PNB Scam: News
30 Mar 2018
Punjab National BankGovernment will bring back Nirav Modi and Mehul Choksi: Sitharaman
The government will bring back Nirav Modi and Mehul Choksi, who fled the country before the Rs. 12,650 PNB scam came to light, asserted Defense Minister Nirmala Sitharaman today.
26 Mar 2018
Reserve Bank Of India (RBI)All about PNB's plan to stake claim in Modi's company
In a bid to recover defrauded amounts going up to Rs. 13,000 crore, the Punjab National Bank (PNB) is looking to take part in the bankruptcy proceedings of Nirav Modi's firm, Firestar Diamonds. It had filed for insolvency in a New York court last month.
20 Mar 2018
India'Extremely busy in businesses abroad': Choksi again refuses to return
Embattled businessmen Mehul Choksi, uncle of diamantaire Nirav Modi and Gitanjali Gems chairman, has once again refused to return to India.
15 Mar 2018
Lok SabhaBudget session: Amid paper-tearing and protests, bills passed without discussion
With protests rocking the Parliament's budget session, productivity has hit an all-time low.
15 Mar 2018
Narendra ModiAnother Nirav Modi-like scam surfaces at PNB's Brady House branch
Reports have emerged of another scam at PNB's Brady House branch in Mumbai, the site of the infamous Rs. 12,650cr Nirav Modi scam.
13 Mar 2018
IndiaPNB Fraud Fallout: RBI discontinues LoUs/LoCs issuance for trade credits
Learning from the multi-crore PNB scam, involving jewelers Nirav Modi and Mehul Choksi, the Reserve Bank of India has decided to discontinue issuance of LoUs (letters of undertaking) and LoCs (letters of comfort) as trade credits for imports into the country.
13 Mar 2018
IndiaPNB scam: Bank rejects Nirav Modi's offer, demands full repayment
In a strongly-worded letter, PNB has rejected Nirav Modi's "vague" offer of partial repayment in the Rs. 12,650cr scam, asking him to pay the entire amount immediately.
10 Mar 2018
IndiaPassport details made mandatory for Rs. 50cr+ loans
Following several high profile cases of economic offenders leaving the country, the government has made it mandatory for borrowers looking for loans above Rs. 50cr to submit their passport details to banks.
08 Mar 2018
IndiaNo passport, can't return: Mehul Choksi tells CBI
Repeating what Nirav Modi submitted to investigating agencies, his uncle Mehul Choksi, Gitanjali Gems chairman and an accused in the Rs. 12,650cr PNB scam, has refused to return to India citing revocation of passport, among others.
07 Mar 2018
IndiaPNB scam: CBI arrests Gitanjali VP, "brain behind the conspiracy"
Gitanjali Group vice-president Vipul Chitalia, who had escaped India along with chairman Mehul Choksi, was nabbed from the Mumbai airport yesterday morning, as soon as he landed from Bangkok.
07 Mar 2018
Mamata BanerjeeSonia Gandhi forges Opposition unity by hosting dinner
Even as various regional parties are considering a non-BJP non-Congress alliance, Congress leader Sonia Gandhi has invited Opposition leaders for dinner to forge a united front against the BJP in Parliament.
05 Mar 2018
IndiaPNB-scam: Anti-fraud agency summons ICICI's Chanda Kochhar, Axis' Shikha Sharma
The Rs. 12,650cr scam by Nirav Modi and his uncle Mehul Choksi in connivance with PNB employees might be the undoing of many other banks too.
06 Mar 2018
MumbaiPNB Scam: CBI detains Gitanjali Group Vice-President Vipul Chitalia
The CBI has detained Vipul Chitalia, Vice-President of Gitanjali Group of Companies, as part of its probe into the Rs. 12,636cr Punjab National Bank fraud.
03 Mar 2018
IndiaPNB Scam: Non-bailable arrest warrants issued for Modi and Choksi
A special court, set up under the Prevention of Money Laundering Act, has issued non-bailable arrest warrants for diamond traders Nirav Modi and Mehul Choksi in the alleged Rs. 12,650 crore Punjab National Bank scam.
02 Mar 2018
Central Bureau Of Investigation (CBI)Can't confirm if Nirav Modi is in US: State official
The US has acknowledged reports in Indian media that embattled billionaire Nirav Modi is in the country, but is unable to confirm them, a state department official said.
01 Mar 2018
Central Bureau Of Investigation (CBI)PNB-scam: Nirav Modi 'busy' with business, refuses to join probe
Nirav Modi, accused in the massive PNB scam, has refused to join the CBI investigation citing business engagements abroad.
28 Feb 2018
IndiaPNB scam fallout: Center acts on setting up long-delayed NFRA
The massive PNB scam, India's biggest banking fraud till date, seems to have rattled the authorities.
27 Feb 2018
IndiaPNB scam: Nirav Modi's Firestar Diamond files for bankruptcy
Even as billionaire Nirav Modi battles allegations of committing India's largest bank fraud of Rs. 11,400cr, his international jewelry brand, Firestar Diamond Inc, has filed for bankruptcy in the US.
27 Feb 2018
IndiaNirav Modi case: Fraud amount could be Rs. 1,323cr more
The PNB scam, one of the biggest frauds in India's history, was initially estimated at Rs. 11,400cr, but the bank now says the amount of unauthorized transactions could be Rs. 1,300cr more than that.
25 Feb 2018
IndiaNirav Modi deposited Rs.90cr in PNB before demonetization: NCP MLA
Even as billionaire Nirav Modi battles allegations of the largest banking fraud in India's history, he has been hit by more incriminating accusations.
