Nirav Modi's victims are not constrained to Indian banks only as there are currently cases that show he likewise duped people of crores in other countries.

Nirav, who is wanted in a multi-crore fraud at India’s Punjab National Bank, allegedly sold two fake diamond rings to a Canadian man Paul Alfonso for US$200,000 (Rs 1.4 crore) in Hong Kong.

Alfonso, who apparently had no idea about fraud charges on Nirav Modi, purchased the rings to propose to his better half. In any case, their festival was stopped after they discovered that the diamonds were fake, as per a report in the South China Morning Post.

“This affected the relationship between my ex-fiancée and her family. They think that I went out and bought these fake rings and proposed to her,” the South China Morning Post quoted Alfonso.

As per the report, Alfonso met Modi a few times in 2012 and developed a respect for him. “In a way, I admired him and I looked up to him.”

Alfonso says he has suffered from depression since he realised the two diamonds were fake. “After that, I just could not function,” he says. “I realised that even if I go after this guy, there are so many creditors before me who are trying to get compensated.”

This also took a toll on his business, as most of his energy has been focused on seeking justice. “I have dedicated the last few weeks of my life, every single day, trying to figure out how to find this guy and be compensated.”

Nirav Modi's victims are not constrained to Indian banks only as there are currently cases that show he likewise duped people of crores in other countries. Nirav, who is wanted in a multi-crore fraud at India’s Punjab National Bank, allegedly sold two fake diamond rings to a Canadian man Paul Alfonso for US$200,000 (Rs 1.

Nirav Modi's victims are not constrained to Indian banks only as there are currently cases that show he likewise duped people of crores in other countries. Nirav, who is wanted in a multi-crore fraud at India’s Punjab National Bank, allegedly sold two fake diamond rings to a Canadian man Paul Alfonso for US$200,000 (Rs 1.4 crore) in Hong Kong. Alfonso, who apparently had no idea about fraud charges on Nirav Modi, purchased the rings to propose to his better half. In any case, their festival was stopped after they discovered that the diamonds were fake, as per a report in the South China Morning Post. “This affected the relationship between my ex-fiancée and her family. They think that I went out and bought these fake rings and proposed to her,” the South China Morning Post quoted Alfonso. As per the report, Alfonso met Modi a few times in 2012 and developed a respect for him. “In a way, I admired him and I looked up to him.” Alfonso says he has suffered from depression since he realised the two diamonds were fake. “After that, I just could not function,” he says. “I realised that even if I go after this guy, there are so many creditors before me who are trying to get compensated.” This also took a toll on his business, as most of his energy has been focused on seeking justice. “I have dedicated the last few weeks of my life, every single day, trying to figure out how to find this guy and be compensated.”

Nirav Modi sold fake diamond rings to Canada national, his engagement now broken: Report

State-run Punjab National Bank (PNB) is expected to turn profitable this fiscal year and is poised for growth, its managing director Sunil Mehta said, asserting that the Rs&nbsp;14,000-crore <a href="http://www.wionews.com/india-news/pnb-fraud-ed-attaches-rs-637-crore-assets-nirav-modi-family-5-countrie-168702">Nirav Modi scam</a> is a bygone.

Mehta said he hopes that PNB will be back into the black during 2018-19 due to various efforts taken by the bank after the fraud came to light in January this year.

"The bank has demonstrated its capability to absorb such a shock and hopefully it would be back into the black during this financial year itself," he told news agency Press Trust of India in an interview, after donating Rs&nbsp;5 crore for flood relief and rehabilitation to Kerala Chief Minister Pinarayi Vijayan on Monday.

The bank is slowly getting on to the growth path, he said, adding that credit growth is picking up and has surpassed industry average.

<a href="http://www.wionews.com/india-news/high-court-shocked-over-constructions-by-nirav-modi-others-along-beach-166299">PNB</a> reported a loss of Rs&nbsp;940 crore for the April-June period of financial year 2018-19. It clocked a profit of Rs&nbsp;343.40 crore in the corresponding quarter of 2017-18.

To give fillip to expansion plan, the bank's board has sought a capital support of Rs&nbsp;5,431 crore from the government through issuance of preferential shares. The proposed fund infusion would support growth initiatives of the bank. The previous fund infusion of Rs&nbsp;2,816 crore earlier this year was for meeting regulatory ratios, he said.

So in all, PNB is set to get a fund support of Rs&nbsp;8,247 crore, out of the Rs&nbsp;65,000 crore earmarked for the entire public sector banking system for the current fiscal year.

The fund infusion would be made after clearance from an extra general meeting (EGM) due on October 30 and other regulatory approvals.

<a href="http://www.wionews.com/india-news/cbi-moves-extradition-request-against-nirav-modis-brother-nishal-164924">Nirav Modi</a> and his uncle Mehul Choksi duped PNB of Rs&nbsp;14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs), in connivance with certain bank officials.

A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011.

Talking about PNB's initiative for flood-ravaged Kerala,&nbsp;Mehta said: "PNB has always shown commitment for the national cause. The major havoc flood has played in Kerala needs sympathetic consideration from all in the country and PNB cannot be behind."

As part of the initiative, PNB employees and retirees have collected Rs&nbsp;5 crore for flood relief and rehabilitation.

State-run Punjab National Bank (PNB) is expected to turn profitable this fiscal year and is poised for growth, its managing director Sunil Mehta said, asserting that the Rs 14,000-crore Nirav Modi scam is a bygone.

State-run Punjab National Bank (PNB) is expected to turn profitable this fiscal year and is poised for growth, its managing director Sunil Mehta said, asserting that the Rs 14,000-crore Nirav Modi scam is a bygone. Mehta said he hopes that PNB will be back into the black during 2018-19 due to various efforts taken by the bank after the fraud came to light in January this year. "The bank has demonstrated its capability to absorb such a shock and hopefully it would be back into the black during this financial year itself," he told news agency Press Trust of India in an interview, after donating Rs 5 crore for flood relief and rehabilitation to Kerala Chief Minister Pinarayi Vijayan on Monday. The bank is slowly getting on to the growth path, he said, adding that credit growth is picking up and has surpassed industry average. PNB reported a loss of Rs 940 crore for the April-June period of financial year 2018-19. It clocked a profit of Rs 343.40 crore in the corresponding quarter of 2017-18. To give fillip to expansion plan, the bank's board has sought a capital support of Rs 5,431 crore from the government through issuance of preferential shares. The proposed fund infusion would support growth initiatives of the bank. The previous fund infusion of Rs 2,816 crore earlier this year was for meeting regulatory ratios, he said. So in all, PNB is set to get a fund support of Rs 8,247 crore, out of the Rs 65,000 crore earmarked for the entire public sector banking system for the current fiscal year. The fund infusion would be made after clearance from an extra general meeting (EGM) due on October 30 and other regulatory approvals. Nirav Modi and his uncle Mehul Choksi duped PNB of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs), in connivance with certain bank officials. A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011. Talking about PNB's initiative for flood-ravaged Kerala, Mehta said: "PNB has always shown commitment for the national cause. The major havoc flood has played in Kerala needs sympathetic consideration from all in the country and PNB cannot be behind." As part of the initiative, PNB employees and retirees have collected Rs 5 crore for flood relief and rehabilitation.

Rs 14,000 crore Nirav Modi scam a bygone, bank on path to recovery: PNB chief

The <a href="http://www.wionews.com/india-news/pnb-fraud-ed-eyes-rs-4000-cr-foreign-assets-of-nirav-modi-for-attachment-under-pmla-166495">Enforcement Directorate</a> on Monday attached properties and bank accounts worth Rs 637 crore&nbsp;of absconding jeweller Nirav Modi and his family.

The assets have been seized in India and four other countries including UK and USA.

Also read: <a href="http://www.wionews.com/india-news/request-for-extradition-of-nirav-modi-sent-to-uk-government-mos-mea-vk-singh--156699">Request for </a><a href="http://www.wionews.com/india-news/request-for-extradition-of-nirav-modi-sent-to-uk-government-mos-mea-vk-singh--156699">extradition</a><a href="http://www.wionews.com/india-news/request-for-extradition-of-nirav-modi-sent-to-uk-government-mos-mea-vk-singh--156699"> of Nirav Modi sent to UK government: MEA VK Singh</a>

The assets seized include diamond studded jewellery worth Rs 22.69 crore which has been brought back to India from Hong Kong, a flat in South Mumbai worth Rs 19.5 crore,&nbsp;and two immovable properties having a total value of US $29.99 million (Rs 216 crores approximately).

Besides this, the ED also attached five overseas bank accounts belonging to Nirav Modi with a total balance of Rs 278 crore.&nbsp;

The ED has attached the properties and bank accounts of the fugitive diamantaire under section 5 of the Prevention of Money laundering Act.

The assets have been attached as part of five separate orders issued by the central probe agency under the Prevention of Money Laundering Act (PMLA), it said.

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Enforcement Directorate attaches attaches properties and bank accounts to the tune of Rs 637 crore in Nirav Modi case. <a href="https://t.co/Gsz6MFWq4O">pic.twitter.com/Gsz6MFWq4O</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1046621188603039744?ref_src=twsrc%5Etfw">October 1, 2018</a></blockquote>
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The agency, a senior official said, also got issued an <a href="http://www.wionews.com/india-news/interpol-issues-red-notice-against-nirav-modis-sister-purvi--164840">Interpol Red Corner notice</a> (global arrest warrant) against Aditya Nanavati, an accused in the same case, on charges of money laundering.

There are only very few cases where Indian agencies have attached assets abroad in a criminal probe.

Nirav Modi and his uncle Mehul Choksi are the main accused in the case where it is alleged that the two diamond jewellery businessmen allegedly duped and defrauded the Brady House branch of the Punjab National Bank in Mumbai for an amount of US $2 billion (about 13,000 crore) in purported connivance with bank officials.&nbsp;

(With inputs from PTI)

The Enforcement Directorate on Monday attached properties and bank accounts worth Rs 637 crore of absconding jeweller Nirav Modi and his family. The assets have been seized in India and four other countries including UK and USA.

The Enforcement Directorate on Monday attached properties and bank accounts worth Rs 637 crore of absconding jeweller Nirav Modi and his family. The assets have been seized in India and four other countries including UK and USA. Also read: Request for extradition of Nirav Modi sent to UK government: MEA VK Singh The assets seized include diamond studded jewellery worth Rs 22.69 crore which has been brought back to India from Hong Kong, a flat in South Mumbai worth Rs 19.5 crore, and two immovable properties having a total value of US $29.99 million (Rs 216 crores approximately). Besides this, the ED also attached five overseas bank accounts belonging to Nirav Modi with a total balance of Rs 278 crore. The ED has attached the properties and bank accounts of the fugitive diamantaire under section 5 of the Prevention of Money laundering Act. The assets have been attached as part of five separate orders issued by the central probe agency under the Prevention of Money Laundering Act (PMLA), it said. Enforcement Directorate attaches attaches properties and bank accounts to the tune of Rs 637 crore in Nirav Modi case. pic.twitter.com/Gsz6MFWq4O — ANI (@ANI) October 1, 2018 × The agency, a senior official said, also got issued an Interpol Red Corner notice (global arrest warrant) against Aditya Nanavati, an accused in the same case, on charges of money laundering. There are only very few cases where Indian agencies have attached assets abroad in a criminal probe. Nirav Modi and his uncle Mehul Choksi are the main accused in the case where it is alleged that the two diamond jewellery businessmen allegedly duped and defrauded the Brady House branch of the Punjab National Bank in Mumbai for an amount of US $2 billion (about 13,000 crore) in purported connivance with bank officials. (With inputs from PTI)

PNB fraud: ED attaches Rs 637 crore assets of Nirav Modi, family in 5 countries

<a href="http://wionews.com/world/arab-states-launch-biggest-assault-of-yemen-war-with-attack-on-main-port-of-hudaydah-144236">Arab states launch </a><a href="http://wionews.com/world/arab-states-launch-biggest-assault-of-yemen-war-with-attack-on-main-port-of-hudaydah-144236">biggest</a><a href="http://wionews.com/world/arab-states-launch-biggest-assault-of-yemen-war-with-attack-on-main-port-of-hudaydah-144236"> assault of Yemen war with </a><a href="http://wionews.com/world/arab-states-launch-biggest-assault-of-yemen-war-with-attack-on-main-port-of-hudaydah-144236">attack</a><a href="http://wionews.com/world/arab-states-launch-biggest-assault-of-yemen-war-with-attack-on-main-port-of-hudaydah-144236"> on country's main port</a>

A Saudi-led alliance of Arab states launched an attack on Yemen’s main port city on Wednesday in the largest battle of the Yemen war, aiming to bring the ruling Houthi movement to its knees at the risk of worsening the world’s biggest humanitarian crisis.

<a href="http://wionews.com/india-news/nirav-modi-travelling-in-brussels-on-singapore-passport-sources-144248">Nirav Modi reported </a><a href="http://wionews.com/india-news/nirav-modi-travelling-in-brussels-on-singapore-passport-sources-144248">to have</a><a href="http://wionews.com/india-news/nirav-modi-travelling-in-brussels-on-singapore-passport-sources-144248"> fled London for Brussels</a>

Absconding diamantaire and PNB fraud accused Nirav Modi is reported to have fled London for Brussels.&nbsp;

<a href="http://wionews.com/india-news/karti-chidambarams-firms-received-116-crore-bribe-in-aircel-maxis-deal-probe-agency-144231">Karti Chidambaram's firms received Rs 1.16-crore bribe in Aircel-Maxis deal: ED</a>

Former Union minister P Chidambaram's son Karti controlled two firms which allegedly received Rs. 1.16 crore as bribe money in the Aircel-Maxis money laundering case, the Enforcement Directorate (ED) on Wednesday said in its charge sheet filed before a Delhi court.

