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Explained: How Nirav Modi Cheated Punjab National Bank Of Rs 14,000 Crore
Pulling off one of the biggest bank frauds in the country, fugitive diamantaire Nirav Modi and his uncle Mehul Choksi created a complex web of deception through fraudulent Letters of Undertaking (LoUs) to siphon off Rs 14,000 crore.
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CBI Files Suplementary Chargesheet In 7,080-Crore Bank Fraud Case
Mehul Choksi's companies are accused of siphoning off Rs 7,080 crore through LoUs and FLCs, while Modi and his companies have allegedly cheated to the tune of over Rs 6,498 crore, according to the CBI.
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Enforcement Directorate Summons Nirav Modi's Father, Sister, Brother-In-Law
Investigators said Nirav Modi's relatives were summoned in the first week of this month and were given 15 days time to appear before it.
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Top Exporters Body Writes To RBI To Lift Ban On Letter Of Undertakings
The top exporters lobby Federation of Indian Export Organisations (Fieo) has written to the Reserve Bank and finance ministry seeking lifting the blanket ban on letter of undertakings (LoUs) saying it will further hurt exports by making them more uncompetitive.
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PNB Fraud Case: Scam-Hit Bank Issued Over 41,000 LoUs Since 2011, Says Arun Jaitley
Following the PNB scam, the Reserve Bank has stopped banks from issuing LoUs.
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PNB Scam: No Lender Issued Fake LoUs Barring PNB, Says SBI Official
All PSBs have checked issued LoUs, and there are no other unauthorised LoUs except those issued by PNB, says senior SBI official, PTI reported.
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PNB Detects New Fraud At Mumbai Branch: Report
The new alleged fraud of around Rs 9.1 crore involves officials of a little known company called Chandri Paper and Allied Products Pvt Ltd, the Central Bureau of Investigation said in the complaint posted on its website.
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RBI Bars Letters of Undertaking (LoUs). Five Things To Know
RBI took the decision of discontinuing letters of undertaking in wake of the alleged Rs 13,000 crore PNB fraud that revolved around the LoUs
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Banks Barred From Issuing Credit Guarantees After PNB Fraud: Latest Developments
In a major clampdown on banks after the Punjab National Bank (PNB)-Nirav Modi case, the Reserve Bank of India (RBI) on Tuesday barred banks from issuing letters of undertaking (LoUs) even as fresh details emerged about possibly the biggest fraud in India's banking history. Besides, the government revealed on Tuesday that alleged fraudster Mr Modi, ...
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Nirav Modi Effect: RBI Stops Letters of Undertaking For Overseas Credit
The Reserve Bank of India has discontinued letters of undertaking (LoUs) or guarantees for overseas credit after the Punjab National Bank (PNB) fraud involving Nirav Modi and Mehul Chokshi
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PNB Fraud Going On Since 2010: CBI Tells Court
Violation of norms for issuance of Letters of Undertaking (LoUs) to benefit billionaire jeweller Nirav Modi and his uncle Mehul Choksi had been going on since 2010, the CBI told a court here today.
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Nirav Modi Aide Vipul Ambani Was Aware Of Fraud LoUs: CBI
Vipul Ambani, an arrested aide of fugitive billionaire Nirav Modi, knew about the fraudulent and illegal Letters of Undertaking (LoUs) issued by the Punjab National Bank in the Rs 11,300 crore fraud, CBI officials said on Wednesday.
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PNB Fraud Case: CBI Arrests More Bank Officials As Probe Deepens
The bank has alleged that as far back as 2011, firms tied to the duo began receiving fraudulent letters of undertaking (LOUs) from its Brady House branch that enabled them to borrow money from overseas banks.
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PNB's Fraud Case: Banks Reveal Exposure Of Over Rs 17,000 Crore. 10 Things To Know
As a growing number of skeletons come out of the closet in the Rs 11,300 crore PNB Fraud, a Thomson Reuters news report suggests that at least three other banks have significant amount of exposure to Nirav Modi-Mehul Choksi and their firms of gigantic proportions. The total loan amount is reported to be Rs 17,632 crore in March last year, an amount...
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Allahabad Bank Discloses Rs 2,000 Crore Exposure In PNB Fraud
Other banks which were involved in giving credit based on LoUs issued by PNB were Axis Bank, Union Bank and SBI.