25 Feb 2018
Reserve Bank Of India (RBI)RBI to banks: Link SWIFT, Core Banking Solution by April
The Reserve Bank of India (RBI) has set April 30 as the deadline for banks to integrate SWIFT (Society for Worldwide Interbank Financial Telecommunication) with Core Banking Solutions (CBS), as it looks to strengthen internal controls after the PNB fraud case.
25 Feb 2018
IndiaNirav Modi-scam: Property worth Rs. 523cr attached, PNB CEO questioned
Continuing its investigation into the Rs. 11,400cr PNB scam, the CBI yesterday questioned two top officials of the bank, including CEO and MD Sunil Mehta.
24 Feb 2018
India10,000 employees left helpless as Modi, Choksi deny salaries
Days after Nirav Modi wrote to employees to look for other jobs, uncle Mehul Choksi, Gitanjali chairman, has followed suit.
24 Feb 2018
IndiaWon't tolerate loot: PM Modi breaks silence on PNB scam
More than a week after news of India's biggest bank fraud worth Rs. 11,400cr broke, PM Narendra Modi has broken his silence on the matter, saying the government won't tolerate loot of public money.
24 Feb 2018
Central Bureau Of Investigation (CBI)CBI acts on OBC's Rs. 389cr-scam complaint six months later
The CBI, left red-faced for not acting on time in the PNB scam, has booked a jewelry firm in Delhi six months after the Oriental Bank of Commerce (OBC) lodged a complaint.
23 Feb 2018
Punjab National BankPNB-scam: ED seizes imported watches, freezes shares worth Rs. 14cr
Investigating agencies are keeping up the pressure on Nirav Modi in the PNB scam, with ED continuing to seize assets and freeze shares.
23 Feb 2018
Priyanka Chopra JonasFinally, Priyanka breaks ties with Nirav Modi's jewelry house
Not wanting her name to be in any way associated with Nirav Modi who has been accused of a major financial fraud, Priyanka Chopra has terminated her contract with his diamond jewelry house.
22 Feb 2018
DelhiNirav Modi scam: More PNB, Gitanjali, Nakshatra employees arrested
The CBI has arrested Rajesh Jindal, now the general manager at PNB's Delhi head office, in the Rs. 11,400cr Nirav Modi scam.
22 Feb 2018
Narendra ModiPNB-scam: ED seizes luxury cars, freezes shares worth Rs. 94.5cr
As investigation continues in the Rs. 11,400cr PNB scam, the ED has seized nine high-end luxury cars of Nirav Modi, including a Rolls Royce Ghost, a Porsche Panamera and a Mercedes Benz.
21 Feb 2018
Rahul Gandhi"Why not speak on Nirav, Rafale on Mann Ki Baat?"
'Why ask for ideas when in your heart you know what every Indian wants to hear you speak about? 1. Nirav Modi's 22,000 Cr. Loot & Scoot 2. The 58,000 Cr. RAFALE scam,' replied Rahul Gandhi today on Twitter, where PM Narendra Modi had asked for ideas for Mann ki Baat.
21 Feb 2018
Narendra ModiPNB-scam: CBI arrests three employees, including 'man who revealed fraud'
CBI has arrested three PNB employees including one who, according to their lawyer, was "instrumental" in revealing the Rs. 11,400 fraud.
21 Feb 2018
Punjab National BankPNB scam: Nakshatra, Gili 'directors' living in chawls, one-room sets
Billionaire Nirav Modi fled the country after allegedly duping PNB of Rs. 11,400cr.
20 Feb 2018
Arun Jaitley#PNBScam: Will chase down fraudsters, says Jaitley blaming auditors, management
Finance Minister Arun Jaitley, finally breaking his silence on the Rs. 11,400cr PNB scam involving Nirav Modi and Mehul Choksi, blamed the bank's management and auditors for not detecting the fraud.
20 Feb 2018
IndiaPNB's going public destroyed my ability to repay debt: Modi
Nirav Modi, the man behind India's largest bank fraud, has blamed PNB's "anxiety to recover dues immediately" for his failure to repay the loans, which he claims is much less than the reported Rs. 11,400cr.
19 Feb 2018
IndiaShiv Sena: Nirav Modi is BJP's "partner," funded their poll-campaign
Shiv Sena and BJP's rivalry continues to simmer even as they remain coalition partners.
19 Feb 2018
IndiaNirav Modi scam reveals deep flaws in India's banking system
One is likely to wonder how Nirav Modi managed to dupe Punjab National Bank (PNB), India's second-largest public lender, of Rs. 11,400cr for seven years without anyone realizing.
18 Feb 2018
IndiaIndian banks may lose Rs. 19,000cr in PNB-fraud: I-T Dept
The Income Tax Department stated Indian banks could lose Rs. 17,632cr from loans and corporate guarantees provided to Punjab National Bank in the Rs. 11,400cr fraud.
17 Feb 2018
IndiaNirav Modi case: CBI arrests PNB's ex-Deputy Manager, two others
The CBI has arrested Punjab National Bank's former Deputy Manager Gokulnath Shetty, Single Window Operator Manoj Kharat, and the authorized signatory of Nirav Modi Group of Firms Hemant Bhat in connection to the alleged Rs. 11,400cr banking fraud by Nirav Modi and Mehul Choksi.
16 Feb 2018
IndiaPNB scam: CBI approaches Interpol for help with Nirav Modi
The CBI is acting to ensure the man behind India's biggest fraud case isn't able to escape prosecution.
15 Feb 2018
IndiaPNB fraud case: Govt. revokes Nirav Modi's passport
The government on Thursday announced that it had revoked the passport of the absconding Nirav Modi, the billionaire jeweller who recently became notorious after defrauding the Punjab National Bank of Rs. 11,400 crore.