<a href="http://wionews.com/world/120-countries-at-united-nations-condemn-israel-over-gaza-violence-144241">120 countries at United Nations condemn Israel over Gaza violence</a>

The UN General Assembly on Wednesday adopted by a strong majority of 120 countries an Arab-backed resolution condemning Israel for Palestinian deaths in Gaza and rejected a US bid to blame Hamas for the violence.

<a href="http://wionews.com/world/argentine-congress-prepares-for-historic-abortion-vote-144238">Argentine Congress prepares for historic abortion vote</a>

Lawmakers in conservative Argentina prepared to vote Wednesday on a decisive bill to legalize abortion which if passed, would make it the most populous Latin American country to do so.

&nbsp;

Arab states launch biggest assault of Yemen war with attack on country's main port A Saudi-led alliance of Arab states launched an attack on Yemen’s main port city on Wednesday in the largest battle of the Yemen war, aiming to bring the ruling Houthi movement to its knees at the risk of worsening the world’s biggest humanitarian crisis. Nirav Modi reported to have fled London for Brussels Absconding diamantaire and PNB fraud accused Nirav Modi is reported to have fled London for Brussels. Karti Chidambaram's firms received Rs 1.16-crore bribe in Aircel-Maxis deal: ED Former Union minister P Chidambaram's son Karti controlled two firms which allegedly received Rs. 1.16 crore as bribe money in the Aircel-Maxis money laundering case, the Enforcement Directorate (ED) on Wednesday said in its charge sheet filed before a Delhi court. 120 countries at United Nations condemn Israel over Gaza violence The UN General Assembly on Wednesday adopted by a strong majority of 120 countries an Arab-backed resolution condemning Israel for Palestinian deaths in Gaza and rejected a US bid to blame Hamas for the violence. Argentine Congress prepares for historic abortion vote Lawmakers in conservative Argentina prepared to vote Wednesday on a decisive bill to legalize abortion which if passed, would make it the most populous Latin American country to do so.

News brief: Big stories of the day

A senior Indian official told newswire PTI <a href="http://wionews.com/india-news/cbi-requests-interpol-for-red-corner-notice-against-nirav-modis-brother-nishal--company-executive-suresh-shankar-144177">that India has been informed by the UK's</a> Crown Prosecution Service (CPS) that it can initiate extradition proceedings against fugitive diamond merchant Nirav Modi who allegedly defrauded Punjab National Bank(PNB) of $2 billion.

India's investigative agency the<a href="http://wionews.com/india-news/nirav-modi-travelling-in-brussels-on-singapore-passport-sources-144248"> Central Bureau of Investigation(CBI) had</a> requested the Interpol on Thursday to issue a Red Corner Notice against Nirav Modi's brother Nishal and his company executive Suresh Shankar.

The CBI has now begun the process of filing an extradition request for Modi, which will have to be approved by the UK Home Office following which an extradition warrant can be issued.

The UK government was earlier informed by the Indian authorities&nbspthat Nirav Modi's passport was revoked, the UK authorities, in turn, informed that the diamond billionaire had already entered the country but hadn't exited.

"If he has ILR in the UK, he would have to be extradited. However, if that is not the case, he can be deported on the basis of illegally travelling to Britain using fraudulent travel documentation. We are pursuing both these lines," a senior Indian official told PTI.

Reports had earlier said that Nirav Modi was in the process of applying for political asylum in the UK which could delay the extradition process. Earlier reports said that Nirav Modi had fled to Brussels from London but it could not be confirmed.

The Enforcement Directorate had issued a non-bailable warrant against Nirav Modi and his associates last month.&nbsp

The UK government was earlier informed by the Indian authorities that Nirav Modi's passport was revoked

A senior Indian official told newswire PTI that India has been informed by the UK's Crown Prosecution Service (CPS) that it can initiate extradition proceedings against fugitive diamond merchant Nirav Modi who allegedly defrauded Punjab National Bank(PNB) of $2 billion. India's investigative agency the Central Bureau of Investigation(CBI) had requested the Interpol on Thursday to issue a Red Corner Notice against Nirav Modi's brother Nishal and his company executive Suresh Shankar. The CBI has now begun the process of filing an extradition request for Modi, which will have to be approved by the UK Home Office following which an extradition warrant can be issued. The UK government was earlier informed by the Indian authorities&nbspthat Nirav Modi's passport was revoked, the UK authorities, in turn, informed that the diamond billionaire had already entered the country but hadn't exited. "If he has ILR in the UK, he would have to be extradited. However, if that is not the case, he can be deported on the basis of illegally travelling to Britain using fraudulent travel documentation. We are pursuing both these lines," a senior Indian official told PTI. Reports had earlier said that Nirav Modi was in the process of applying for political asylum in the UK which could delay the extradition process. Earlier reports said that Nirav Modi had fled to Brussels from London but it could not be confirmed. The Enforcement Directorate had issued a non-bailable warrant against Nirav Modi and his associates last month.

India can start extradition process for Nirav Modi: UK Crown Prosecution Service

Absconding diamantaire and PNB fraud accused Nirav Modi is reported to have fled London for Brussels.&nbsp;

The media had flashed the news that Nirav Modi had allegedly fled to the UK, where he is reportedly claiming political asylum, the Financial Times reported on Sunday, citing Indian and British officials.

However, now it is reported that he may have left London either on Tuesday or Wednesday for Brussels.

The diamond merchant, wanted in India's biggest-ever banking scam, is said to be travelling in and out of the UK freely, possibly on a Singapore passport, not an Indian one.&nbsp;

A non-bailable warrant was issued against Nirav Modi and 10 other accused, including his family members, in the case related to the fraud, after taking cognisance of a charge sheet filed against them by the ED last month.

The Ministry of External Affairs told the FT that the Indian government was waiting for that country’s law enforcement agencies to approach them before pushing for an extradition, which had thus far not happened. The Enforcement Directorate has also issued summons to diamantaire Nirav Modi and his family members to join the investigations.

Nirav Modi is reported to have left London either on Tuesday or Wednesday. He was reportedly claiming political asylum in England

Absconding diamantaire and PNB fraud accused Nirav Modi is reported to have fled London for Brussels. The media had flashed the news that Nirav Modi had allegedly fled to the UK, where he is reportedly claiming political asylum, the Financial Times reported on Sunday, citing Indian and British officials. However, now it is reported that he may have left London either on Tuesday or Wednesday for Brussels. The diamond merchant, wanted in India's biggest-ever banking scam, is said to be travelling in and out of the UK freely, possibly on a Singapore passport, not an Indian one. A non-bailable warrant was issued against Nirav Modi and 10 other accused, including his family members, in the case related to the fraud, after taking cognisance of a charge sheet filed against them by the ED last month. The Ministry of External Affairs told the FT that the Indian government was waiting for that country’s law enforcement agencies to approach them before pushing for an extradition, which had thus far not happened. The Enforcement Directorate has also issued summons to diamantaire Nirav Modi and his family members to join the investigations.

PNB scam: Nirav Modi reportedly flees London for Brussels

<a href="http://wionews.com/india-news/cbi-requests-interpol-for-red-corner-notice-against-nirav-modis-brother-nishal--company-executive-suresh-shankar-144177">CBI requests Interpol for Red Corner Notice against Nirav Modi's brother Nishal</a>

India's premier investigating agency the Central Bureau of Investigation(CBI) has requested the Interpol to issue a Red Corner Notice(RCN) against Nirav Modi's brother Nishal Modi and his company executive Suresh Shankar.

<a href="http://wionews.com/india-news/mumbai-massive-fire-atop-prabhadevi-high-rise-no-loss-of-life-reported-144112">Mumbai: Fire at Prabhadevi high rise contained, no loss of life reported</a>

According to reports, fire at Mumbai's BeauMonde Towers has been contained. A major fire broke out on the top floor of a high rise building in Mumbai's Prabhadevi area on Wednesday. Level - II fire broke out in BeauMonde Towers at Appasaheb Marathe Marg in Prabhadevi locality, Worli, ANI reported.

<a href="http://wionews.com/sports/fernando-hierro-named-new-coach-after-spain-sacks-julen-lopetegui--144176">Fernando Hierro named new coach after Spain sacks Julen Lopetegui</a>

Former Spanish footballer Fernando Hierro on Wednesday was announced as the new coach of Spain football team, hours after association sacked Julen Lopetegui.&nbsp

<a href="http://wionews.com/south-asia/maldives-former-president-maumoon-abdul-gayoom-sentenced-to-jail-144155">Maldives: Former President Maumoon Abdul Gayoom sentenced to jail&nbsp</a>

According to reports, former President of the Maldives Maumoon Abdul Gayoom has been sentenced to jail. Maumoon will serve a total of 1 year 7 months and 6 days in jail.

<a href="http://wionews.com/world/north-korea-no-longer-a-nuclear-threat-says-trump-144139">'North Korea no longer a nuclear threat,' says Trump</a>

President Trump said today that North Korea is no longer a nuclear threat as he arrived at US Air Force base in Maryland after successfully concluded his meeting with Kim Jong-un on Tuesday.

&nbsp

CBI requests Interpol for Red Corner Notice against Nirav Modi's brother Nishal India's premier investigating agency the Central Bureau of Investigation(CBI) has requested the Interpol to issue a Red Corner Notice(RCN) against Nirav Modi's brother Nishal Modi and his company executive Suresh Shankar. Mumbai: Fire at Prabhadevi high rise contained, no loss of life reported According to reports, fire at Mumbai's BeauMonde Towers has been contained. A major fire broke out on the top floor of a high rise building in Mumbai's Prabhadevi area on Wednesday. Level - II fire broke out in BeauMonde Towers at Appasaheb Marathe Marg in Prabhadevi locality, Worli, ANI reported. Fernando Hierro named new coach after Spain sacks Julen Lopetegui Former Spanish footballer Fernando Hierro on Wednesday was announced as the new coach of Spain football team, hours after association sacked Julen Lopetegui. Maldives: Former President Maumoon Abdul Gayoom sentenced to jail According to reports, former President of the Maldives Maumoon Abdul Gayoom has been sentenced to jail. Maumoon will serve a total of 1 year 7 months and 6 days in jail. 'North Korea no longer a nuclear threat,' says Trump President Trump said today that North Korea is no longer a nuclear threat as he arrived at US Air Force base in Maryland after successfully concluded his meeting with Kim Jong-un on Tuesday.

News brief: Read big stories of the day

India's premier investigating agency the Central Bureau of Investigation(CBI) has requested the Interpol to issue a Red Corner Notice(RCN) against Nirav Modi's brother Nishal Modi and his company executive Suresh Shankar.

CBI sources said the&nbsp;UK has shared certain details of movement of fugitives, including Nirav Modi with the agency.&nbsp;

Diamond merchant Nirav Modi and his uncle Mehul Choksi had fled India few days before a massive banking fraud was unearthed at the Punjab National Bank(PNB) amounting to $2 billion. Several reports had claimed that Nirav Modi was in the UK where he had claimed political asylum. Britain's home office had however refused to divulge any details.

The Enforcement Directorate(ED) had earlier filed a chargesheet against Nirav Modi and his associates at a special court in Mumbai. The charge sheet has been filed under various sections of the Prevention of Money Laundering Act (PMLA).&nbsp;

The ED had summoned Nirav's family for questioning on a number of occasions but did not get any reply.&nbsp;

The CBI is still trying to confirm Nirav Modi's whereabouts before moving against him. 
&nbsp;

The ED had earlier filed a chargesheet against Nirav Modi and his associates at a special court in Mumbai

India's premier investigating agency the Central Bureau of Investigation(CBI) has requested the Interpol to issue a Red Corner Notice(RCN) against Nirav Modi's brother Nishal Modi and his company executive Suresh Shankar. CBI sources said the UK has shared certain details of movement of fugitives, including Nirav Modi with the agency. Diamond merchant Nirav Modi and his uncle Mehul Choksi had fled India few days before a massive banking fraud was unearthed at the Punjab National Bank(PNB) amounting to $2 billion. Several reports had claimed that Nirav Modi was in the UK where he had claimed political asylum. Britain's home office had however refused to divulge any details. The Enforcement Directorate(ED) had earlier filed a chargesheet against Nirav Modi and his associates at a special court in Mumbai. The charge sheet has been filed under various sections of the Prevention of Money Laundering Act (PMLA). The ED had summoned Nirav's family for questioning on a number of occasions but did not get any reply. The CBI is still trying to confirm Nirav Modi's whereabouts before moving against him.

CBI requests Interpol for Red Corner Notice against Nirav Modi's brother Nishal

A Special PMLA court issued a non-bailable warrant against billionaire businessman Nirav Modi on Tuesday. Indian billionaire jeweller Nirav Modi, who figures at the centre of an alleged multi-crore bank fraud, has fled to the UK where he is claiming political asylum.

On Monday, the Central Bureau of Investigation said that it does not have any confirmation on the whereabouts of Nirav yet.

"The moment his whereabouts are confirmed further action will be taken," a CBI source said.

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CBI does not have confirmation on the whereabouts of Nirav Modi yet. The moment his whereabouts are confirmed further action will be taken. Red corner notice (RCN) in process against Nirav Modi and Mehul Choksi: CBI Sources <a href="https://t.co/wBjXTrDDEO">pic.twitter.com/wBjXTrDDEO</a>
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The Central Bureau of Investigation, on Monday, requested Interpol to issue red corner notices against Nirav Modi and Mehul Choksi.

