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Feb 16, 2018 08:14 PM IST | Source:

PNB fraud Highlights: IT dept attaches 21 bank accounts of Nirav Modi's Firestar Diamond

This blog will keep you posted on the recent Rs 11,400 crore PNB fraud.

  • Feb 16, 04:37 PM (IST)

    UPDATE| ED has registered fresh FIR against Gitanjali Group of Companies. An FIR was filed after a fresh complaint was made by PNB on February 13. 
    ED has started searches at 50 different places including Lucknow and Patna, reports Moneycontrol's Tarun Sharma.

  • Feb 16, 08:16 PM (IST)

    Thank you for joining us in our coverage of the Rs 11,400 crore PNB fraud case today. Stay tuned for more updates as well as any breaking news related to the case. 

  • Feb 16, 07:58 PM (IST)
  • Feb 16, 06:47 PM (IST)

    According to a notice issued by the Income Tax department, 21 bank accounts belonging to Nirav Modi's Firestar Diamond International Pvt Ltd have been attached as a part of the investigation into the Rs 11,400 crore fraud reported by state-owned Punjab National Bank. 

  • Feb 16, 06:28 PM (IST)

    The management, however, said that the exact amount of liability has not been ascertained yet and is only estimated at Rs 11,400 crore. Yesterday, a source in Enforcement Directorate said that the authority will try to ascertain if the fraud amount exceeded that number. 

  • Feb 16, 06:25 PM (IST)

    The bank's management also pointed out that PNB has a lot of resources and non-core assets at its disposal to help it get out of this problem. 

  • Feb 16, 06:24 PM (IST)

    In the conference call, the lender said that only one of its branches has reported such a fraud and that it has checked its other branches for the same. It maintained that this was a standalone case.

  • Feb 16, 06:22 PM (IST)
  • Feb 16, 06:21 PM (IST)

    In a conference call today, Punjab National Bank said that it is facing some problems at the moment that it intends to fix. The lender has said that it will return to normalcy within six months from now.

  • Feb 16, 06:18 PM (IST)

    India Inc today called for swift and strict action against the companies who have allegedly defrauded Punjab National Bank, while expressing concern over the vulnerability of lenders.

    PNB has detected USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.

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