Diabytes
PNB fraud News
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This is the first prosecution complaint filed by the federal agency against Choksi's wife Priti Pradyotkumar Kothari.
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According to the government official, a scam of this magnitude had the potential to create instability in the financial sector but the deft handling saved the entire public sector banking space from the crisis and litigation.
Later, banks were allowed to seek passport details from borrowers seeking loans of over Rs 50 crore.
To put a check on offenders fleeing the country, the government brought the Fugitive Economic Offenders Act 2018.
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After Pnb one more bank fraud is in the market. RBI superseded the board of Yes Bank and imposed a month-long moratorium. Rbi told to customers not to panic in the situation of cash withdrawal
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In a regulatory filing on Saturday, PNB said that BPSL had misappropriated funds and manipulated books of accounts to raise funds from consortium lender banks.
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The accounts of Nirav Modi and his sister Purvi Modi were frozen following Enforcement Directorate's request under the Prevention of Money Laundering (PMLA) Act.
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Mehul Choksi and his nephew Nirav Modi are wanted by the ED and the CBI for allegedly defrauding the PNB to the tune of Rs 13,400 crore, in collusion with a few of its employees.
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Choksi and his nephew Nirav Modi are wanted by the ED and the CBI for allegedly defrauding the PNB to the tune of Rs 13,400 crore, in collusion with a few of its employees.
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The team of specialists led by the Enforcement Directorate will verify medical reports of Choksi by doctors from JJ Hospital next Monday. They will then take a call on whether he can be brought to India via air ambulance.
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Mehul Choksi has submitted the affidavit with details of his diseases in the court.
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Nirav has been lodged in Wandsworth prison, considered one of Britain's most notorious cell, since March 19.
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On May 30, the Westminster Magistrates Court in London extended judicial custody of Modi till June 27.
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The Crown Prosecution Service (CPS) said the hearing for his bail petition will take place on June 11.
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Nirav Modi was arrested by uniformed Scotland Yard officers from a Metro Bank branch in central London as he attempted to open a new bank account on March 19.
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Choksi and his nephew Nirav Modi, both owners of jewellery store chains, are alleged to have colluded with two employees of PNB in the alleged fraud.
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A CBI team is likely to leave for London to assist local authorities in the extradition case of fugitive diamantaire Nirav Modi whose bail plea will come for hearing before a court there on Friday, officials said.
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Choksi, through his advocates said that entire proceedings against him are bad in law.
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Modi allegedly cheated Punjab National Bank through fraudulent issuance of Letters of Undertakings and Foreign Letters of Credit.
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The External Affairs ministry has already sent an extradition request to the United Kingdom.
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Modi's bungalow was attached by the ED following his involvement in the Punjab National Bank fraud case.
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Fine of Rs 3 crore was imposed on Union Bank, Rs 2 crore on Dena Bank, and Rs 1 crore each on IDBI and the SBI.
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