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CBI has requested Interpol to issue red corner notices against <a href="https://twitter.com/hashtag/NiravModi?src=hash&ref_src=twsrc%5Etfw">#NiravModi</a> and <a href="https://twitter.com/hashtag/MehulChoksi?src=hash&ref_src=twsrc%5Etfw">#MehulChoksi</a>. <a href="https://t.co/u8MF23kxFi">pic.twitter.com/u8MF23kxFi</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1006142971870236672?ref_src=twsrc%5Etfw">June 11, 2018</a></blockquote>
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The Punjab National Bank detected the multi-crore scam, wherein Nirav and his uncle-cum-business-partner Mehul Choksi had allegedly cheated the bank to the tune of $2 billion, with the purported involvement of a few employees of the bank.&nbsp;

On Monday, the Central Bureau of Investigation said that it does not have confirmation on the whereabouts of Nirav yet

A Special PMLA court issued a non-bailable warrant against billionaire businessman Nirav Modi on Tuesday. Indian billionaire jeweller Nirav Modi, who figures at the centre of an alleged multi-crore bank fraud, has fled to the UK where he is claiming political asylum. On Monday, the Central Bureau of Investigation said that it does not have any confirmation on the whereabouts of Nirav yet. "The moment his whereabouts are confirmed further action will be taken," a CBI source said. CBI does not have confirmation on the whereabouts of Nirav Modi yet. The moment his whereabouts are confirmed further action will be taken. Red corner notice (RCN) in process against Nirav Modi and Mehul Choksi: CBI Sources pic.twitter.com/wBjXTrDDEO — ANI (@ANI) June 11, 2018 × The Central Bureau of Investigation, on Monday, requested Interpol to issue red corner notices against Nirav Modi and Mehul Choksi. CBI has requested Interpol to issue red corner notices against #NiravModi and #MehulChoksi. pic.twitter.com/u8MF23kxFi — ANI (@ANI) June 11, 2018 × The Punjab National Bank detected the multi-crore scam, wherein Nirav and his uncle-cum-business-partner Mehul Choksi had allegedly cheated the bank to the tune of $2 billion, with the purported involvement of a few employees of the bank.

Special court issues non-bailable warrant against Nirav Modi

According to reports, the Central Bureau of Investigation has requested Interpol to issue red corner notices against Nirav Modi and Mehul Choksi. At present, the CBI does not have any confirmation on the whereabouts of Nirav Modi, ANI reported.

As per reports, the CBI will take further action as soon as Nirav Modi's whereabouts are confirmed.

Nirav Modi, the billionaire jeweller at the heart of a more than $2 billion fraud case, has fled to the UK, where he is claiming political asylum.

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CBI has requested Interpol to issue red corner notices against <a href="https://twitter.com/hashtag/NiravModi?src=hash&ref_src=twsrc%5Etfw">#NiravModi</a> and <a href="https://twitter.com/hashtag/MehulChoksi?src=hash&ref_src=twsrc%5Etfw">#MehulChoksi</a>. <a href="https://t.co/u8MF23kxFi">pic.twitter.com/u8MF23kxFi</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1006142971870236672?ref_src=twsrc%5Etfw">June 11, 2018</a></blockquote>
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According to Reuters, Britain's Home Office said it does not provide information on individual cases.

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CBI does not have confirmation on the whereabouts of Nirav Modi yet. The moment his whereabouts are confirmed further action will be taken. Red corner notice (RCN) in process against Nirav Modi and Mehul Choksi: CBI Sources <a href="https://t.co/wBjXTrDDEO">pic.twitter.com/wBjXTrDDEO</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1006135988727439362?ref_src=twsrc%5Etfw">June 11, 2018</a></blockquote>
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Punjab National Bank, the country'a second-largest state-run bank, said earlier in 2018 that two jewellery groups headed by Modi and his uncle Mehul Choksi had defrauded it of about $2.2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years.

Nirav Modi, the billionaire jeweller at the heart of a more than $2 billion fraud case, has fled to the UK, where he is claiming political asylum

According to reports, the Central Bureau of Investigation has requested Interpol to issue red corner notices against Nirav Modi and Mehul Choksi. At present, the CBI does not have any confirmation on the whereabouts of Nirav Modi, ANI reported. As per reports, the CBI will take further action as soon as Nirav Modi's whereabouts are confirmed. Nirav Modi, the billionaire jeweller at the heart of a more than $2 billion fraud case, has fled to the UK, where he is claiming political asylum. CBI has requested Interpol to issue red corner notices against #NiravModi and #MehulChoksi. pic.twitter.com/u8MF23kxFi — ANI (@ANI) June 11, 2018 × According to Reuters, Britain's Home Office said it does not provide information on individual cases. CBI does not have confirmation on the whereabouts of Nirav Modi yet. The moment his whereabouts are confirmed further action will be taken. Red corner notice (RCN) in process against Nirav Modi and Mehul Choksi: CBI Sources pic.twitter.com/wBjXTrDDEO — ANI (@ANI) June 11, 2018 × Punjab National Bank, the country'a second-largest state-run bank, said earlier in 2018 that two jewellery groups headed by Modi and his uncle Mehul Choksi had defrauded it of about $2.2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years.

CBI requests Interpol to issue red corner notices against Nirav Modi, Mehul Choksi

<a href="http://wionews.com/videos/nirav-modi-extradition-hong-kong-refuses-to-answer-wions-questions-132341">Nirav Modi, the billionaire jeweller </a>at the heart of a more than $2 billion fraud case, has fled to the UK, where he is claiming political asylum, the Financial Times reported on Sunday, citing Indian and British officials.

Britain's Home Office said it does not provide information on individual cases.

<a href="http://wionews.com/india-news/nirav-modi-exchanged-notes-worth-rs-90-crore-in-pnb-hours-before-demonetisation-alleges-ncp-lawmaker-34011">Nirav Modi </a>could not be contacted&nbsp;for comment on the FT report.

<a href="http://wionews.com/india-news/opinion-after-nirab-modi-frauds-pnb-are-we-to-pay-for-our-theft-ourselves-33797">Opinion: After Nirav Modi frauds PNB, are we to pay for our theft ourselves?</a>

Punjab National Bank, the country'a second-largest state-run bank, said earlier in 2018 that two jewellery groups headed by Modi and his uncle Mehul Choksi had defrauded it of about $2.2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years.

Nirav Modi is in London trying to claim asylum from what he calls "political persecution", the FT reported.

Also read: <a href="http://wionews.com/india-news/entertainment-priyanka-chopra-quits-as-nirav-modi-brand-ambassador-33817">Priyanka Chopra quits as Nirav Modi brand ambassador</a>

Ministry of external affairs told the FT the government was waiting for law enforcement agencies to approach them before pushing for an extradition, which had thus far not happened. The ministry did not respond to a Reuters request for comment outside regular working hours.

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The Centre is already seeking the extradition of liquor and aviation tycoon Vijay Mallya over unpaid loans to his defunct Kingfisher Airlines after the businessman and co-owner of the Formula One Force India team moved to Britain in March last year.&nbsp;

Police filed charges against more than 25 people in May including Modi, Choksi, former PNB chief Usha Ananthasubramanian, two of the bank's executive directors and three companies belonging to Nirav Modi.

Modi and Choksi have denied any wrongdoing.

Last month, senior executives at the bank were accused by the police, in a charge sheet filed in court, of misleading the central bank in late 2016 over the lender's handling of the financial messaging system and credit guarantees that were at the centre of the fraud.

Police filed charges against more than 25 people in May including Modi, Choksi, former PNB chief Usha Ananthasubramanian.

Nirav Modi, the billionaire jeweller at the heart of a more than $2 billion fraud case, has fled to the UK, where he is claiming political asylum, the Financial Times reported on Sunday, citing Indian and British officials. Britain's Home Office said it does not provide information on individual cases. Nirav Modi could not be contacted for comment on the FT report. Opinion: After Nirav Modi frauds PNB, are we to pay for our theft ourselves? Punjab National Bank, the country'a second-largest state-run bank, said earlier in 2018 that two jewellery groups headed by Modi and his uncle Mehul Choksi had defrauded it of about $2.2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years. Nirav Modi is in London trying to claim asylum from what he calls "political persecution", the FT reported. Also read: Priyanka Chopra quits as Nirav Modi brand ambassador Ministry of external affairs told the FT the government was waiting for law enforcement agencies to approach them before pushing for an extradition, which had thus far not happened. The ministry did not respond to a Reuters request for comment outside regular working hours. × The Centre is already seeking the extradition of liquor and aviation tycoon Vijay Mallya over unpaid loans to his defunct Kingfisher Airlines after the businessman and co-owner of the Formula One Force India team moved to Britain in March last year. Police filed charges against more than 25 people in May including Modi, Choksi, former PNB chief Usha Ananthasubramanian, two of the bank's executive directors and three companies belonging to Nirav Modi. Modi and Choksi have denied any wrongdoing. Last month, senior executives at the bank were accused by the police, in a charge sheet filed in court, of misleading the central bank in late 2016 over the lender's handling of the financial messaging system and credit guarantees that were at the centre of the fraud.

PNB-Nirav Modi fraud: Diamond czar flees to UK, claims political asylum, says report

The International Monetary Fund said today that <a href="http://wionews.com/india-news/pnb-scam-ed-files-first-chargesheet-against-nirav-modi-associates-139476">India should look at the performance </a>of the public sector banks as it seeks to reform and grow.

India's bank has come under renewed pressure <a href="http://wionews.com/india-news/pnb-to-honour-lous-worth-rs-6500-crore-due-to-lenders-126873">after a massive scam was unearthed </a>in Punjab Nationa Bank(PNB) engineered by diamond baron Nirav Modi. The scam worth $ 2 billion led to scrutiny of other banks even as bad debts of public sector banks increased.

PNB recently posted the largest-ever quarterly loss of Rs 13,416.91 crore for January-March period due to bad loans.

"Addressing the banking sector balance sheet issues and improving the performance of particular public sector banks is a very important issue for India to support investment and its inclusive growth agenda," IMF Spokesman Gerry Rice said.

A report recently said IDBI Bank had the highest bad-loan ratio among India's banks. The banks in India have around $210 billion in non-performing assets(NPAs), according to a report.

The IMF said India had made progress to address NPAs and was taking further measures to deal with the flow problem. 
&nbsp&nbsp 
"These steps include the recognition of these non-performing assets, the resolution framework under the Insolvency and Bankruptcy Code. It's in an early stage, but we think that's an encouraging development," Rice said.&nbsp

Rice recommended India should improve the risk management system in public sector banks, adding that "further governance" was needed in the key area.

"But we welcome the authority's intention to make public sector bank recapitalisation contingent on measures to strengthen governance and operations and encourage the accelerating implementation of the ongoing reforms," Rice added.&nbsp

PNB recently posted the largest-ever quarterly loss of Rs 13,416.91 crore for January-March period due to bad loans.

The International Monetary Fund said today that India should look at the performance of the public sector banks as it seeks to reform and grow. India's bank has come under renewed pressure after a massive scam was unearthed in Punjab Nationa Bank(PNB) engineered by diamond baron Nirav Modi. The scam worth $ 2 billion led to scrutiny of other banks even as bad debts of public sector banks increased. PNB recently posted the largest-ever quarterly loss of Rs 13,416.91 crore for January-March period due to bad loans. "Addressing the banking sector balance sheet issues and improving the performance of particular public sector banks is a very important issue for India to support investment and its inclusive growth agenda," IMF Spokesman Gerry Rice said. A report recently said IDBI Bank had the highest bad-loan ratio among India's banks. The banks in India have around $210 billion in non-performing assets(NPAs), according to a report. The IMF said India had made progress to address NPAs and was taking further measures to deal with the flow problem. "These steps include the recognition of these non-performing assets, the resolution framework under the Insolvency and Bankruptcy Code. It's in an early stage, but we think that's an encouraging development," Rice said. Rice recommended India should improve the risk management system in public sector banks, adding that "further governance" was needed in the key area. "But we welcome the authority's intention to make public sector bank recapitalisation contingent on measures to strengthen governance and operations and encourage the accelerating implementation of the ongoing reforms," Rice added.

India must improve performance of public sector banks: IMF

The government has left no stone unturned in convincing a UK court that fugitive businessman Vijay Mallya must be extradited to India, External Affairs Ministry spokesperson Raveesh Kumar said on Thursday.

"Extradition hearings have been going on. I understand that the closing submissions in the case have already been made. We now wait for the verdict. I can only assure you that we have left no stone unturned in our efforts to convince the courts that the extradition of Vijay Mallya to India should take place," Kumar told reporters in response to a question.

In February 2017, India made a formal request to the UK for extradition of Mallya, who faces charges of financial misconduct amounting to nearly Rs 9,000 crore in debt owed to Indian banks by his defunct Kingfisher Airlines.

When asked about the location of fugitive businessmen Nirav Modi and Mehul Choksi, who allegedly duped Punjab National Bank to the tune of thousands of crores of rupees, he said the MEA will not be able to provide their location details as it comes into picture only when the agencies concerned inform it about their whereabouts.

Responding to a question on whether the issue of the extradition of Islamic preacher Zakir Naik from Malaysia came up for discussion during Prime Minister Narendra Modi's meeting with his Malaysian counterpart Mahathir Mohamad, Kumar said the interaction between the two leaders was very short.

The meeting happened on May 31 during Modi's visit enroute Singapore and the talks covered a broad overview about the relationship between the two countries.

Modi made a brief stopover in Malaysia to meet the nonagenarian leader, who won polls after trumping Najib Razak, the then Prime Minister of Malaysia.

Kumar added India had sent a request to Malaysia to extradite Naik and it was waiting for a response.

On the summit between US President Donald Trump and North Korean leader Kim Jong-un scheduled for June 12 in Singapore, Kumar said, " India welcomes the proposed meeting and supports the peaceful resolution to the Korean Peninsula problem."

