A freshly appointed official first noticed the fraud at Punjab National Bank

16:41 (IST) Why was Nirav Modi part of Narendra Modi delegation at WEF asks AAP Speaking at a press conference members of the Aam Aadmi Party mentioned Vijay Mallya and Nirav Modi and claimed that before any such businessman becomes a fugitive he is seen hanging around the BJP office . The AAP then asked why Nirav Modi was part of a delegation that accompanied the prime minister and sought response from the saffron party on the row. We think he(Narendra Modi) is busier with speeches and speaking his Mann ki Baat one of the AAP leaders said.
Mumbai: Gitanjali Gems plunged nearly 19 percent on reports over its involvement in the PNB fraud case in morning trade after the company came under scanner of various investigating agencies following the Punjab National Bank s declaration of nearly Rs 11 400-crore fraud. The stock today opened on a bearish note at Rs 48 then lost further http://lit-oboz.ru/user/kkmytata/ ground to touch a low of Rs 47.50 down 18.94 per cent over its previous closing price. Similar movement was seen on the NSE as well where the stock tanked 18.73 percent to a low of Rs 47.50. Meanwhile some of other jewellery stocks also witnessed similar fate with PC Jeweller slumping 19.50 percent to Rs 303.00 Tribhovandas Bhimji Zaveri (TBZ) 4.32 percent to Rs 110.60 and Thangamayil Jewellery 2 percent to 558.55 on BSE. Rajesh Exports fell 1.34 percent to a low of Rs 808.70 on BSE. Punjab National Bank (PNB) yesterday disclosed that it has detected some fraudulent transactions with financial implication of USD 1.77 billion (about Rs 11 346 crore) and the matter has been referred to law enforcement agencies for the recovery. Four big jewellers -- Gitanjali Ginni Nakshatra and Nirav Modi -- are under scanner. The CBI and Enforcement Directorate is looking at their arrangements with various banks and end use of money a senior official said yesterday. Getty Image. The BSE benchmark Sensex surged over 167 points staging a strong recovery in early trade today on firm cues from global markets. A stronger rupee against the dollar also influenced market sentiment. The 30-share index was trading higher by 167.12 points or 0.48 percent at 34 323.07. The gauge had lost 144.52 points in the previous session. The NSE Nifty gained 47.45 points or 0.45 percent to 10 548.35. Widespread buying was seen in metal healthcare and realty counters. Major gainers were Adani ports HDFC ICICI Bank SBI Dr Reddy s Tata Motors Yes Bank Reliance Industries and Maruti Suzuki rising up to 2.17 percent. Brokers said a firm trend at other Asian markets boosted investor sentiment following overnight gains on Wall Street as investors shrugged off stronger-than-expected inflation data. Meanwhile Hong Kong s Hang Seng was up 1.69 percent and Shanghai Composite Index by rose 0.45 percent in early trade. Japan s Nikkei also gained 1.33 percent. The US Dow Jones Industrial Average ended 1.03 per cent higher yesterday.
