Sunday, 22 April 2018
Latest news
Main » PNB scam: Passports of Nirav Modi and Mehul Choksi revoked, reveal sources

PNB scam: Passports of Nirav Modi and Mehul Choksi revoked, reveal sources

26 February 2018

The Central Bureau of Investigation (CBI) on February 17 had arrested PNB's retired Deputy Manager, Gokulnath Shetty and its Single Window Operator Manoj Kharat in the multi-crore fraud case.

In a bid to tighten internal controls in the banks, the Reserve Bank of India (RBI) has asked banks to integrate SWIFT (Society for Worldwide Interbank Financial Telecommunication) with its core banking solutions (CBS) by April 30.

"Frauds of such magnitude and scale - PNB fraud Rs 11,400 crore and OBC fraud Rs 390 crore - has forced us to consider substantially much higher risk cover than the basic banker's indemnity policy which various banks have right now", a top public sector bank official said.

The ED on Saturday attached 21 properties, including a penthouse and a farmhouse, of Nirav Modi and his group worth over Rs 523 crore.

Election for three Rajya Sabha seats in state on March 23
In UP, where the maximum seats will fall vacant, the BJP expects to win at least nine. Four other BSP Rajya Sabha MPs are also ending their tenure.

Sources said that till March 31, 2017, Mehul Choksi and his companies Geetanjali Gems, Gili India and Nakshatra Brand owed close to Rs 3,000 crore in the form of 37 bank loans. The same is again totally false and incorrect. Both Modi and Choski are said to have left the country before criminal cases were lodged against them. In the statement its officials stated that several unauthorized transactions have been detected at its branch that were apparently made for the benefit of few privileged account holders with active connivance of branch officials.

The agency has frozen Mutual funds and shares worth Rs 7.80 crore of Nirav Modi and Rs 86.72 crore belonging to his uncle Mehul Choksi of the Gitanjali Group. "At no stage, such facilities were extended by our bank to your three partner firms".

Sources said that if they skipped the summons, the agency may approach a special PMLA court to get warrants without bail against them.

"Your commitment and undertaking for sparing of the total liability was not backed by providing upfront amounts and timelines".

Trump's son-in-law faces Kelly over new restrictions on insider information
Porter had been operating on an interim security clearance for a year before he left over allegations that he abused his ex-wives. Trump has the option of simply granting a security clearance to Kushner, but officials wanted to avoid that option.

Separately, PNB said a news report that it had approached the global accounting firm PwC to conduct a probe into the alleged fraud that would help it build a case against Nirav Modi and his associates was "totally incorrect".

The bank reiterated that it had enough assets and capital to meet any liabilities from the fraud.

The letter, accessed by ET through his lawyer Sanjay Abbot, says the HR was being instructed to issue relieving letters and experience certificates to employees.

Separately, on Thursday, responding to clarifications sought by the stock exchange, PNB in a regulatory filing said it had followed all "lawful avenues available" to recover its dues.

Tiger Woods four shots back on crowded Honda Classic leaderboard
Chamblee's colleague, Kelly Tilghman chimed in, noting that the blast on No. 10 was Woods' longest drive on tour since 2014. It seems like it's been quite blustery the last couple of years at Augusta, anyway. "I feel like I'm right there".

PNB scam: Passports of Nirav Modi and Mehul Choksi revoked, reveal sources