'Extradition hearings have been going on. I understand that the closing submissions in the case have already been made. We now wait for the verdict. I can only assure you that we have left no stone unturned in our efforts to convince the courts that the extradition of Vijay Mallya to India should take place'

The government has left no stone unturned in convincing a UK court that fugitive businessman Vijay Mallya must be extradited to India, External Affairs Ministry spokesperson Raveesh Kumar said on Thursday. "Extradition hearings have been going on. I understand that the closing submissions in the case have already been made. We now wait for the verdict. I can only assure you that we have left no stone unturned in our efforts to convince the courts that the extradition of Vijay Mallya to India should take place," Kumar told reporters in response to a question. In February 2017, India made a formal request to the UK for extradition of Mallya, who faces charges of financial misconduct amounting to nearly Rs 9,000 crore in debt owed to Indian banks by his defunct Kingfisher Airlines. When asked about the location of fugitive businessmen Nirav Modi and Mehul Choksi, who allegedly duped Punjab National Bank to the tune of thousands of crores of rupees, he said the MEA will not be able to provide their location details as it comes into picture only when the agencies concerned inform it about their whereabouts. Responding to a question on whether the issue of the extradition of Islamic preacher Zakir Naik from Malaysia came up for discussion during Prime Minister Narendra Modi's meeting with his Malaysian counterpart Mahathir Mohamad, Kumar said the interaction between the two leaders was very short. The meeting happened on May 31 during Modi's visit enroute Singapore and the talks covered a broad overview about the relationship between the two countries. Modi made a brief stopover in Malaysia to meet the nonagenarian leader, who won polls after trumping Najib Razak, the then Prime Minister of Malaysia. Kumar added India had sent a request to Malaysia to extradite Naik and it was waiting for a response. On the summit between US President Donald Trump and North Korean leader Kim Jong-un scheduled for June 12 in Singapore, Kumar said, " India welcomes the proposed meeting and supports the peaceful resolution to the Korean Peninsula problem."

Govt has left no stone unturned in convincing UK court that Mallya should be extradited: MEA

The Income Tax department on Sunday refuted reports which stated that the documents related to the investigation of Nirav Modi and Mehul Choksi were ruined in the Scindia House fire.&nbsp;

"News reports appearing in some sections of media alleging that records/documents relating to investigation of Nirav Modi/Mehul Choksi have been destroyed in the Scindia House fire in IT Office, Mumbai are completely false & misdirected," they tweeted on Sunday.&nbsp;

Earlier, media reports quoted sources in the Income Tax department saying the files pertaining to Modi and Choksi, along with some documents relating to the Essar group, were also in the office premises during the fire.

The lost files pertained to cases that were either being investigated for fraud or were part of bankruptcy proceedings.

The fire broke out in the Income Tax office in South Mumbai on Friday, but no casualties were reported

The blaze started on the third floor of the I-T office located in multi-storeyed Scindia House.

No injuries were reported, but one person trapped on the second floor of the commercial building was rescued by firefighters.&nbsp;

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News reports appearing in some sections of media alleging that records/documents relating to investigation of Nirav Modi/Mehul Choksi have been destroyed in the Scindia House fire in ITOffice,Mumbai are completely false & misdirected <a href="https://twitter.com/PMOIndia?ref_src=twsrc%5Etfw">@PMOIndia</a> <a href="https://twitter.com/FinMinIndia?ref_src=twsrc%5Etfw">@FinMinIndia</a> <a href="https://twitter.com/arunjaitley?ref_src=twsrc%5Etfw">@arunjaitley</a> <a href="https://twitter.com/adhia03?ref_src=twsrc%5Etfw">@adhia03</a>
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Nirav Modi, Mehul Choksi and others are being probed under various criminal laws after the fraud came to light this year following a complaint by Punjab National Bank, India's second largest public sector bank, that they allegedly cheated the bank to the tune of over Rs 13,000 crore, with the purported involvement of a few employees of the bank.

Both Nirav Modi and Choksi are said to have left the country before criminal cases were lodged against them.&nbsp;

The fire broke out in the Income Tax office in South Mumbai on Friday. News reports had said the Modi, Choksi files had been in the office's premises at the time

The Income Tax department on Sunday refuted reports which stated that the documents related to the investigation of Nirav Modi and Mehul Choksi were ruined in the Scindia House fire. "News reports appearing in some sections of media alleging that records/documents relating to investigation of Nirav Modi/Mehul Choksi have been destroyed in the Scindia House fire in IT Office, Mumbai are completely false & misdirected," they tweeted on Sunday. Earlier, media reports quoted sources in the Income Tax department saying the files pertaining to Modi and Choksi, along with some documents relating to the Essar group, were also in the office premises during the fire. The lost files pertained to cases that were either being investigated for fraud or were part of bankruptcy proceedings. The fire broke out in the Income Tax office in South Mumbai on Friday, but no casualties were reported The blaze started on the third floor of the I-T office located in multi-storeyed Scindia House. No injuries were reported, but one person trapped on the second floor of the commercial building was rescued by firefighters. News reports appearing in some sections of media alleging that records/documents relating to investigation of Nirav Modi/Mehul Choksi have been destroyed in the Scindia House fire in ITOffice,Mumbai are completely false & misdirected @PMOIndia @FinMinIndia @arunjaitley @adhia03 — Income Tax India (@IncomeTaxIndia) June 3, 2018 × Nirav Modi, Mehul Choksi and others are being probed under various criminal laws after the fraud came to light this year following a complaint by Punjab National Bank, India's second largest public sector bank, that they allegedly cheated the bank to the tune of over Rs 13,000 crore, with the purported involvement of a few employees of the bank. Both Nirav Modi and Choksi are said to have left the country before criminal cases were lodged against them.

Income Tax department says Nirav Modi, Mehul Choksi files not destroyed in Mumbai fire

The Enforcement Directorate on Thursday filed its first charge sheet in the PNB Scam worth over $2 billion.

The 12,000-page complaint filed by the ED is issued against diamantaire Nirav Modi and his associates at a special court in Mumbai.

The charge sheet has been filed under various sections of the Prevention of Money Laundering Act (PMLA).&nbsp;

The prosecution complaint (charge sheet)&nbsp;includes the details of the attachments made by&nbsp;Nirav Modi and his associates.

Two other charge sheets were filed by the CBI in the matter earlier&nbsp;this month.

The Enforcement Directorate had recently summoned Nirav Modi's family for questioning in the PNB scam after his repeated failures in appearing before the court despite several summonses.&nbsp;

The prosecution complaint (charge sheet) filed against Nirav Modi and his associates includes the details of the attachments made by the agency against them

The Enforcement Directorate on Thursday filed its first charge sheet in the PNB Scam worth over $2 billion. The 12,000-page complaint filed by the ED is issued against diamantaire Nirav Modi and his associates at a special court in Mumbai. The charge sheet has been filed under various sections of the Prevention of Money Laundering Act (PMLA). The prosecution complaint (charge sheet) includes the details of the attachments made by Nirav Modi and his associates. Two other charge sheets were filed by the CBI in the matter earlier this month. The Enforcement Directorate had recently summoned Nirav Modi's family for questioning in the PNB scam after his repeated failures in appearing before the court despite several summonses.

PNB Scam: ED files first chargesheet against Nirav Modi, associates

Former MD and CEO of the Punjab National Bank Usha Ananthasubramanian and some other senior bank officials were aware of the "fraudulent" dealings with diamond merchant Nirav Modi but kept "misleading" the RBI, the CBI has alleged in its charge sheet.

A special CBI court here took cognisance of the chargesheet today and permitted the investigating agency to issue fresh non-bailable warrants against Nirav Modi, his brother Nishal and an executive of the Nirav Modi Group Subhash Parab.

In its charge sheet into the nearly 13,000 crore scam, the CBI said the RBI had since October 2016 sent several questionnaires to the PNB, seeking to know what procedures or measures the bank follows before issuing Letters of Understandings and Letters of Credit.

Also read:&nbsp;<a href="http://www.wionews.com/india-news/pnb-scam-how-punjab-national-bank-fell-victim-to-countrys-biggest-bank-fraud-33009">How Punjab National Bank fell victim to country's biggest bank fraud</a>

"This was duly dealt by accused Ananthasubramanian and the bank's Executive Directors - K V Brahmaji Rao, Sanjiv Sharan and Nehal Ahad and instead of replying to the queries in true spirit and facts, Ahad and the general manager of the International Banking Division of the bank's headquarters prepared a misleading reply and sent it to the RBI after getting the same approved from Sharan," the CBI said.

The 12,000-page chargesheet further claimed that a similar fraud was detected in 2016 following which the RBI took up the issue and issued circulars to all banks.

"The accused PNB officials, including Ananthasubramanian and others, were aware of this fraud involving PNB Dubai and the Indian Overseas Bank Chandigarh and yet they did not take any corrective action and remained silent spectators. This facilitated continuance of the fraud resulting in wrongful loss to the PNB," it said.

From August 2015 to May 2017, when Ananthasubramanian was the MD and CEO of the PNB, relevant circulars, caution notices and urgent questionnaires issued by the RBI were brought to her notice and she dealt with the same, the CBI said.

"Inspite of her knowledge about the modus operandi in these frauds, she (Ananthasubramanian) did not take any meaningful corrective measures in her capacity as the executive head of the bank and had unauthorisedly delegated the RBI guidelines work to her subordinates without any follow up action," the chargesheet said.

The CBI has further claimed that senior officers from the Nirav Modi Group including accused Vipul Ambani were constantly meeting Ananthasubramanian in order to continue 
with the credit facilities to the group.

"This indicated clearly that she (Ananthasubramanian) was aware of the facilities extended to the various group entities of Modi," it said.

The CBI has made the allegation in its charge sheet. It added that other than the MD and CEO Usha Ananthasubramanian, other senior officials of the bank were also in the know

Former MD and CEO of the Punjab National Bank Usha Ananthasubramanian and some other senior bank officials were aware of the "fraudulent" dealings with diamond merchant Nirav Modi but kept "misleading" the RBI, the CBI has alleged in its charge sheet. A special CBI court here took cognisance of the chargesheet today and permitted the investigating agency to issue fresh non-bailable warrants against Nirav Modi, his brother Nishal and an executive of the Nirav Modi Group Subhash Parab. In its charge sheet into the nearly 13,000 crore scam, the CBI said the RBI had since October 2016 sent several questionnaires to the PNB, seeking to know what procedures or measures the bank follows before issuing Letters of Understandings and Letters of Credit. Also read: How Punjab National Bank fell victim to country's biggest bank fraud "This was duly dealt by accused Ananthasubramanian and the bank's Executive Directors - K V Brahmaji Rao, Sanjiv Sharan and Nehal Ahad and instead of replying to the queries in true spirit and facts, Ahad and the general manager of the International Banking Division of the bank's headquarters prepared a misleading reply and sent it to the RBI after getting the same approved from Sharan," the CBI said. The 12,000-page chargesheet further claimed that a similar fraud was detected in 2016 following which the RBI took up the issue and issued circulars to all banks. "The accused PNB officials, including Ananthasubramanian and others, were aware of this fraud involving PNB Dubai and the Indian Overseas Bank Chandigarh and yet they did not take any corrective action and remained silent spectators. This facilitated continuance of the fraud resulting in wrongful loss to the PNB," it said. From August 2015 to May 2017, when Ananthasubramanian was the MD and CEO of the PNB, relevant circulars, caution notices and urgent questionnaires issued by the RBI were brought to her notice and she dealt with the same, the CBI said. "Inspite of her knowledge about the modus operandi in these frauds, she (Ananthasubramanian) did not take any meaningful corrective measures in her capacity as the executive head of the bank and had unauthorisedly delegated the RBI guidelines work to her subordinates without any follow up action," the chargesheet said. The CBI has further claimed that senior officers from the Nirav Modi Group including accused Vipul Ambani were constantly meeting Ananthasubramanian in order to continue with the credit facilities to the group. "This indicated clearly that she (Ananthasubramanian) was aware of the facilities extended to the various group entities of Modi," it said.

Former PNB MD knew of Nirav Modi scam but 'kept misleading' RBI, says CBI

<a href="http://www.wionews.com/india-news/anti-sterlite-protests-in-tuticorin-one-killed-several-injured-in-clashes-with-police-138862">Anti-Sterlite protests in Tuticorin turn violent as death toll rises to 9</a>

At least nine protesters died and many were injured on Tuesday after the Tamil Nadu Police resorted to lathi-charge during an agitation by the locals against Sterlite’s industrial plant in Tamil Nadu's Tuticorin.

<a href="http://www.wionews.com/india-news/nirav-modi-may-head-for-london-mehul-choksi-in-new-york-ed-sources-138855">Nirav Modi may head for London, Mehul Choksi in New York: ED sources</a>

Sources in the Enforcement Directorate have said Nirav Modi may, on the advice of his lawyer, head for London. The sources added that Modi has property in London.

<a href="http://www.wionews.com/india-news/imd-issues-heatwave-warning-in-delhi-for-next-five-days-138892">IMD issues heatwave warning in Delhi for next five days</a>

After recording highest temperature of the season in the national capital, a heatwave warning has been issued by the Indian Meteorological Department on Tuesday for the next five days.

<a href="http://www.wionews.com/south-asia/tanks-and-missiles-alone-cant-save-a-country-pakistan-interior-minister-ahsan-iqbal-138851">Tanks and missiles alone can't save a country: Pakistan interior minister Ahsan Iqbal</a>

Pakistan has squandered the economic growth opportunity in the past because of political instability, Interior Minister Ahsan Iqbal has said, asserting that "tanks and missiles" alone cannot save a country.

<a href="http://www.wionews.com/south-asia/afghanistan-6-people-dead-including-the-attacker-in-a-minibus-explosion-30-wounded-138864">Afghanistan: 6 people dead including attacker in </a><a href="http://www.wionews.com/south-asia/afghanistan-6-people-dead-including-the-attacker-in-a-minibus-explosion-30-wounded-138864">minibus</a><a href="http://www.wionews.com/south-asia/afghanistan-6-people-dead-including-the-attacker-in-a-minibus-explosion-30-wounded-138864"> explosion</a>

At least six people were killed in Afghanistan's Kandahar on Tuesday after a bomb kept in a minibus exploded near a security checkpoint. The attacker too died in the incident.