MUMBAI: State-run Punjab National Bank said on Wednesday it had detected some fraudulent and unauthorised transactions worth about 1.8 billion (more than Rs 11 500 crore) at one of its branches in Mumbai. The bank said in a regulatory filing the transactions were for the benefit of a few select account holders with their apparent connivance and that based on these transactions other banks appear to have advanced money to these customers abroad. Read this story in Bengali PNB the country s second-biggest state-run lender and fourth-biggest overall by assets did not name the people involved but said it had reported the deals to law enforcement agencies and would evaluate later whether it faces any liability arising out of the transactions. Read Also | What finance ministry official said about PNB fraud case Investigative agencies have been informed about the latest fraud transactions PNB said. The bank didn t elaborate on what impact the fraud may have on its finances and it didn t name the other lenders which could be hurt. Also read: PNB detects Rs 11 500 crore fraud: All you need to know In the bank these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions PNB said without giving further details. So far there is no clarity on impact on the lender s bottom line from this said Asutosh Kumar Mishra a Mumbai-based banking analyst at Reliance Securities Ltd. There is no clarity on whether these transactions are reversed whether the bank is holding collateral that could back part of these transactions or whether enforcement authorities will be able to recover this amount. PNB shares were trading 5.38 per cent lower on the BSE at 10.57 am. The broader index was fairly flat. CBI gets 2 complaints against Nirav Modi company about Rs 10 000 cr shady transactionsThe CBI has received two complaints from PNB against billionaire jewellery designer Nirav Modi and a jewellery company about fraudulent transactions worth Rs 10 000 crore official sources said. Agency sources said Modi is already facing a CBI probe on a complaint from the Punjab National Bank. The case poses further questions about the health of India s banks which are already grappling with one of the worst bad-loan ratios among big economies. It s also likely to create a challenge for Chief Executive Officer Sunil Mehta who took charge last May about a year after PNB and 12 other lenders were fined for violating rules on some 1 billion of foreign-exchange deals. PNB is already dealing with other allegations of fraudulent transactions. Last week an investigation was launched into billionaire jeweller Nirav Modi one of the country s richest men over accusations that he and others defrauded PNB of Rs 282 crore. Read this story in Tamil It was not immediately known if the latest disclosure on fraudulent transactions was related to or separate from the previous incident. Four top PNB executives contacted by Reuters did not immediately respond requests seeking comment beyond the stock exchange filing. Read this story in Marathi
New Delhi: The Reserve Bank and the Sebi are likely to approach their counterparts in Hong Kong for cooperation in the matter relating to the whopping over Rs 11 400 crore fraud at public sector lender PNB where several entities have come under the scanner officials said on Wednesday. The regulators are set to spread their net overseas as it has been found that credit was availed from various bank branches in Hong Kong on the basis of Letters of Undertaking (LoUs) issued by Punjab National Bank. Officials said the Reserve Bank of India (RBI) would be approaching its counterpart Hong Kong Monetary Authority (HKMA) to gather more details in the PNB matter. Similarly the Securities and Exchange Board of India (Sebi) would be getting in touch with the Securities and Futures Commission (SFC). According to the officials the LoUs were mostly used for availing credit at Hong Kong-based branches of some other Indian banks. An LoU is a letter of comfort issued by one bank to branches of other banks based on which foreign branches offer credit to buyers. Several other entities which are in the diamond trade including from South Africa are also under the lens they added. Pic courtesy AFP Further the officials noted that another public sector bank which is currently under the scanner for business dealings with a South African group is also being probed as the two cases might be linked. Punjab National Bank on Wednesday said it has detected a 1.77 billion (about Rs 11 400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from other Indian lenders. While PNB did not name the other lenders Union Bank of India Allahabad Bank and Axis Bank are said to have offered credit based on LoUs issued by PNB. Three other jewellers Gitanjali Ginni and Nakshatra are under the scanner with CBI and ED looking at their arrangements with various banks and end use of money a senior official of a public sector bank said. Click here for LIVE updates on Punjab National Bank fraud case
By: PTI | New Delhi | Published: February 15 2018 11:21 am Four big jewellers Gitanjali Ginni Nakshatra and Nirav Modi are under scanner a senior Punjab National Bank official said on Wednesday. (Reuters/Representational) Related News Nirav Modi case: Finance Ministry monitoring situation guilty will not be spared says PNB MD Sunil MehtaPNB fraud case: Congress accuses Modi govt of letting businessmen escape with public money BJP hits backPNB Rs 11 000 crore fraud case: ED raids Nirav Modi s offices CBI seals his houseShares of Gitanjali Gems on Thursday plunged up to 19 per cent in morning trade after the company came under scanner of various investigating agencies following the Punjab National Bank s declaration of nearly Rs 11 400-crore fraud. The stock on Thursday opened on a bearish note at Rs 48 then lost further ground to touch a low of Rs 47.50 down 18.94 per cent over its previous closing price. Similar movement was seen on the NSE as well where the stock tanked 18.73 per cent to a low of Rs 47.50. Meanwhile some of other jewellery stocks also witnessed similar fate with PC Jeweller slumping 19.50 per cent to Rs 303.00 Tribhovandas Bhimji Zaveri (TBZ) 4.32 per cent to Rs 110.60 and Thangamayil Jewellery 2 per cent to 558.55 on BSE. Rajesh Exports fell 1.34 per cent to a low of Rs 808.70 on BSE. Punjab National Bank (PNB) on Wednesday disclosed that it has detected some fraudulent transactions with financial implication of 1.77 billion (about Rs 11 346 crore) and the matter has been referred to law enforcement agencies for the recovery. Four big jewellers Gitanjali Ginni Nakshatra and Nirav Modi are under scanner. The CBI and Enforcement Directorate is looking at their arrangements with various banks and end use of money a senior official said Wednesday. For all the latest Business News download Indian Express App More Related News PNB tanks 9% on Rs 11 400-crore scam Who is Nirav Modi? Tags: Nirav Modi Punjab National Bank No Comments.
