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Feb 16, 2018 08:14 PM IST | Source: Moneycontrol.com

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.

  • Feb 16, 05:23 PM (IST)

    CBI found diamonds at Surat factory, handed over to ED, reports CNN-News18.

  • Feb 16, 05:18 PM (IST)

    My contract got over a year ago. That is something not related to us. I have nothing to say on it: Sidharth Malhotra, Actor on Nirav Modi tells reporters.

  • Feb 16, 05:08 PM (IST)

    Finance Secretary during UPA's regime, instead of taking action, forced Dinesh Dubey to resign. We are asking who pressurised the Foreign Secretary to pressurise Dinesh Dubey?: Union Minister Prakash Javadekar tells reporters.

  • Feb 16, 05:06 PM (IST)

     PNB loses Rs 8,731 cr market cap in 3 sessions
    Punjab National Bank (PNB) has lost market capitalisation (m-cap) worth Rs 8,731 crore after shares of the company slumped for the third straight session following the detection of a Rs 11,400-crore fraud.
    At the end of today's trading session, the shares of the company fell 2.10 per cent to Rs 125.65 apiece. The stock had slumped 6.03 per cent intraday to its 52-week low of Rs 120.60.
    Following the downtrend, m-cap of the company slumped by Rs 654.91 crore to Rs 30,477.50 crore.
    In the last three trading sessions, the company m-cap saw a total erosion of Rs 8,731.5 crore. This is more than 6-times of the company's full-year net profit of Rs 1,324 crore recorded in FY 2016-17.
    The quantum of fraud itself is more than 8-times the bank's annual profit. The stock hit its 52-week low on both BSE and NSE today.

  • Feb 16, 05:00 PM (IST)

    3 main companies named in the FIR have 36 subsidiary companies. Out of those 36 companies, 17 are in Mumbai, 1 in Hyderabad and rest of the companies are located out of India. Companies in India are being investigated by CBI today, reports ANI. CBI is carrying out searches in 26 places across India after naming 3 companies in fresh FIR registered in PNB fraud case.

  • Feb 16, 04:56 PM (IST)

    The scam which has come into light is a scam of the UPA Govt. This started during UPA's reign in 2011: Union Minister Prakash Javadekar tells reporters.

  • Feb 16, 04:55 PM (IST)

    4 officials of Punjab National Bank are being examined by CBI, reports ANI.
     

  • Feb 16, 04:42 PM (IST)

    Role of former PNB Chairman under CBI scanner. Whistleblower named ex-PNB chief for surpassing Nirav scam, reports CNN-News18.

  • Feb 16, 04:38 PM (IST)
  • Feb 16, 04:32 PM (IST)

    ICAI to look into auditors' role

    Chartered accountants' apex body ICAI will review the USD 1.77 billion fraud at Punjab National Bank to look at whether there have been lapses on the part of auditors and has sought information from investigation agencies as well as from markets regulator Sebi. ICAI President Naveen N D Gupta said it has taken suo motu cognisance of the fraud at Punjab National Bank. "The Financial Reporting Review Board (FRRB) has been advised to "initiate suo motu review" of Punjab National Bank and Gitanjali Gems (matter)," he told PTI. The board, set up by the institute, reviews the compliance with various accounting and auditing standards.
     

  • Feb 16, 04:27 PM (IST)

    If all the layers of this scam are opened up, the scam will go up to Rs 30,000 Crore. Modi govt's new buzz word 'Udaan' has found a new meaning - 'every scamster can flee & fly undetected & unchecked: Randeep Surjewala, Congress

  • Feb 16, 04:22 PM (IST)

    Following the money trail is very difficult especially if it goes overseas as you have multiple transactions and for each transaction, you have to send a letter rogatory, it can take months and even years: Former CBI director AP Singh tells reporters.

  • Feb 16, 04:06 PM (IST)

     SEBI launches probe into trading, disclosure issues at PNB, Gitanjali Gems 

    Markets regulator Sebi has launched a probe into trading and disclosure related issues in the matter of Punjab National Bank and Gitanjali Gems in connection with over Rs 11,000 crore banking fraud allegedly perpetrated by absconding Nirav Modi. “Sebi accords utmost importance to market conduct and integrity. Anyone found violating the securities laws will be dealt with firmly”, a regulatory official said. Incidentally, in July 2013, NSE in consultation with Sebi had debarred Gitanjali Gems chief and main promoter Mehul Choksi among others from trading, for securities market violations relating to trading in his company. The
     

  • Feb 16, 03:56 PM (IST)

    Sources told CNN-News18 that transactions between India and 5 countries including USA, UK, Malaysia, Singapore and China are being closely monitored.  In the last one year, Nirav Modi allegedly started parking all his money through multiple layers where he made transactions at inflated prices. Some transactions are being suspected to be with fictitious companies & are being scrutinized by the agencies. According to their sources in CBI, Nirav Modi had already made plans to leave the country with his family a year ago. However, he had to postpone his plan due to demonetisation.

  • Feb 16, 03:19 PM (IST)

    Bank of Baroda told the CNBC-TV18 that they "Don't think the exposure to Gitanjali Gems & Nirav Modi cos is above Rs 425-450 crore."

  • Feb 16, 03:18 PM (IST)

    Planning to maintain current stake in PNB despite the fraud, LIC Chairman told CNBC-TV18.

  • Feb 16, 03:07 PM (IST)
  • Feb 16, 02:55 PM (IST)

    JUST IN| SBI discloses USD 212 million exposure through PNB

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