&nbsp

Anti-Sterlite protests in Tuticorin turn violent as death toll rises to 9 At least nine protesters died and many were injured on Tuesday after the Tamil Nadu Police resorted to lathi-charge during an agitation by the locals against Sterlite’s industrial plant in Tamil Nadu's Tuticorin. Nirav Modi may head for London, Mehul Choksi in New York: ED sources Sources in the Enforcement Directorate have said Nirav Modi may, on the advice of his lawyer, head for London. The sources added that Modi has property in London. IMD issues heatwave warning in Delhi for next five days After recording highest temperature of the season in the national capital, a heatwave warning has been issued by the Indian Meteorological Department on Tuesday for the next five days. Tanks and missiles alone can't save a country: Pakistan interior minister Ahsan Iqbal Pakistan has squandered the economic growth opportunity in the past because of political instability, Interior Minister Ahsan Iqbal has said, asserting that "tanks and missiles" alone cannot save a country. Afghanistan: 6 people dead including attacker in minibus explosion At least six people were killed in Afghanistan's Kandahar on Tuesday after a bomb kept in a minibus exploded near a security checkpoint. The attacker too died in the incident.

Sources in the Enforcement Directorate have said Nirav Modi may, on the advice of his lawyer, head for London.&nbspThe sources added that Modi has property in London.

The sources said Mehul Choksi has applied for asylum in America. And that he is currently living in New York's Bronx area.&nbsp

The sources added that Choksi had applied for asylum on May 3.&nbsp

Modi and his maternal uncle Choksi are the main accused in the Rs 13,000 crore Punjab National Bank scam.&nbsp

Nirav Modi, according to news reports, has of late been spotted in New York, as well as in Dubai, Belgium and Hong Kong.&nbsp&nbsp

The sources added that Mehul Choksi has applied for asylum in America. And that he is currently living in New York's Bronx area

Sources in the Enforcement Directorate have said Nirav Modi may, on the advice of his lawyer, head for London.&nbspThe sources added that Modi has property in London. The sources said Mehul Choksi has applied for asylum in America. And that he is currently living in New York's Bronx area. The sources added that Choksi had applied for asylum on May 3. Modi and his maternal uncle Choksi are the main accused in the Rs 13,000 crore Punjab National Bank scam. Nirav Modi, according to news reports, has of late been spotted in New York, as well as in Dubai, Belgium and Hong Kong.

Nirav Modi may head for London, Mehul Choksi in New York: ED sources

The Enforcement Directorate on Saturday&nbspsummoned Nirav Modi's family for questioning in the PNB scam worth over $2 billion.&nbsp

The ED called the family for questioning after Nirav Modi's repeated failures in appearing before the&nbspcourt despite several summonses.&nbsp

The Enforcement Directorate has sent summons to his father Deepak Modi, brother Nishal Modi, sister Purvi Modi her husband Mayank Mehta and Mihir Bhansali, the&nbspDirector of US-based firm Firestar Diamond Inc.&nbsp

According to a media report, the summonses have been sent through emails as the family members of fugitive diamantaire Nirav Modi are not in India.

The ED had earlier sent a summon to the billionaire jeweller&nbspMehul Choksi, however, he did not appear before them.

The Central Bureau of Investigation had filed its first charge sheet in&nbspthe PNB Scam on May 14 in a special court in Mumbai.&nbsp

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ED summons Nirav Modi’s family for questioning after he failed to appear before it despite repeated summons. Summons sent to his father Deepak Modi, brother Nishal Modi, sister Purvi Mehta, her husband Mayank Mehta&Mihir Bhansali, director of US-based firm Firestar Diamond Inc.
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The ED called the family for questioning after Nirav Modi's repeated failures in appearing before the court despite several summonses

The Enforcement Directorate on Saturday&nbspsummoned Nirav Modi's family for questioning in the PNB scam worth over $2 billion. The ED called the family for questioning after Nirav Modi's repeated failures in appearing before the&nbspcourt despite several summonses. The Enforcement Directorate has sent summons to his father Deepak Modi, brother Nishal Modi, sister Purvi Modi her husband Mayank Mehta and Mihir Bhansali, the&nbspDirector of US-based firm Firestar Diamond Inc. According to a media report, the summonses have been sent through emails as the family members of fugitive diamantaire Nirav Modi are not in India. The ED had earlier sent a summon to the billionaire jeweller&nbspMehul Choksi, however, he did not appear before them. The Central Bureau of Investigation had filed its first charge sheet in&nbspthe PNB Scam on May 14 in a special court in Mumbai. ED summons Nirav Modi’s family for questioning after he failed to appear before it despite repeated summons. Summons sent to his father Deepak Modi, brother Nishal Modi, sister Purvi Mehta, her husband Mayank Mehta&Mihir Bhansali, director of US-based firm Firestar Diamond Inc. — ANI (@ANI) May 19, 2018 ×

ED summons Nirav Modi's family for questioning in PNB Scam

Congress president Rahul Gandhi today alleged that Prime Minister Narendra Modi knew the main accused in the Punjab National Bank (PNB) scam for long, but remained silent when they stole "farmers' money" and fled the country.

He accused the NDA government of ignoring farmers while waiving the loans of "15 richest people" in the country.

Gandhi, who was addressing a rally of farmers and tribal people at Sitapur in Chhattisgarh, promised a farm loan waiver across the country if the Congress returned to power in 2019.

"The UPA government ran MNREGA scheme at a cost of Rs 35,000 core. The same amount was stolen by (jeweller and PNB scam accused) Nirav Modi from the farmers of the country. The entire money of MNREGA was stolen by a single man, but our prime minister did not utter a single word," he said.

"The PM had known Nirav Modi and (the scam co-accused) Mehul Choksi. It was years-old relation," Gandhi alleged.

Farmers wanted loan waiver because the BJP government was giving them neither the minimum support price nor bonus, he said, adding that even the crop insurance scheme was not working.

"The Centre waived the loans of industrialists, but is not ready to take any step for farmers," Gandhi said.

When the Congress government is voted to power in 2019, it will waive loans of farmers in the entire country within 10 days of coming to power, he asserted.

Food processing plants will be set up and farmers will be ensured good returns on their produce, the Congress president said.

"When prime minister Modi was campaigning in 2014, he had promised to provide jobs to two crore youths every year, to deposit Rs 15 lakh in bank accounts of people and provide handsome returns to farmers on their produce. But nothing has happened. Forget Rs 15 lakh, not even Rs 15 have been deposited in any account," Gandhi said.

"When the UPA was in power, minimum support price was increased by 15 per cent every year. But during the NDA regime it wasn't hiked by even five per cent," he said.

"Unemployment is rising. Farmers are committing suicide. Dalits and tribals are being attacked and facing repression. When nobody is benefiting from this government, who is getting the benefit?" he asked.

Gandhi said he had personally met Modi and asked him to waive crop loans, but the prime minister did not give any reply.

"For whom this BJP and RSS machinery is working? I will give you an example -- farmers in the entire country wanted to get their loans waived, but the government ignored them and Rs 2.5 lakh crore worth of loans of the 15 richest people were waived," Gandhi alleged.

Referring to the press conference held by senior-most Supreme Court judges on issues related to the apex court earlier this year, Gandhi said, "The BJP-led NDA government has snatched the rights of judges. Where will people get justice when Supreme Court judges themselves are asking for justice from people?"

"Judges said they were under pressure from the prime minister and (BJP chief) Amit Shah. The prime minister was silent on the issue," Gandhi said.

The Congress would form government in Chhattisgarh by defeating the ruling BJP in the coming elections, he said.

While demonetisation led to job losses, small traders had to bear the brunt of "Gabbar Singh Tax", he said, referring to the Goods and Services Tax (GST).

Farmers, youths, tribals and small traders in the state will benefit from the Congress government's policies, he said.

Speaking at Kotmi in Bilaspur district later in the evening, Gandhi took a jibe at the prime minister's 'Mann ki Baat' radio programme.

"You listen to the prime minister's speech. He speaks Man ki Baat. We (the Congress) do not want to tell you our 'Mann ki Baat', but want to listen to yours. We want to work on the strength of your 'Mann ki Baat," the Congress president told the gathering.

"If we are in politics, it is for you. We are fighting for you because you have built this country. Farmers have built this country. Adivasis, Dalits and women have made sacrifices, but when this country got money, it is being snatched from you and given to 10-15 richest people," he said.

The Congress president, who arrived on a two-day tour of Chhattisgarh today, addressed three public meetings during the day.&nbsp 
 
&nbsp

Gandhi, who was addressing a rally of farmers and tribal people at Sitapur in Chhattisgarh, promised a farm loan waiver across the country if the Congress returned to power in 2019.

Congress president Rahul Gandhi today alleged that Prime Minister Narendra Modi knew the main accused in the Punjab National Bank (PNB) scam for long, but remained silent when they stole "farmers' money" and fled the country. He accused the NDA government of ignoring farmers while waiving the loans of "15 richest people" in the country. Gandhi, who was addressing a rally of farmers and tribal people at Sitapur in Chhattisgarh, promised a farm loan waiver across the country if the Congress returned to power in 2019. "The UPA government ran MNREGA scheme at a cost of Rs 35,000 core. The same amount was stolen by (jeweller and PNB scam accused) Nirav Modi from the farmers of the country. The entire money of MNREGA was stolen by a single man, but our prime minister did not utter a single word," he said. "The PM had known Nirav Modi and (the scam co-accused) Mehul Choksi. It was years-old relation," Gandhi alleged. Farmers wanted loan waiver because the BJP government was giving them neither the minimum support price nor bonus, he said, adding that even the crop insurance scheme was not working. "The Centre waived the loans of industrialists, but is not ready to take any step for farmers," Gandhi said. When the Congress government is voted to power in 2019, it will waive loans of farmers in the entire country within 10 days of coming to power, he asserted. Food processing plants will be set up and farmers will be ensured good returns on their produce, the Congress president said. "When prime minister Modi was campaigning in 2014, he had promised to provide jobs to two crore youths every year, to deposit Rs 15 lakh in bank accounts of people and provide handsome returns to farmers on their produce. But nothing has happened. Forget Rs 15 lakh, not even Rs 15 have been deposited in any account," Gandhi said. "When the UPA was in power, minimum support price was increased by 15 per cent every year. But during the NDA regime it wasn't hiked by even five per cent," he said. "Unemployment is rising. Farmers are committing suicide. Dalits and tribals are being attacked and facing repression. When nobody is benefiting from this government, who is getting the benefit?" he asked. Gandhi said he had personally met Modi and asked him to waive crop loans, but the prime minister did not give any reply. "For whom this BJP and RSS machinery is working? I will give you an example -- farmers in the entire country wanted to get their loans waived, but the government ignored them and Rs 2.5 lakh crore worth of loans of the 15 richest people were waived," Gandhi alleged. Referring to the press conference held by senior-most Supreme Court judges on issues related to the apex court earlier this year, Gandhi said, "The BJP-led NDA government has snatched the rights of judges. Where will people get justice when Supreme Court judges themselves are asking for justice from people?" "Judges said they were under pressure from the prime minister and (BJP chief) Amit Shah. The prime minister was silent on the issue," Gandhi said. The Congress would form government in Chhattisgarh by defeating the ruling BJP in the coming elections, he said. While demonetisation led to job losses, small traders had to bear the brunt of "Gabbar Singh Tax", he said, referring to the Goods and Services Tax (GST). Farmers, youths, tribals and small traders in the state will benefit from the Congress government's policies, he said. Speaking at Kotmi in Bilaspur district later in the evening, Gandhi took a jibe at the prime minister's 'Mann ki Baat' radio programme. "You listen to the prime minister's speech. He speaks Man ki Baat. We (the Congress) do not want to tell you our 'Mann ki Baat', but want to listen to yours. We want to work on the strength of your 'Mann ki Baat," the Congress president told the gathering. "If we are in politics, it is for you. We are fighting for you because you have built this country. Farmers have built this country. Adivasis, Dalits and women have made sacrifices, but when this country got money, it is being snatched from you and given to 10-15 richest people," he said. The Congress president, who arrived on a two-day tour of Chhattisgarh today, addressed three public meetings during the day.

PM kept mum as Nirav Modi stole farmers' money: Rahul Gandhi

The CBI today filed its chargesheet against billionaire jeweller Mehul Choksi and 17 other entities, including companies owned by him and other individuals, in connection with the over $2 billion Punjab National Bank (PNB) scam, officials said. 
The chargesheet was filed before a special CBI court in Mumbai.

In the chargesheet, pertaining to an FIR against Choksi, the Gitanjali group of companies and 16 other entities (including companies and individuals), the agency has slapped charges of criminal conspiracy, cheating and under the provisions of the Prevention of Corruption Act, the officials said.

They added that this was a separate chargesheet from the one filed on May 14 against Choksi's nephew Nirav Modi and stressed that the present chargesheet pertained to the FIR against Choksi.

Supplementary chargesheets against Modi will also be filed soon, they said.

The FIR was lodged on the basis of a complaint from the PNB, dated February 13.

According to it, the alleged loss to the bank was over Rs 4,886 crore, arising out of 143 Letters of Undertaking (LoUs) and 224 Foreign Letters of Credit issued to the companies of Choksi, the officials said, adding that the total loss, allegedly perpetrated by the jeweller and his nephew Modi -- both absconding -- was over $2 billion.

It is alleged that the accused PNB officials, in a conspiracy with private persons, had sent the unauthorised LoUs and Foreign Letters of Credit to overseas branches of Indian banks for release of funds to the accused companies' suppliers or to clear the liabilities of the accused companies.

The accused PNB officials allegedly did not enter the instructions for these LoUs in their internal software to avoid scrutiny. They were sent through an international messaging system for banking called SWIFT, used to pass instructions among banks globally to transfer funds.

An LoU is a guarantee given by an issuing bank to Indian banks that have branches abroad to grant short-term credit to an applicant.

In case of default, the bank issuing the LoU has to pay the liability to the credit-giving bank.&nbsp

The FIR was lodged on the basis 0f a complaint from the PNB, dated February 13.