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Explained: How Nirav Modi Cheated Punjab National Bank Of Rs 14,000 Crore
Pulling off one of the biggest bank frauds in the country, fugitive diamantaire Nirav Modi and his uncle Mehul Choksi created a complex web of deception through fraudulent Letters of Undertaking (LoUs) to siphon off Rs 14,000 crore.
-
CBI Files Suplementary Chargesheet In 7,080-Crore Bank Fraud Case
Mehul Choksi's companies are accused of siphoning off Rs 7,080 crore through LoUs and FLCs, while Modi and his companies have allegedly cheated to the tune of over Rs 6,498 crore, according to the CBI.
-
Enforcement Directorate Summons Nirav Modi's Father, Sister, Brother-In-Law
Investigators said Nirav Modi's relatives were summoned in the first week of this month and were given 15 days time to appear before it.
-
Top Exporters Body Writes To RBI To Lift Ban On Letter Of Undertakings
The top exporters lobby Federation of Indian Export Organisations (Fieo) has written to the Reserve Bank and finance ministry seeking lifting the blanket ban on letter of undertakings (LoUs) saying it will further hurt exports by making them more uncompetitive.
-
PNB Fraud Case: Scam-Hit Bank Issued Over 41,000 LoUs Since 2011, Says Arun Jaitley
Following the PNB scam, the Reserve Bank has stopped banks from issuing LoUs.
-
PNB Scam: No Lender Issued Fake LoUs Barring PNB, Says SBI Official
All PSBs have checked issued LoUs, and there are no other unauthorised LoUs except those issued by PNB, says senior SBI official, PTI reported.
-
PNB Detects New Fraud At Mumbai Branch: Report
The new alleged fraud of around Rs 9.1 crore involves officials of a little known company called Chandri Paper and Allied Products Pvt Ltd, the Central Bureau of Investigation said in the complaint posted on its website.
-
RBI Bars Letters of Undertaking (LoUs). Five Things To Know
RBI took the decision of discontinuing letters of undertaking in wake of the alleged Rs 13,000 crore PNB fraud that revolved around the LoUs
-
Banks Barred From Issuing Credit Guarantees After PNB Fraud: Latest Developments
In a major clampdown on banks after the Punjab National Bank (PNB)-Nirav Modi case, the Reserve Bank of India (RBI) on Tuesday barred banks from issuing letters of undertaking (LoUs) even as fresh details emerged about possibly the biggest fraud in India's banking history. Besides, the government revealed on Tuesday that alleged fraudster Mr Modi, ...
-
Nirav Modi Effect: RBI Stops Letters of Undertaking For Overseas Credit
The Reserve Bank of India has discontinued letters of undertaking (LoUs) or guarantees for overseas credit after the Punjab National Bank (PNB) fraud involving Nirav Modi and Mehul Chokshi
-
PNB Fraud Going On Since 2010: CBI Tells Court
Violation of norms for issuance of Letters of Undertaking (LoUs) to benefit billionaire jeweller Nirav Modi and his uncle Mehul Choksi had been going on since 2010, the CBI told a court here today.
-
Nirav Modi Aide Vipul Ambani Was Aware Of Fraud LoUs: CBI
Vipul Ambani, an arrested aide of fugitive billionaire Nirav Modi, knew about the fraudulent and illegal Letters of Undertaking (LoUs) issued by the Punjab National Bank in the Rs 11,300 crore fraud, CBI officials said on Wednesday.
-
PNB Fraud Case: CBI Arrests More Bank Officials As Probe Deepens
The bank has alleged that as far back as 2011, firms tied to the duo began receiving fraudulent letters of undertaking (LOUs) from its Brady House branch that enabled them to borrow money from overseas banks.
-
PNB's Fraud Case: Banks Reveal Exposure Of Over Rs 17,000 Crore. 10 Things To Know
As a growing number of skeletons come out of the closet in the Rs 11,300 crore PNB Fraud, a Thomson Reuters news report suggests that at least three other banks have significant amount of exposure to Nirav Modi-Mehul Choksi and their firms of gigantic proportions. The total loan amount is reported to be Rs 17,632 crore in March last year, an amount...
-
Allahabad Bank Discloses Rs 2,000 Crore Exposure In PNB Fraud
Other banks which were involved in giving credit based on LoUs issued by PNB were Axis Bank, Union Bank and SBI.