.story-content span .story-content p .story-content div color:#000!important;font-family: open sans Arial!important;font-size:15px!important ALSO READ Equity MF investments: Ripple effect on PSBs due to free fall in PNB shares PNB names Nirav Modi and Gitanjali Gems in the mega Rs 114-bn fraud NPA rules and Rs 110-bn fraud can put one-fourth of PNB s net worth at risk Scam worth Rs 110 bn: PNB detects fraud transactions; stock price drops 10% PNB detects 1 772 million fraudulent transactions; stock slips 7% span.p-content div id = div-gpt line-height:0;font-size:0 Lenders to the Mehul Choksi-led Gitanjali group have ordered a forensic audit of the jewellery firm after Punjab National Bank (PNB) named him in a complaint filed with the Central Bureau of Investigation (CBI) against jeweller Nirav Modi and his relatives through a clutch of companies they own. With a large-scale fraud in the gems and jewellery industry banks would now be reluctant to take additional exposure to this sector senior public sector bank (PSB) executives said. Banks including PNB had earlier taken a hit for their exposure to Winsome Diamonds whose promoters were declared wilful defaulters. The Gitanjali stock was down 6.7 per cent at Rs 58.6 per share on the BSE. Three bank executives said the Delhi-based PNB had flagged Choksi s name. Before forming any view and taking action on Choksi-owned entities banks would like to have clear idea about his role. The forensic audit will help in securing clarity. We cannot proceed against his entities just on the basis of concern expressed by PNB. Bankers said the Gitanjali group had a standard account with IDBI Bank and Dena Bank. ICICI Bank is the lead lender in the consortium of banks that have exposure to the jeweller. According to Gitanjali Gems s 2016-17 annual report over 30 lenders had exposure to the company including State Bank of India Standard Chartered Bank Bank of India and Bank of Baroda. The company has informed the BSE that its quarterly results could not be finalised due to pressing contingencies. It http://kfckk.blog5.net/11110990/they-began-hitting-shops-on-monday did not elaborate on what those contingencies were.
State-owned Punjab National Bank (PNB) today raised interest rate on bulk deposits of over Rs 1 crore by up to 1.35 per cent. Following the revision interest rate on term deposit of 46-179 days has been increased by 1.35 per cent to 6.25 per cent effective today. Besides interest rate for term deposit of 180 days to less than 1 year has been revised upward to 6.25 per cent from the earlier rate of 5 per cent PNB said in a statement. In the maturity bucket of one year and above the interest rate has gone up by 0.75 per cent. Earlier this week the country s largest lender State Bank of India (SBI) hiked interest on bulk deposits of over Rs 10 crore by up to 140 basis points. The bank had last raised deposit rates revisions on which generally precede similar moves on the lending side by up to 1 percentage point in November. At least three banks have already hiked their lending rates last month. On tenors from 1 year to 455 days deposit SBI increased the interest rates to 6.25 per cent from the earlier 5.25 per cent. For tenors from two years to up to 10 years the rates have been revised upwards to 6 per cent from 5.25 per cent earlier.