The CBI today filed its chargesheet against billionaire jeweller Mehul Choksi and 17 other entities, including companies owned by him and other individuals, in connection with the over $2 billion Punjab National Bank (PNB) scam, officials said. The chargesheet was filed before a special CBI court in Mumbai. In the chargesheet, pertaining to an FIR against Choksi, the Gitanjali group of companies and 16 other entities (including companies and individuals), the agency has slapped charges of criminal conspiracy, cheating and under the provisions of the Prevention of Corruption Act, the officials said. They added that this was a separate chargesheet from the one filed on May 14 against Choksi's nephew Nirav Modi and stressed that the present chargesheet pertained to the FIR against Choksi. Supplementary chargesheets against Modi will also be filed soon, they said. The FIR was lodged on the basis of a complaint from the PNB, dated February 13. According to it, the alleged loss to the bank was over Rs 4,886 crore, arising out of 143 Letters of Undertaking (LoUs) and 224 Foreign Letters of Credit issued to the companies of Choksi, the officials said, adding that the total loss, allegedly perpetrated by the jeweller and his nephew Modi -- both absconding -- was over $2 billion. It is alleged that the accused PNB officials, in a conspiracy with private persons, had sent the unauthorised LoUs and Foreign Letters of Credit to overseas branches of Indian banks for release of funds to the accused companies' suppliers or to clear the liabilities of the accused companies. The accused PNB officials allegedly did not enter the instructions for these LoUs in their internal software to avoid scrutiny. They were sent through an international messaging system for banking called SWIFT, used to pass instructions among banks globally to transfer funds. An LoU is a guarantee given by an issuing bank to Indian banks that have branches abroad to grant short-term credit to an applicant. In case of default, the bank issuing the LoU has to pay the liability to the credit-giving bank.

PNB scam: CBI files chargesheet against Choksi, 17 others

The Central Bureau of Investigation on Monday filed its first chargesheet in&nbsp;the PNB Scam worth over $2 billion, in a special court in Mumbai.

The chargesheet highlights the alleged role of banks' former chief Usha Ananthasubramanian, while also naming several other top officials of the bank.&nbsp;

Also read: <a href="http://www.wionews.com/india-news/who-is-nirav-modi-the-billionaire-jeweller-at-centre-of-rs-11000-crore-scam-32970">Who is Nirav Modi, the billionaire jeweller at </a><a href="http://www.wionews.com/india-news/who-is-nirav-modi-the-billionaire-jeweller-at-centre-of-rs-11000-crore-scam-32970">centre</a><a href="http://www.wionews.com/india-news/who-is-nirav-modi-the-billionaire-jeweller-at-centre-of-rs-11000-crore-scam-32970"> of Rs 11,400 crore PNB scam</a>

Besides&nbsp;Ananthasubramanian, the chargesheet also&nbsp;includes the name of PNB executive directors K V Brahmaji Rao and Sanjiv Sharan, and general manager (international operations) Nehal Ahad.

Ananthasubramanian was the MD and CEO of PNB from 2015 to 2017.

The first chargesheet details the role of Nirav Modi, his brother Nishal Modi and Subhash Parab, an executive in their company while not giving many details about the role played by Mehul Chowki.

The chargesheet majorly deals with the issuance of Rs 6,000 crores of Letters of Undertaking to Diamond R US, Solar Exports and Stellar Diamonds.&nbsp;

The Secretary, Department of Financial Services (DFS)&nbsp;Rajiv Kumar also said that the department has asked the boards of the Punjab National Bank and Allahabad Bank to divest the powers of all the accused in the case.&nbsp;

He said, "Today, we have directed directors of PNB and Allahabad&nbsp;bank to divest all the powers of those who are accused".

He further said that they have&nbsp;initiated the removal of 3 board level officers, 2 ED officers of Punjab National Bank and 1 MD of Allahabad Bank.

&nbsp;

The Secretary, Department of Financial Services (DFS) Rajiv Kumar said that the department has asked the boards of the Punjab National Bank and Allahabad Bank to divest the powers of all the accused in the case

The Central Bureau of Investigation on Monday filed its first chargesheet in the PNB Scam worth over $2 billion, in a special court in Mumbai. The chargesheet highlights the alleged role of banks' former chief Usha Ananthasubramanian, while also naming several other top officials of the bank. Also read: Who is Nirav Modi, the billionaire jeweller at centre of Rs 11,400 crore PNB scam Besides Ananthasubramanian, the chargesheet also includes the name of PNB executive directors K V Brahmaji Rao and Sanjiv Sharan, and general manager (international operations) Nehal Ahad. Ananthasubramanian was the MD and CEO of PNB from 2015 to 2017. The first chargesheet details the role of Nirav Modi, his brother Nishal Modi and Subhash Parab, an executive in their company while not giving many details about the role played by Mehul Chowki. The chargesheet majorly deals with the issuance of Rs 6,000 crores of Letters of Undertaking to Diamond R US, Solar Exports and Stellar Diamonds. The Secretary, Department of Financial Services (DFS) Rajiv Kumar also said that the department has asked the boards of the Punjab National Bank and Allahabad Bank to divest the powers of all the accused in the case. He said, "Today, we have directed directors of PNB and Allahabad bank to divest all the powers of those who are accused". He further said that they have initiated the removal of 3 board level officers, 2 ED officers of Punjab National Bank and 1 MD of Allahabad Bank.

PNB scam: CBI files first chargesheet in Mumbai special court

Embattled liquor tycoon Vijay Mallya, undergoing an extradition trial in a UK court over fraud and money laundering charges by Indian authorities, Tuesday lost a lawsuit filed by 13 Indian banks in the UK High Court seeking to collect from him more than $1.55 billion.

Judge Andrew Henshaw refused to overturn a worldwide order freezing 62-year-old Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks were entitled to recover funds amounting to nearly $1.55 billion (1.145 billion pounds).

The victory for the banks, which claimed the businessman had wilfully defaulted on the loans accessed from them, will enable them to enforce the Indian judgment against Mallya's assets in England and Wales. The worldwide freezing order prevents Mallya from removing any assets from England and Wales up to that value or to in any way dispose of, deal with or diminish the value of his assets in or outside of this jurisdiction, up to the same value.

"Today's judgment is a very important decision not just for our clients, who want to proceed in this jurisdiction with enforcing the judgment they secured against Dr Mallya in India, but also for Indian and international banks more generally," said Paul Gair, from UK law firm TLT which represented the Indian banks in the London court.

"In dismissing Dr Mallya's application, the High Court has demonstrated its willingness to recognise judgments granted by courts in other jurisdictions, giving parties opportunities to enforce their judgments against any assets held here. This case also sets a strong precedent for parties to secure a worldwide freezing order when enforcing judgments against wilful defaulters," he said.

Gair, a partner in TLT's banking and financial services litigation team, added that in a weakened global economy, "non-performing loans" present a real challenge for lenders, particularly where customers have assets located around the world.

"The English courts can play a vital role in these cases given that London is the world's leading financial centre," he noted.

TLT acted for the Indian banks in successfully defeating two applications, first, an application to set aside the first recorded case of a judgment of the Debt Recovery Tribunal (DRT) in India being registered by the English High Court, and the second, to discharge an associated worldwide freezing order. The firm had also acted for the banks in November 2017 to secure the registration and freezing order, which was successfully upheld today.

The case is the latest stage in long-running litigation in which the banks are seeking to recover sums lent to the now-defunct Kingfisher Airlines Limited, guaranteed by Mallya.

The businessman was represented by Nicholas Peacock and George Heyman of Maitland Chambers, who were instructed by the law firm Macfarlanes LLP.&nbsp;

The High Court judge has also refused permission to appeal today's ruling, which leaves Mallya's lawyers with the only option of directly petitioning the UK's Court of Appeal.

The claim brought by 13 Indian banks against Mallya had come up for a hearing in the High Court last month. The litigation in the Queen's Bench Division of the commercial court in England's High Court of Justice lists the State Bank of India, Bank of Baroda, Corporation Bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu and a Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd as the applicants.&nbsp;

Mallya and related concerns&nbsp;Ladywalk LLP, Rose Capital Ventures Ltd and Orange India Holdings are listed as respondents. The assets freeze order had forced Mallya on to a weekly allowance of 5,000 pounds, which his lawyers had managed to boost to 18,325.31 pounds a week at a hearing earlier this year.

According to court documents, the claim relates to a judgment of the Debt Recovery Tribunal (DRT) in Karnataka, which concluded that Mallya was "liable" to the banks in the sum of INR 62,033,503,879.42 plus interest.

The "freezing order" involves Mallya and related concerns being "restrained" until further order, from removing from the jurisdiction any of their assets in the jurisdiction up to a limit of 1,145,000,000 pounds and in any way disposing of, dealing with or diminishing the value of any of their assets whether they are inside or outside the jurisdiction up to the same value".

The UK court had earlier upheld the Indian court's injunction and given Mallya's lawyers more time to respond due to the ongoing extradition trial at Westminster Magistrates' Court in London, which is now set for a hearing on July 11.

Meanwhile, Mallya remains on a 650,000-pound bail bond since his arrest on an extradition warrant by Scotland Yard in April last year.

The Crown Prosecution Service (CPS), representing the Indian government, has claimed that the evidence they have presented confirms "dishonesty" on the part of the businessman, who acquired the loans through misrepresentation and had no intentions of repaying them.&nbsp;

Mallya's defence team has been deposing a series of expert witnesses to try and establish that the default by Kingfisher Airlines was the result of business failure within a wider context of a global financial crisis and that its owner had no "fraudulent" intentions.

Judge Andrew Henshaw refused to overturn a worldwide order freezing the 62-year-old Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks was entitled to recover funds amounting to nearly $1.55 billion or over Rs 10,000 crore

Embattled liquor tycoon Vijay Mallya, undergoing an extradition trial in a UK court over fraud and money laundering charges by Indian authorities, Tuesday lost a lawsuit filed by 13 Indian banks in the UK High Court seeking to collect from him more than $1.55 billion. Judge Andrew Henshaw refused to overturn a worldwide order freezing 62-year-old Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks were entitled to recover funds amounting to nearly $1.55 billion (1.145 billion pounds). The victory for the banks, which claimed the businessman had wilfully defaulted on the loans accessed from them, will enable them to enforce the Indian judgment against Mallya's assets in England and Wales. The worldwide freezing order prevents Mallya from removing any assets from England and Wales up to that value or to in any way dispose of, deal with or diminish the value of his assets in or outside of this jurisdiction, up to the same value. "Today's judgment is a very important decision not just for our clients, who want to proceed in this jurisdiction with enforcing the judgment they secured against Dr Mallya in India, but also for Indian and international banks more generally," said Paul Gair, from UK law firm TLT which represented the Indian banks in the London court. "In dismissing Dr Mallya's application, the High Court has demonstrated its willingness to recognise judgments granted by courts in other jurisdictions, giving parties opportunities to enforce their judgments against any assets held here. This case also sets a strong precedent for parties to secure a worldwide freezing order when enforcing judgments against wilful defaulters," he said. Gair, a partner in TLT's banking and financial services litigation team, added that in a weakened global economy, "non-performing loans" present a real challenge for lenders, particularly where customers have assets located around the world. "The English courts can play a vital role in these cases given that London is the world's leading financial centre," he noted. TLT acted for the Indian banks in successfully defeating two applications, first, an application to set aside the first recorded case of a judgment of the Debt Recovery Tribunal (DRT) in India being registered by the English High Court, and the second, to discharge an associated worldwide freezing order. The firm had also acted for the banks in November 2017 to secure the registration and freezing order, which was successfully upheld today. The case is the latest stage in long-running litigation in which the banks are seeking to recover sums lent to the now-defunct Kingfisher Airlines Limited, guaranteed by Mallya. The businessman was represented by Nicholas Peacock and George Heyman of Maitland Chambers, who were instructed by the law firm Macfarlanes LLP. The High Court judge has also refused permission to appeal today's ruling, which leaves Mallya's lawyers with the only option of directly petitioning the UK's Court of Appeal. The claim brought by 13 Indian banks against Mallya had come up for a hearing in the High Court last month. The litigation in the Queen's Bench Division of the commercial court in England's High Court of Justice lists the State Bank of India, Bank of Baroda, Corporation Bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu and a Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd as the applicants. Mallya and related concerns Ladywalk LLP, Rose Capital Ventures Ltd and Orange India Holdings are listed as respondents. The assets freeze order had forced Mallya on to a weekly allowance of 5,000 pounds, which his lawyers had managed to boost to 18,325.31 pounds a week at a hearing earlier this year. According to court documents, the claim relates to a judgment of the Debt Recovery Tribunal (DRT) in Karnataka, which concluded that Mallya was "liable" to the banks in the sum of INR 62,033,503,879.42 plus interest. The "freezing order" involves Mallya and related concerns being "restrained" until further order, from removing from the jurisdiction any of their assets in the jurisdiction up to a limit of 1,145,000,000 pounds and in any way disposing of, dealing with or diminishing the value of any of their assets whether they are inside or outside the jurisdiction up to the same value". The UK court had earlier upheld the Indian court's injunction and given Mallya's lawyers more time to respond due to the ongoing extradition trial at Westminster Magistrates' Court in London, which is now set for a hearing on July 11. Meanwhile, Mallya remains on a 650,000-pound bail bond since his arrest on an extradition warrant by Scotland Yard in April last year. The Crown Prosecution Service (CPS), representing the Indian government, has claimed that the evidence they have presented confirms "dishonesty" on the part of the businessman, who acquired the loans through misrepresentation and had no intentions of repaying them. Mallya's defence team has been deposing a series of expert witnesses to try and establish that the default by Kingfisher Airlines was the result of business failure within a wider context of a global financial crisis and that its owner had no "fraudulent" intentions.

Vijay Mallya loses Rs 10,000 crore case filed by 13 Indian banks in UK High Court

&nbspThe CBI has registered a case against former Aircel promoter C Sivasankaran's companies, Axcel Sunshine Ltd and Finland-based Win Wind Oy, for allegedly defaulting on loans worth Rs 600 crore taken from IDBI bank, officials said today.

