened. Whenever there is tightening of norms, stocks from that sector tend to correct. Same has been the case with housing finance companies, they have underperformed in the last one year of bull run. But as the companies adjust to new norms, there will be some players who probably would make a comeback faster. Given the fact that despite all the problems which the sector has faced, it has still grown on an overall basis and there is no reason to believe that this will not happen in future.
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.
Better placed than many in NBFC space? 6 housing finance stocks with upside potential of up to 32%
The recent RBI guidelines on tightening the normal for provision for unsecured lending, bring back the debate to whether from a long term perspective, it is better to own a good housing finance stocks as it largely secured portfolio or should be stick to unsecured lenders who have faster growth rate. Despite all the ills of the real estate and housing finance business, one of the biggest wealth creators in the history of the Indian stock market has been a housing finance company, erstwhile HDFC which now merged with HDFC bank. So, it is a business which is good to own but what you choose to own matters most.
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.
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Court separates trial of two accused in PNB scam, says 'nobody knows how long Nirav Modi's extradition would take'
A special court handling CBI cases in the Punjab National Bank (PNB) scam has decided to separate the trial of two accused, Gokulnath Shetty and Hemant Bhatt, due to uncertainties regarding the duration of Nirav Modi's extradition process.
Fugitive diamantaire Nirav Modi's solar plant, Pedder Road flat up for auction to salvage PNB dues
The Debt Recovery Tribunal-I in Mumbai has put up a solar power plant belonging to a group entity of Nirav Modi, the absconder diamantaire, for auction in an attempt to recover a portion of his dues. The solar power plant, valued at Rs 12.40 crore, is located in Maharashtra's Ahmednagar district. Additionally, Nirav Modi's flat in Mumbai and two large land parcels will also be auctioned off.
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.
PNB scam: Mehul Choksi's wife moves Mumbai court for cancellation of bailable warrant
In the application, filed through advocates Vijay Agarwal and Rahul Agarwal, Kothari said the court issued bailable warrants against her on August 9 on the ground that she didn't appear in person despite the issuance of summons. Kothari claimed she was "unaware about the existence of the present legal proceedings on account of the fact that she has been a resident of Antigua and Barbuda" since she shifted there in 2018, much prior to the registration of the money laundering case.
Expect to recover Rs 50-100 cr from accounts related to Nirav Modi, says PNB MD & CEO
Punjab National Bank (PNB) CEO Atul Kumar Goel has revealed that the bank plans to recover Rs 50-100 crore from bank accounts associated with Nirav Modi, who siphoned off Rs 14,000 crore from PNB in connivance with some bank officials. Earlier, PNB unearthed that Modi and companies associated with him colluded with some of its officers and had fraudulently acquired guarantees worth Rs 11,400 crore to obtain loans from the overseas branches of Indian claiming to need the cash to import pearls.
PNB Scam Case: PMLA court grants bail to Nirav Modi's close aide Subash Parab
Parab's bail plea was allowed by Special PMLA judge S M Menjonge. The judge mentioned that it appeared from the bail application that Parab was not a beneficiary of the proceeds of crime.
Fugitive diamantaire Mehul Choksi wins in court; cannot be removed from Antigua and Barbuda without court order
The claimant, Mehul Choksi in his civil lawsuit has argued that there is an obligation on the part of the defendants, the Attorney General of Antigua and the Chief of Police to carry out a thorough inquiry and that he has an arguable claim that he was subjected to inhuman or degrading treatment or punishment, Dominica based Nature Isle News reported.
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.
Mehul Choksi Red Notice removal: CBI says taking steps for Interpol decision to be revised
The Central Bureau of Investigation on Tuesday said that it has challenged the decision to delete Mehul Chinubhai Choksi's name from the Interpol database of Red Notices. The 63-year-old diamantaire is wanted in India in connection with a Rs 13,000-crore fraud in PNB. It may be noted that an Interpol Red Notice is neither a pre requisite nor a requirement for extradition proceedings
Indian government behind kidnap from Antigua, torture of Mehul Choksi: Spokesperson
The spokesperson for fugitive diamantaire Mehul Choksi comments on the news that Interpol has removed the Red Notice against him, stating that there is "an alarming case of state orchestrated kidnap, torture and attempted rendition by the Indian government". Choksi has presented evidence to the Antiguan High Court that the Indian government is behind his kidnapping and torture, and the attempt to render him to India in breach of the international rule of law.
Nirav Modi's Pune flats 'unsold', re-auction at slashed rates!
The e-auction of these properties is considered another desperate attempt to recover a part of the PNB's staggering dues of nearly Rs 11,777 crore, calculated till March 20, 2023. Incidentally, the PNBs figure of outstanding was Rs 11,653 crore till February 2023 which has increased by Rs 124 crore.
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.
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.
Mehul Choksi's bribery of Antigua officials exposed
Although an Antiguan court ordered Choksi extradited to his native India, where he allegedly stole the equivalent of millions of dollars, corrupt government officials, judges and law enforcement agents in Antigua have successfully delayed the proceeding, but only after the illicit receipt of substantial bribes.
Nirav Modi loses bid to take extradition fight to UK supreme court
The jeweller, who fled India in 2018 before details of his alleged involvement in large-scale fraud at the Punjab National Bank became public, has argued there is a high risk of suicide if he is extradited.
UK court rejects Nirav Modi's appeal against extradition to India
Holding that it would neither be unjust nor oppressive to extradite Nirav Modi to India, Justices Jeremey Stuart Smith and Robert Jay ruled that the risk of suicide if Modi is extradited may be high but the arrangements at the (Indian) prison will enable the authorities to cope properly with Nirav's condition.
Sebi debars Mehul Choksi from markets for 10 years
Choksi, who was the chairman and managing director as well as part of promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi. Both of whom are facing charges of defrauding state-owned Punjab National Bank (PNB) of more than Rs 14,000 crore.
Supreme Court notice to RBI in Subramanian Swamy plea on bank scams
The petitioners contended the number and value of banking frauds detected by RBI and other agencies during the last couple of years showed that despite wide powers, RBI 'failed to protect the interests' of stakeholders including depositors, investors and shareholders. The plea reads "the regulator is being supinely indifferent to a series of bank frauds with questions now being raised about it".
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