On February 14, the bank had reported unauthorised transactions worth approximately Rs 11,400 crore after it had detected some fraudulent transactions in its Brady House branch.
Govt is fast-tracking a draft law that will allow “non-conviction” based seizure.
The BJP chief has rejected allegations of corruption against his son Jay Shah, who has filed a criminal defamation suit against a news portal which claimed his business fortunes had zoomed after the BJP came to power in 2014.
Institute constitutes high-powered group to study issues in the case and suggest remedial measures for the banking system.
The cars include a Rolls Royce Ghost, two Mercedes Benz, one Porsche Panamera, three high end Honda cars and one Toyota Fortuner
While the agency had earlier seized gems, diamonds, jewellery, shares, bank deposits and costly cars in this case since it registered a criminal case under PMLA on February 14, this is the first major action to seize immovable assets
Full text of the letter written by Mehul Choksi to Gitanjali's employees
Without naming either the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, or PNB, he said it is "worrisome" that not a single red flag was raised when the fraud was perpetuated
Speaking on the scam for the second time this week, he said employees conniving with fraudsters is worrisome. Also worrisome is that no red flag was raised
She was asked to explain how much she had paid in cash and how much through cheque to purchase the valuables and jewellery from Modi's firms a few years back
After Choksi and Modi, Another diamond jewellery exporter booked for loan fraud
Ananthasubramanian, who is managing director and CEO of Allahabad Bank, said at her bank also, SWFIT is not linked to CBS and the process of linking both the systems is currently on
Days after the fraud allegedly masterminded by diamantaire Nirav Modi came to light, the prime minister asked the management of financial institutions as well as the supervisory bodies to do their job diligently to check such frauds.
The move will prevent the Gitanjali group companies from accessing the market.
The Enforcement Directorate also seized a huge collection of imported watches from a workshop location linked to the billionaire diamond jewellery businessman.
The MCA, which has identified properties of these four individuals and 104 related companies, recently shared the list with the Enforcement Directorate.
Over Rs 11,400 crore was siphoned-off through Punjab National Bank (PNB) issuing LoUs to Modi.
During these testing times, the Punjab National Bank chief may be finding solace in his favourite book, or bikes
As per the assessment of income tax paid, ED believes Choksi and Modi collectively own properties worth up to Rs 4,000 crore.
Prosecution has already been initiated against promoter Vikram Kothari on suspected tax evasion worth
The MEA had given one-week time to Nirav Modi and Mehul Choksi to respond why their passports should not be revoked.
Modi was summoned by the ED under the Prevention of Money Laundering Act (PMLA).
Serious Fraud Investigation Office (SFIO) feels that this case is purely failure on the part of auditors
ED officials said they have frozen mutual funds and shares worth Rs 86.72 crore belonging to Choksi and his group and Rs 7.80 crore owned by the Nirav Modi group.
This is in response to the letter written, earlier this week, by the diamond kingpin alleging that PNB’s public disclosure of “erroneous liability resulted in a media frenzy” that jeopardised his ability to discharge the dues of the group to the banks.