Besides, more than two dozen banks have decided to seek a forensic audit to establish if Mehul Choksi-led Gitanjali Gems has also indulged in fraud.
On February 14, PNB had detected the fraud wherein billionaire jeweller Nirav Modi and associates allegedly cheated the bank by acquiring fraudulent letters of undertaking (LoUs) from one of its branches for overseas credit from other Indian lenders.
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.
The Nostro account refers to an account that a bank holds in a foreign currency in another bank overseas to enable foreign trade by its clients.
PNB, it says, still remains eligible as an account bank for Indian ABS transactions rated at 'BBB-sf'. ABS are bonds or notes backed by financial assets.
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.
Rattled by a spate of frauds in the banking sector, lenders are now planning to increase insurance cover against delinquencies by their employees to protect their bottomlines.
The cars include a Rolls Royce Ghost, two Mercedes Benz, one Porsche Panamera, three high end Honda cars and one Toyota Fortuner
Tremors of such scams seem to have been felt by to other banks as well as top management of several public sector banks have begun conducting reviews
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
On Friday, FICCI president Rashesh Shah said that he met the finance minister and asked him to begin the process of bank privatisation in a phased manner, leaving just 2-3 lenders in the public sector
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
PNB issued a public notice to address the many baseless, false reports doing the rounds of the media regarding various bank operations.
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
Reserve Bank of India (RBI) has asked banks to do so as part of its efforts to tighten internal controls in banks following the Rs 11,400 crore fraud that was unearthed at Punjab National Bank last week
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.
Congress leader Anand Sharma asked the prime minister to explain to the country "why he sidelined government-run entities and promoted private firms, some of which are facing investigation of defrauding banks".
The move will prevent the Gitanjali group companies from accessing the market.
This blog will give you the latest news and updates on the Rs 11,400-crore PNB fraud case.
The Enforcement Directorate also seized a huge collection of imported watches from a workshop location linked to the billionaire diamond jewellery businessman.
The ICAI has also issued show cause notices to auditors of Punjab National Bank (PNB) and Gitanjali Gems.