The agency is carrying out searches at 50 locations, including the residences of former senior IDBI bank officials.

The searches are spread across Delhi, Mumbai, Faridabad, Gandhinagar, Chennai, Bangalore, Belgaum, Hyderabad, Jaipur and Pune, the officials said.

Sivasankaran allegedly took a loan of Rs 530 crore in February 2014. This swelled to Rs 600 crore after becoming NPA, they said.

The case has been registered under sections relating to criminal conspiracy, cheating and corruption against British Virgin Islands based Axcel Sunshine Limited on allegations of perpetrating fraud through the loan accounts of Win Wind Oy, Finland and Axcel Sunshine Limited, the officials said.&nbsp

CBI said the agency is carrying out searches at 50 locations, including the residences of former senior IDBI bank officials.

&nbspThe CBI has registered a case against former Aircel promoter C Sivasankaran's companies, Axcel Sunshine Ltd and Finland-based Win Wind Oy, for allegedly defaulting on loans worth Rs 600 crore taken from IDBI bank, officials said today. The agency is carrying out searches at 50 locations, including the residences of former senior IDBI bank officials. The searches are spread across Delhi, Mumbai, Faridabad, Gandhinagar, Chennai, Bangalore, Belgaum, Hyderabad, Jaipur and Pune, the officials said. Sivasankaran allegedly took a loan of Rs 530 crore in February 2014. This swelled to Rs 600 crore after becoming NPA, they said. The case has been registered under sections relating to criminal conspiracy, cheating and corruption against British Virgin Islands based Axcel Sunshine Limited on allegations of perpetrating fraud through the loan accounts of Win Wind Oy, Finland and Axcel Sunshine Limited, the officials said.

CBI raids Aircel promoter Sivasankaran's companies in IDBI bank loan scam

In response to WION's query on Nirav Modi's whereabouts, Hong Kong's Department of Justice said, 'the Department of Justice does not comment on individual cases.'

WION had raised a query to Hong Kong's justice department regarding Nirav Modi's extradition which was met with a reply that no comments will be made on individual cases.&nbsp;

China, earlier this month, said Hong Kong was free to accept India's request to arrest Modi on the basis of the local laws of the region and judicial agreements between the two.&nbsp;

While Hong Kong is part of the People's Republic of China, it is an autonomous region with its own laws.&nbsp;

A provisional arrest has to be made before a formal extradition can be requested.&nbsp;

Meanwhile, Nirav Modi's presence in Hong Kong has been confirmed. In a written reply to the Parliament, it was stated that India had approached the Hong Kong authorities on March 23 regarding Nirav Modi's provisional arrest.

Besides this, the Punjab National Bank has approached Hong Kong Court against Nirav Modi after moving the insolvency authority in the US.&nbsp;

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The bank plans to approach other jurisdictions where Nirav Modi and his associates have assets and properties as part of recovery process, a senior PNB official said.&nbsp;

Hong Kong authorities have been approached and a recovery writ has been filed against companies of Nirav Modi, the official said without disclosing other details.&nbsp;

Billionaire jeweller Nirav Modi figures at the centre of an Rs 13,000-crore fraud.&nbsp;

Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of over Rs13,000 crore through fraudulent Letters of Undertaking (LoUs).&nbsp;

(With inputs from PTI)&nbsp;

China, earlier this month, said Hong Kong was free to accept India's request to arrest Modi on the basis of the local laws of the region

In response to WION's query on Nirav Modi's whereabouts, Hong Kong's Department of Justice said, 'the Department of Justice does not comment on individual cases.' WION had raised a query to Hong Kong's justice department regarding Nirav Modi's extradition which was met with a reply that no comments will be made on individual cases. China, earlier this month, said Hong Kong was free to accept India's request to arrest Modi on the basis of the local laws of the region and judicial agreements between the two. While Hong Kong is part of the People's Republic of China, it is an autonomous region with its own laws. A provisional arrest has to be made before a formal extradition can be requested. Meanwhile, Nirav Modi's presence in Hong Kong has been confirmed. In a written reply to the Parliament, it was stated that India had approached the Hong Kong authorities on March 23 regarding Nirav Modi's provisional arrest. Besides this, the Punjab National Bank has approached Hong Kong Court against Nirav Modi after moving the insolvency authority in the US. Hong Kong's Department of Justice in a response to ANI about Nirav Modi's whereabouts said, 'the Department of Justice does not comment on individual cases.' — ANI (@ANI) April 23, 2018 × The bank plans to approach other jurisdictions where Nirav Modi and his associates have assets and properties as part of recovery process, a senior PNB official said. Hong Kong authorities have been approached and a recovery writ has been filed against companies of Nirav Modi, the official said without disclosing other details. Billionaire jeweller Nirav Modi figures at the centre of an Rs 13,000-crore fraud. Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of over Rs13,000 crore through fraudulent Letters of Undertaking (LoUs). (With inputs from PTI)

Watch: Hong Kong refuses to comment on Nirav Modi's whereabouts

President Ram Nath Kovind last night promulgated Fugitive Economic Offenders Ordinance that will allow the government to confiscate properties and assets of loan defaulters who flee the country.

Also read: <a href="http://www.wionews.com/india-news/death-for-raping-children-what-the-ordinance-says-131971">Death for raping children: What the ordinance says</a>

The president promulgated the Ordinance within hours of it being cleared by the Union Cabinet headed by Prime Minister Narendra Modi.

The Fugitive Economic Offenders Bill was introduced in the Lok Sabha on March 12, but could not be taken up for discussion and passage due to the logjam in Parliament over various issues.

Also read: <a href="http://www.wionews.com/india-news/govt-unveils-new-fugitive-economic-offenders-bill-34440">Govt unveils new Fugitive Economic Offenders Bill</a>

The ordinance seeks to confiscate properties of economic offenders like diamond merchant Nirav Modi, who have left the country to avoid facing criminal prosecution.

The provisions of the ordinance will apply for economic offenders who refuse to return, persons against whom an arrest warrant has been issued for a scheduled offence as well as willful bank loan defaulters with outstanding of over Rs 100 crore.

It provides for confiscating assets even without a conviction and paying off lenders by selling off the fugitive's properties.

Such economic offenders will be tried under Prevention of Money Laundering Act (PMLA).

The ordinance defines a fugitive economic offender as a person against whom an arrest warrant has been issued for committing an offence like counterfeiting government stamps or currency, cheque dishonour for insufficiency of funds, money laundering, and transactions defrauding creditors.

A fugitive economic offender is one who has left the country to avoid facing prosecution or refuses to return to face prosecution.&nbsp

According to the ordinance, a director or deputy director (appointed under the PMLA, 2002) may file an application before a special court (designated under the 2002 Act) to declare a person as a fugitive economic offender.

The application will contain the reasons to believe that an individual is a fugitive economic offender.

Besides, the application will have information about his whereabouts, a list of properties believed to be proceeds of a crime for which confiscation is sought, a list of benami properties or foreign properties for which confiscation is sought, and a list of persons having an interest in these properties.

Upon receiving the application, the special court will issue a notice to the individual, requiring him to appear at a specified place within six weeks. If the person appears at the specified place, the special court will terminate its proceedings under the provisions of the Bill.

Any property belonging to the fugitive economic offender may provisionally be attached without the prior permission of the special court, provided that an application is filed before the court within 30 days.

Appeals against the orders of the special court will lie before the High Court.

The president promulgated the Ordinance within hours of it being cleared by the Union Cabinet headed by Prime Minister Narendra Modi

President Ram Nath Kovind last night promulgated Fugitive Economic Offenders Ordinance that will allow the government to confiscate properties and assets of loan defaulters who flee the country. Also read: Death for raping children: What the ordinance says The president promulgated the Ordinance within hours of it being cleared by the Union Cabinet headed by Prime Minister Narendra Modi. The Fugitive Economic Offenders Bill was introduced in the Lok Sabha on March 12, but could not be taken up for discussion and passage due to the logjam in Parliament over various issues. Also read: Govt unveils new Fugitive Economic Offenders Bill The ordinance seeks to confiscate properties of economic offenders like diamond merchant Nirav Modi, who have left the country to avoid facing criminal prosecution. The provisions of the ordinance will apply for economic offenders who refuse to return, persons against whom an arrest warrant has been issued for a scheduled offence as well as willful bank loan defaulters with outstanding of over Rs 100 crore. It provides for confiscating assets even without a conviction and paying off lenders by selling off the fugitive's properties. Such economic offenders will be tried under Prevention of Money Laundering Act (PMLA). The ordinance defines a fugitive economic offender as a person against whom an arrest warrant has been issued for committing an offence like counterfeiting government stamps or currency, cheque dishonour for insufficiency of funds, money laundering, and transactions defrauding creditors. A fugitive economic offender is one who has left the country to avoid facing prosecution or refuses to return to face prosecution. According to the ordinance, a director or deputy director (appointed under the PMLA, 2002) may file an application before a special court (designated under the 2002 Act) to declare a person as a fugitive economic offender. The application will contain the reasons to believe that an individual is a fugitive economic offender. Besides, the application will have information about his whereabouts, a list of properties believed to be proceeds of a crime for which confiscation is sought, a list of benami properties or foreign properties for which confiscation is sought, and a list of persons having an interest in these properties. Upon receiving the application, the special court will issue a notice to the individual, requiring him to appear at a specified place within six weeks. If the person appears at the specified place, the special court will terminate its proceedings under the provisions of the Bill. Any property belonging to the fugitive economic offender may provisionally be attached without the prior permission of the special court, provided that an application is filed before the court within 30 days. Appeals against the orders of the special court will lie before the High Court.

President promulgates fugitive economic offenders ordinance

Punjab National Bank on Saturday moved Hong Kong High Court against Nirav Modi, news agency ANI reports.&nbsp;

PNB will also approach the courts of other countries where Nirav Modi and Mehul Choksi have assets and businesses, reports said.

On March 23, the government had asked authorities in Hong Kong to arrest Nirav Modi suggesting it believes the fugitive is in the Chinese territory.&nbsp;

India's Minister of State for External Affairs V K Singh told parliament last week that "the ministry has sought the provisional arrest of Nirav Deepak Modi by the government of the Hong Kong Special Administrative Region (HKSAR), the People's Republic of China."

Regarding India's request, Chinese Foreign Ministry spokesman Geng Shuang on April 9 had told a media briefing here that "according to the one country two systems and basic law of the HKSAR, under the assistance and authorisation of the central government, the HKSAR can make proper arrangement on judicial mutual assistance with other countries," he said.

"If India makes relevant request to the HKSAR, we believe the HKSAR will follow the basic law and relevant laws and under relevant judicial agreements with India with the relevant issue," he said.

Billionaire Nirav Modi, his uncle Mehul Choksi and others are being investigated by multiple probe agencies after the scam recently came to light following a complaint by the PNB that they had allegedly cheated the nationalised bank to the tune of Rs

11,400 crore, with the purported involvement of a few employees of the bank.

The ED has registered the money laundering case against Nirav Modi, his firms and others on the basis of a CBI FIR.

The CBI and the ED have registered FIRs to probe the case and intensified the crackdown on Nirav Modi and Choksi with the ED seizing jewellery and assets worth thousands of crores of rupees, the I-T department attaching various properties, and the CBI grilling several senior executives of his company.

PNB will also approach the courts of other countries where Nirav Modi and Mehul Choksi have assets and businesses, reports said.

Punjab National Bank on Saturday moved Hong Kong High Court against Nirav Modi, news agency ANI reports. PNB will also approach the courts of other countries where Nirav Modi and Mehul Choksi have assets and businesses, reports said. On March 23, the government had asked authorities in Hong Kong to arrest Nirav Modi suggesting it believes the fugitive is in the Chinese territory. India's Minister of State for External Affairs V K Singh told parliament last week that "the ministry has sought the provisional arrest of Nirav Deepak Modi by the government of the Hong Kong Special Administrative Region (HKSAR), the People's Republic of China." Regarding India's request, Chinese Foreign Ministry spokesman Geng Shuang on April 9 had told a media briefing here that "according to the one country two systems and basic law of the HKSAR, under the assistance and authorisation of the central government, the HKSAR can make proper arrangement on judicial mutual assistance with other countries," he said. "If India makes relevant request to the HKSAR, we believe the HKSAR will follow the basic law and relevant laws and under relevant judicial agreements with India with the relevant issue," he said. Billionaire Nirav Modi, his uncle Mehul Choksi and others are being investigated by multiple probe agencies after the scam recently came to light following a complaint by the PNB that they had allegedly cheated the nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank. The ED has registered the money laundering case against Nirav Modi, his firms and others on the basis of a CBI FIR. The CBI and the ED have registered FIRs to probe the case and intensified the crackdown on Nirav Modi and Choksi with the ED seizing jewellery and assets worth thousands of crores of rupees, the I-T department attaching various properties, and the CBI grilling several senior executives of his company.

PNB moves Hong Kong High Court against Nirav Modi

Union Home Minister Rajnath Singh on Saturday attacked Pakistan&nbsp;for its consistent terror&nbsp;attacks on India.

Referring to Pakistan he said, "one of India's neighbours does not listen to India".&nbsp;&nbsp;

He said that the neighbouring country was always conspiring to break India with the help of terrorism.

He also maintained that&nbsp;someday Pakistan will have to give up to the global pressure.

He said " We always want to maintain good relations with our neighbouring countries. We consider all our neighbours our relatives. However, one of them doesn't listen. But they will have to listen some day.&nbsp; All international forces are putting pressure on them."

He also commended the Indian forces for keeping the terrorists out of the Indian territory.&nbsp;

Rajnath Singh was addressing at the Dadar Nagar Haveli where he had gone to inaugurate a number of development projects.

Singh also assured that his government was planning to bring in fugitive economic offenders bill before the Parliament to seize the properties of the offenders.

