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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 Arrests 10 Over Misuse Of PNB Letters Of Undertaking Worth 9 Crore
The CBI has arrested 10 people for alleged misuse of Lettter of Undertakings worth over Rs 9 crore in the Punjab National Bank's Brady House branch, the fountainhead of a USD 2 billion scam perpetrated by billionaires Nirav Modi and Mehul Choksi, officials said on Wednesday.
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Banks Not The Only Victims Of Fugitive Jewellers Nirav Modi, Mehul Choksi
Banks weren't the only victims of fugitive jewellers Nirav Modi and Mehul Choksi, who allegedly orchestrated a $2 billion fraud. India's trade may be an unsuspecting casualty. As the fraud unravelled, the central bank stepped in and banned short-term financing in foreign currency called Letters of Undertaking to limit the damage to the financial sy...
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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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Three Senior RBI Officials Questioned By The CBI in PNB Scam, Say Sources
In the Nirav Modi scam, the investigators are now looking into whether officials of the Reserve Bank of India were aware of rules being broken by Punjab National Bank officers, while issuing Letters of Understanding to Nirav Modi and Mehul Choksi. Sources in the CBI have told NDTV that senior officials of the RBI are being questioned in connection ...
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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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RBI Clamps Down On Credit Guarantees As PNB Fraud Swells
Punjab National Bank, the country's second-biggest state-run bank, said last month it had been defrauded of about $2 billion.
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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: Mehul Choksi's Letter To CBI - Full Text
Gitantajali Group Promoter Mehul Choksi, accused of involvement in a over Rs 12,000 crore fraud against the Punjab National Bank along with nephew celebrity jeweller Nirav Modi, has written a letter to the Central Bureau of Investigation (CBI) alleging abuse of due process.
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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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Woman Employee "Illegally" Arrested By CBI, Nirav Modi Alleges In Letter To Enforcement Directorate
Diamond trader Nirav Modi, who is at the centre of the Punjab National Bank (PNB) scam running over Rs 11,000 crore, has alleged that he was right in being concerned about the "unfairness of process", going by the way a woman employee of his firm was arrested.
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CBI Arrests Another PNB Executive, Recovers Documents From Mumbai Chawl
The CBI on Thursday arrested another senior executive of the Punjab National Bank or PNB and claimed to have recovered documents related to Letter of Undertaking from a chawl in Mumbai as it continued its searches in connection with the USD 2 billion fraud.
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In Nirav Modi Probe, Investigators To Ask 6 Countries For Info: 10 Points
The Enforcement Directorate (ED) will issue letters rogatory to six countries to identify overseas businesses and assets of diamond trader Nirav Modi, accused in the Rs 11,400-crore Punjab National Bank (PNB) fraud and who is absconding. Letters rogatory are documents that make a request for information through a foreign court. The Central Bureau o...
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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 Arrests 10 Over Misuse Of PNB Letters Of Undertaking Worth 9 Crore
The CBI has arrested 10 people for alleged misuse of Lettter of Undertakings worth over Rs 9 crore in the Punjab National Bank's Brady House branch, the fountainhead of a USD 2 billion scam perpetrated by billionaires Nirav Modi and Mehul Choksi, officials said on Wednesday.
-
Banks Not The Only Victims Of Fugitive Jewellers Nirav Modi, Mehul Choksi
Banks weren't the only victims of fugitive jewellers Nirav Modi and Mehul Choksi, who allegedly orchestrated a $2 billion fraud. India's trade may be an unsuspecting casualty. As the fraud unravelled, the central bank stepped in and banned short-term financing in foreign currency called Letters of Undertaking to limit the damage to the financial sy...
-
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.
-
Three Senior RBI Officials Questioned By The CBI in PNB Scam, Say Sources
In the Nirav Modi scam, the investigators are now looking into whether officials of the Reserve Bank of India were aware of rules being broken by Punjab National Bank officers, while issuing Letters of Understanding to Nirav Modi and Mehul Choksi. Sources in the CBI have told NDTV that senior officials of the RBI are being questioned in connection ...
-
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
-
RBI Clamps Down On Credit Guarantees As PNB Fraud Swells
Punjab National Bank, the country's second-biggest state-run bank, said last month it had been defrauded of about $2 billion.
-
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: Mehul Choksi's Letter To CBI - Full Text
Gitantajali Group Promoter Mehul Choksi, accused of involvement in a over Rs 12,000 crore fraud against the Punjab National Bank along with nephew celebrity jeweller Nirav Modi, has written a letter to the Central Bureau of Investigation (CBI) alleging abuse of due process.
-
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.
-
Woman Employee "Illegally" Arrested By CBI, Nirav Modi Alleges In Letter To Enforcement Directorate
Diamond trader Nirav Modi, who is at the centre of the Punjab National Bank (PNB) scam running over Rs 11,000 crore, has alleged that he was right in being concerned about the "unfairness of process", going by the way a woman employee of his firm was arrested.
-
CBI Arrests Another PNB Executive, Recovers Documents From Mumbai Chawl
The CBI on Thursday arrested another senior executive of the Punjab National Bank or PNB and claimed to have recovered documents related to Letter of Undertaking from a chawl in Mumbai as it continued its searches in connection with the USD 2 billion fraud.
-
In Nirav Modi Probe, Investigators To Ask 6 Countries For Info: 10 Points
The Enforcement Directorate (ED) will issue letters rogatory to six countries to identify overseas businesses and assets of diamond trader Nirav Modi, accused in the Rs 11,400-crore Punjab National Bank (PNB) fraud and who is absconding. Letters rogatory are documents that make a request for information through a foreign court. The Central Bureau o...
