Mehul Choksi, one of the prime accused in the alleged fraud at Punjab National Bank, has written to the CBI, expressing his inability to return to India to face charges.
He further added that he can't come back to India because his passport has been suspended
In a letter to the Central Bureau of Investigation (CBI), one of the lead agencies probing the alleged loan fraud, the jeweller said the seizure of his assets, bank accounts and the shutting down of all his offices in India has caused prejudice against him.
The New Delhi-based PNB is the third lender which has been called by SFIO in the last two days in connection with the nearly USD 2 billion fraud.
The brokerage warned that state-run banks, which are typically the largest investors in sovereign securities, could lose more than 200 billion rupees ($3.1 billion) in the January-March quarter, due to a continued spike in bond yields and as they held more bonds than are required by the regulator.
It has listed out demands to take tough action against those involved in the fraud.
Experts bet big on Titan, citing strong fundamentals along with strong management and element of trust.
As part of the investigation, the SFIO has issued summons to heads of over 30 banks that have exposure to companies of diamond traders Nirav Modi and Mehul Choksi.
The party also staged protests in Lok Sabha and Rajya Sabha, disrupting proceedings in both the houses. Party leaders had also given adjournment motions to discuss the banking scams.
It is alleged that Choksi and Nirav Modi got LoUs and Foreign Letters of Credit issued of Rs 12,636 cr
The contract’s term ends later this year, but Kohli’s agency has assured that the contract wouldn’t be terminated before it ends.
Financial irregularities of Nirav Modi’s companies were highlighted nearly four years before the massive fraud of the diamantaire detected last month.
Rahul, who has been vocal in his criticism of the Modi government on the scam, will be missing a chance to corner the government in the Parliament on the mega scandal that has rocked the nation.
Chitalia was apprehended at Mumbai airport and brought to the Central Bureau of Investigation (CBI) office at the Bandra-Kurla Complex here for questioning, he said, but did not divulge any other details about Chitalia's alleged role in the PNB fraud.
The agency is also investigating plans by the two to list companies.
The agency, which secured a 12-day remand of four accused arrested yesterday, explained the modus operandi involved in the alleged Rs 12,636-crore Punjab National Bank fraud before the special CBI court here.
PNB’s current and savings’ account (CASA) deposits stood at Rs 2.67 lakh crore.
A private sector banker closely associated with the activity echoed the same, saying lenders have taken a "cautious" approach in the aftermath of the largest financial fraud in the history of the nation.
Banking sector during the week continued to be embroiled in the Punjab National Bank fraud.
The bank found out these accounts after internal scrutiny and said that these accounts are not directly related to the PNB fraud but may help in the investigation.
FM Jaitley said NAFRA would investigate matter of professional misconduct by chartered accountants and auditors.
The government, stung by the twin absconding cases of Nirav Modi and Vijay Mallya, would be hoping for a smooth passage of the Bill in the two Houses.
ICAI President Naveen N D Gupta, who took over the reins of the ICAI last month, noted that chartered accountant profession owes its sustainability to a strong regimen of ethics.
Protesting while wearing the glittering pieces of jewellery may have reduced the brand value of the celebrities.
Diamantaire Nirav Modi and his uncle Mehul Choksi are alleged to have colluded with officers of the branch to fraudulently obtain guarantees for availing loans from overseas branches of Indian banks.