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Opposition levels allegations that some Nirav & Choksi fled abroad. We will present a fugitive economic offenders bill before Parliament. Earlier offenders used to flee abroad&their properties weren't seized. Now their properties will be seized under the bill:Rajnath Singh in Diu <a href="https://t.co/JcCd9V7kLC">pic.twitter.com/JcCd9V7kLC</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/987572867259944961?ref_src=twsrc%5Etfw">April 21, 2018</a></blockquote>
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&nbsp;

Singh also assured that his government was planning to bring in fugitive economic offenders bill before the Parliament to seize the properties of the offenders

Union Home Minister Rajnath Singh on Saturday attacked Pakistan for its consistent terror attacks on India. Referring to Pakistan he said, "one of India's neighbours does not listen to India". He said that the neighbouring country was always conspiring to break India with the help of terrorism. He also maintained that someday Pakistan will have to give up to the global pressure. He said " We always want to maintain good relations with our neighbouring countries. We consider all our neighbours our relatives. However, one of them doesn't listen. But they will have to listen some day. All international forces are putting pressure on them." He also commended the Indian forces for keeping the terrorists out of the Indian territory. Rajnath Singh was addressing at the Dadar Nagar Haveli where he had gone to inaugurate a number of development projects. Singh also assured that his government was planning to bring in fugitive economic offenders bill before the Parliament to seize the properties of the offenders. Opposition levels allegations that some Nirav & Choksi fled abroad. We will present a fugitive economic offenders bill before Parliament. Earlier offenders used to flee abroad&their properties weren't seized. Now their properties will be seized under the bill:Rajnath Singh in Diu pic.twitter.com/JcCd9V7kLC — ANI (@ANI) April 21, 2018 ×

Pakistan will have to give up someday due to international pressure: Rajnath Singh

A parliamentary panel has called &nbsp;Reserve Bank of India(RBI) governor Urjit Patel to answer questions on bank scams.

The RBI governor will face the Parliamentary Committee on Finance on May 17th.

Congress leader M Veerappa Moily today asked several questions to financial services secretary Rajiv Kumar on various bank scams.

Reports said Urjit Patel had recently said that the RBI doesn't have "adequate powers"&nbsp;to deal with public sector banks.

"We would like to know what kind of powers the RBI governor needs," a PTI &nbsp;source said, adding that regulation is an important part and that is why the Governor has been called.

Newswire PTI reported that the RBI governor will be asked questions by the Standing Committee on issues related to "all banks, including ICICI Bank".

India's Banks have been the focus of attention in the past few months after a huge scam was detected in Punjab National Bank(PNB) triggered by diamond baron Nirav Modi who subsequently left India leaving a trail of loans amounting to several thousand crores which included several state-run banks including State Bank of India, UCO&nbsp;Bank and Allahabad Bank.

The PNB scam went undetected for seven years raising questions on RBI's governance.

The RBI has since come up with several guidelines to ensure loan safety and issuance&nbsp;of LoUs&nbsp;which was the chief mechanism through which Nirav Modi defrauded PNB.

Reports said Urjit Patel had recently said that the RBI doesn't have adequate powers to deal with public sector banks.

A parliamentary panel has called Reserve Bank of India(RBI) governor Urjit Patel to answer questions on bank scams. The RBI governor will face the Parliamentary Committee on Finance on May 17th. Congress leader M Veerappa Moily today asked several questions to financial services secretary Rajiv Kumar on various bank scams. Reports said Urjit Patel had recently said that the RBI doesn't have "adequate powers" to deal with public sector banks. "We would like to know what kind of powers the RBI governor needs," a PTI source said, adding that regulation is an important part and that is why the Governor has been called. Newswire PTI reported that the RBI governor will be asked questions by the Standing Committee on issues related to "all banks, including ICICI Bank". India's Banks have been the focus of attention in the past few months after a huge scam was detected in Punjab National Bank(PNB) triggered by diamond baron Nirav Modi who subsequently left India leaving a trail of loans amounting to several thousand crores which included several state-run banks including State Bank of India, UCO Bank and Allahabad Bank. The PNB scam went undetected for seven years raising questions on RBI's governance. The RBI has since come up with several guidelines to ensure loan safety and issuance of LoUs which was the chief mechanism through which Nirav Modi defrauded PNB.

RBI governor Urjit Patel to appear before Parliamentary panel over bank scams

Congress president Rahul Gandhi has held Prime Minister Narendra Modi responsible for ATM machines running out of cash, saying the PM has destroyed the banking system.

He further criticised Modi over the Nirav Modi row, saying that he has taken money from common man's pocket and put it into Nirav Modi's pocket.&nbsp;

Speaking to the media on Tuesday, Gandhi said, "Modiji has destroyed the banking system. Nirav fled with Rs 30,000 crore and Prime Minister didn't utter a word."

"We were forced to stand in queues as he snatched Rs 500-1,000 notes from our pockets and put in Nirav Modi's pocket," he added.&nbsp;

He further attacked Modi and said that he&nbsp;runs away from talking in Parliament and having discussions over different issues. Gandhi claimed that if he got 15 minutes to speak on issues related to the Rafael deal and Nirav Modi, PM Modi will not have any answers.

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PM parliament main khade hone se darte hain. Hume 15 mins ka bhashan mil jaye Parliament house main PM khade nahi ho payenge, chahe wo Rafael ka mamala ho ya, chahe wo Nirav Modi ka mamla ho, PM khade nahi ho payenge: Rahul Gandhi <a href="https://t.co/eJKhAMNFqW">pic.twitter.com/eJKhAMNFqW</a>
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People Telangana, Uttar Pradesh, Madhya Pradesh, Uttar Pradesh and Gujarat reported that they were<a href="http://www.wionews.com/india-news/atms-in-several-states-run-of-cash-130963"> unable to withdraw cash</a> since several ATMs in their city had run out of money.&nbsp;

Finance Minister Arun Jaitley said that he had reviewed the currency situation in the country and assured that there was more than adequate currency in circulation and available with the banks.&nbsp;

The finance minister said the temporary shortage had been caused by "sudden and unusual increase in some areas and is being tackled quickly".

He further attacked Modi saying he runs away from talking in Parliment and having discussions over different issues

Congress president Rahul Gandhi has held Prime Minister Narendra Modi responsible for ATM machines running out of cash, saying the PM has destroyed the banking system. He further criticised Modi over the Nirav Modi row, saying that he has taken money from common man's pocket and put it into Nirav Modi's pocket. Speaking to the media on Tuesday, Gandhi said, "Modiji has destroyed the banking system. Nirav fled with Rs 30,000 crore and Prime Minister didn't utter a word." "We were forced to stand in queues as he snatched Rs 500-1,000 notes from our pockets and put in Nirav Modi's pocket," he added. He further attacked Modi and said that he runs away from talking in Parliament and having discussions over different issues. Gandhi claimed that if he got 15 minutes to speak on issues related to the Rafael deal and Nirav Modi, PM Modi will not have any answers. PM parliament main khade hone se darte hain. Hume 15 mins ka bhashan mil jaye Parliament house main PM khade nahi ho payenge, chahe wo Rafael ka mamala ho ya, chahe wo Nirav Modi ka mamla ho, PM khade nahi ho payenge: Rahul Gandhi pic.twitter.com/eJKhAMNFqW — ANI (@ANI) April 17, 2018 × People Telangana, Uttar Pradesh, Madhya Pradesh, Uttar Pradesh and Gujarat reported that they were unable to withdraw cash since several ATMs in their city had run out of money. Finance Minister Arun Jaitley said that he had reviewed the currency situation in the country and assured that there was more than adequate currency in circulation and available with the banks. The finance minister said the temporary shortage had been caused by "sudden and unusual increase in some areas and is being tackled quickly".

PM has destroyed banking system, put our money in Nirav Modi's pocket: Rahul Gandhi

The Central Bureau of Investigation has initiated a probe in connection with Rs 5,280 crore loan given to Mehul Choksi’s Gitanjali Group by a consortium of banks led by the ICICI Bank.

The probe comes in addition to the existing FIR filed against Choksi and his Gitanjali Group of companies.

The fresh investigation, into Rs 5,280 crore loan amount, is separate from the Rs 13,600 crore Punjab National Bank (PNB) fraud which is already being probed by the CBI.

CBI filed a case against Choksi-led Gitanjali group of companies for allegedly defrauding the bank of Rs 4,8886.72 crore. Another PNB complaint raised on February 22 increased the fraud amount by another Rs 1,251.56 crore.

An additional complaint from PNB against the Gitanjali Group emerged, this time around the sum involved amounted to around Rs 942.18 crore.&nbsp;

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The Central Bureau of Investigation (CBI) initiates a probe in connection with Rs 5,280 crore loan given to Mehul Choksi’s Gitanjali Group by a 31-bank consortium led by the ICICI Bank
— ANI (@ANI) <a href="https://twitter.com/ANI/status/984060500874014721?ref_src=twsrc%5Etfw">April 11, 2018</a></blockquote>
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Meanwhile. a special CBI court in Mumbai today issued a non-bailable warrant against diamond merchant Mehul Choksi.

According to reports, three summons were sent&nbsp;to Choksi on his email address, Choksi neither responded to them nor appeared before the agency.

The prosecution said there was "every reason to believe" that Choksi had fled the country and is in hiding, and that steps are being taken to secure his presence by the issuance of red corner notice by the Interpol.

"...To secure his presence and to pursue the same, an open non-bailable warrant is required against Choksi," the court was told.

It is alleged that the LoUs (Letter of Undertaking) and LCs (Letter of Credit) worth close to USD 2 billion were issued to the companies of accused Choksi and his nephew Nirav Modi from the Brady Road branch of the PNB in Mumbai through SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages.

The messages were allegedly not entered in the banking software of the PNB to bypass surveillance. Several bank employees have been booked for collusion in the case.

Both Choksi and Nirav Modi have been booked in two cases each related to the bank fraud under the Prevention of Money Laundering Act and the Indian Penal Code.

The duo, along with their families, reportedly left the country in the first week of January this year, days before the alleged fraud came to light. 
 
The agency has arrested 19 people so far in connection with the fraud. The Enforcement Directorate (ED) is also conducting an independent probe.

The Central government has claimed to have tracked Modi in Hong Kong and sought his arrest under the 'Surrender of Fugitive Offenders Agreement' with Hong Kong.

(With inputs from agencies)&nbsp;

The fresh investigation, into Rs 5,280 crore loan amount, is separate from the Rs 13,600 crore Punjab National Bank (PNB) fraud which is already being probed by the CBI

The Central Bureau of Investigation has initiated a probe in connection with Rs 5,280 crore loan given to Mehul Choksi’s Gitanjali Group by a consortium of banks led by the ICICI Bank. The probe comes in addition to the existing FIR filed against Choksi and his Gitanjali Group of companies. The fresh investigation, into Rs 5,280 crore loan amount, is separate from the Rs 13,600 crore Punjab National Bank (PNB) fraud which is already being probed by the CBI. CBI filed a case against Choksi-led Gitanjali group of companies for allegedly defrauding the bank of Rs 4,8886.72 crore. Another PNB complaint raised on February 22 increased the fraud amount by another Rs 1,251.56 crore. An additional complaint from PNB against the Gitanjali Group emerged, this time around the sum involved amounted to around Rs 942.18 crore. The Central Bureau of Investigation (CBI) initiates a probe in connection with Rs 5,280 crore loan given to Mehul Choksi’s Gitanjali Group by a 31-bank consortium led by the ICICI Bank — ANI (@ANI) April 11, 2018 × Meanwhile. a special CBI court in Mumbai today issued a non-bailable warrant against diamond merchant Mehul Choksi. According to reports, three summons were sent to Choksi on his email address, Choksi neither responded to them nor appeared before the agency. The prosecution said there was "every reason to believe" that Choksi had fled the country and is in hiding, and that steps are being taken to secure his presence by the issuance of red corner notice by the Interpol. "...To secure his presence and to pursue the same, an open non-bailable warrant is required against Choksi," the court was told. It is alleged that the LoUs (Letter of Undertaking) and LCs (Letter of Credit) worth close to USD 2 billion were issued to the companies of accused Choksi and his nephew Nirav Modi from the Brady Road branch of the PNB in Mumbai through SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages. The messages were allegedly not entered in the banking software of the PNB to bypass surveillance. Several bank employees have been booked for collusion in the case. Both Choksi and Nirav Modi have been booked in two cases each related to the bank fraud under the Prevention of Money Laundering Act and the Indian Penal Code. The duo, along with their families, reportedly left the country in the first week of January this year, days before the alleged fraud came to light. The agency has arrested 19 people so far in connection with the fraud. The Enforcement Directorate (ED) is also conducting an independent probe. The Central government has claimed to have tracked Modi in Hong Kong and sought his arrest under the 'Surrender of Fugitive Offenders Agreement' with Hong Kong. (With inputs from agencies)

PNB scam: Now, Rs 5,280 crore loan to Choksi under CBI scanner

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PNB-Nirav Modi fraud: Diamond czar flees to UK, claims political asylum, says report

India must improve performance of public sector banks: IMF

Govt has left no stone unturned in convincing UK court that Mallya should be extradited: MEA

Income Tax department says Nirav Modi, Mehul Choksi files not destroyed in Mumbai fire

PNB Scam: ED files first chargesheet against Nirav Modi, associates

Former PNB MD knew of Nirav Modi scam but 'kept misleading' RBI, says CBI

News brief: Big stories of the day

Nirav Modi may head for London, Mehul Choksi in New York: ED sources

ED summons Nirav Modi's family for questioning in PNB Scam

PM kept mum as Nirav Modi stole farmers' money: Rahul Gandhi

PNB scam: CBI files chargesheet against Choksi, 17 others

PNB scam: CBI files first chargesheet in Mumbai special court

Vijay Mallya loses Rs 10,000 crore case filed by 13 Indian banks in UK High Court

CBI raids Aircel promoter Sivasankaran's companies in IDBI bank loan scam

Watch: Hong Kong refuses to comment on Nirav Modi's whereabouts

President promulgates fugitive economic offenders ordinance