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.

News brief: Big stories of the day

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>
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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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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

The Delhi High Court today directed diamantaire Nirav Modi's company, Firestar Diamond, to ask him to return to India, dubbing him a "fugitive".

A bench of Justices S Muralidhar and I S Mehta passed the direction after the company's lawyer said relief should not be denied to it on a technicality that Firestar International had authorised the filing of petitions by its subsidiary, Firestar Diamond.

"If we should not stress upon the technicality. Then ask Mr Modi to come back. Ask him to come back," the bench told advocate Vijay Aggarwal, who appeared for Firestar Diamond and Firestar International.

Expressing "serious concern" over Modi's statement to investigative agencies that he will not submit to their jurisdiction, the court said "we are dealing with a fugitive here according to them (ED). A fugitive from justice stands on a different footing."

Agarwal, however, said that the media has termed Modi as a fugitive and only non-bailable warrants have been issued against him and no order proclaiming him as an absconder has been passed.

The Enforcement Directorate (ED) has conducted searches and seizure of the company and its assets in connection with a money laundering case related to the over Rs 11,000 crore Punjab National Bank (PNB) fraud case.

Agarwal urged the bench to either stay the ED proceedings against the two companies or direct the agency to provide the reasons for its search and seizure action.

The ED, represented by Additional Solicitor General Sandeep Sethi and central government standing counsel Amit Mahajan, raised several objections, including that of jurisdiction, against the maintainability of the pleas.

The agency contended that no relief should be granted to the two companies under the discretionary power of the court as Modi was a "fugitive from justice", was "absconding" and not joining the investigation.

It showed the shareholding pattern of the two companies and several others in which Modi has stake and argued that he was the person behind all of them.

The court took note of the shareholding pattern and said it was "intricate" and "speaks for itself".

The bench also said there was merit in ED's contention that while the "driving force behind the companies" (Modi) was not submitting to the agency's jurisdiction, his companies cannot be given any discretionary relief.

The observations came during the hearing on the pleas of Modi's and Mehul Choksi's firms challenging the ED proceedings against them as well as various provisions of the Prevention of Money Laundering Act (PMLA). The court listed all the matters for hearing on May 3.

It asked the ED to file its response to the pleas moved by Choksi's Gitanjali Gems and Modi's Firestar International, the parent company of Firestar Diamonds which had earlier moved the high court against the ED proceedings.

During the hearing, Agarwal argued that the agency was making contradictory submissions. He said, on one hand, it was saying Modi was not separate from the two companies, on the other, it was saying that the Board of Firestar International cannot authorise filing of petitions by Firestar Diamond as they were different entities.

The court, however, observed that in view of the board resolution by Firestar International, the petitions of Firestar Diamond were bad from inception and added that the conduct of Modi was also essential to consider grant of discretionary relief.

With regard to the plea by Choksi's Gitanjali Gems, which has challenged the alleged illegal seizure of documents and articles by the probe agency, the bench said its shareholding to has to be seen to ascertain who holds the controlling interest.

"The bottom line is that under Article 226 for grant of discretionary relief, we may want to examine to whom the benefit will endure. We have to see who will be benefitted," the court said.

The three companies in their respective pleas have sought directions to ED to supply them copies of search warrants, the ECIR registered by the agency on the basis of which searches were made in their premises and the entire documentation and details of places where the assets have been kept for safe keeping.

They have also challenged the constitutionality of various provisions of the PMLA, including Section 17 which gives powers of search and seizure and Section 20 relating to retention of property.

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.

The Enforcement Directorate (ED) has conducted searches and seizure of the company and its assets

The Delhi High Court today directed diamantaire Nirav Modi's company, Firestar Diamond, to ask him to return to India, dubbing him a "fugitive". A bench of Justices S Muralidhar and I S Mehta passed the direction after the company's lawyer said relief should not be denied to it on a technicality that Firestar International had authorised the filing of petitions by its subsidiary, Firestar Diamond. "If we should not stress upon the technicality. Then ask Mr Modi to come back. Ask him to come back," the bench told advocate Vijay Aggarwal, who appeared for Firestar Diamond and Firestar International. Expressing "serious concern" over Modi's statement to investigative agencies that he will not submit to their jurisdiction, the court said "we are dealing with a fugitive here according to them (ED). A fugitive from justice stands on a different footing." Agarwal, however, said that the media has termed Modi as a fugitive and only non-bailable warrants have been issued against him and no order proclaiming him as an absconder has been passed. The Enforcement Directorate (ED) has conducted searches and seizure of the company and its assets in connection with a money laundering case related to the over Rs 11,000 crore Punjab National Bank (PNB) fraud case. Agarwal urged the bench to either stay the ED proceedings against the two companies or direct the agency to provide the reasons for its search and seizure action. The ED, represented by Additional Solicitor General Sandeep Sethi and central government standing counsel Amit Mahajan, raised several objections, including that of jurisdiction, against the maintainability of the pleas. The agency contended that no relief should be granted to the two companies under the discretionary power of the court as Modi was a "fugitive from justice", was "absconding" and not joining the investigation. It showed the shareholding pattern of the two companies and several others in which Modi has stake and argued that he was the person behind all of them. The court took note of the shareholding pattern and said it was "intricate" and "speaks for itself". The bench also said there was merit in ED's contention that while the "driving force behind the companies" (Modi) was not submitting to the agency's jurisdiction, his companies cannot be given any discretionary relief. The observations came during the hearing on the pleas of Modi's and Mehul Choksi's firms challenging the ED proceedings against them as well as various provisions of the Prevention of Money Laundering Act (PMLA). The court listed all the matters for hearing on May 3. It asked the ED to file its response to the pleas moved by Choksi's Gitanjali Gems and Modi's Firestar International, the parent company of Firestar Diamonds which had earlier moved the high court against the ED proceedings. During the hearing, Agarwal argued that the agency was making contradictory submissions. He said, on one hand, it was saying Modi was not separate from the two companies, on the other, it was saying that the Board of Firestar International cannot authorise filing of petitions by Firestar Diamond as they were different entities. The court, however, observed that in view of the board resolution by Firestar International, the petitions of Firestar Diamond were bad from inception and added that the conduct of Modi was also essential to consider grant of discretionary relief. With regard to the plea by Choksi's Gitanjali Gems, which has challenged the alleged illegal seizure of documents and articles by the probe agency, the bench said its shareholding to has to be seen to ascertain who holds the controlling interest. "The bottom line is that under Article 226 for grant of discretionary relief, we may want to examine to whom the benefit will endure. We have to see who will be benefitted," the court said. The three companies in their respective pleas have sought directions to ED to supply them copies of search warrants, the ECIR registered by the agency on the basis of which searches were made in their premises and the entire documentation and details of places where the assets have been kept for safe keeping. They have also challenged the constitutionality of various provisions of the PMLA, including Section 17 which gives powers of search and seizure and Section 20 relating to retention of property. 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.

High Court asks Nirav Modi's company to tell him to come back

Punjab National Bank (PNB)will take care of problems emanating from Rs 13,000-crore fraud perpetrated by billionaire jeweller Nirav Modi on its own and will not seek any government’s assistance, its managing director Sunil Mehta said.&nbsp

The bank has enough resources and capability to meet the challenges posed by the fraud of this nature, he said.

“We said this is problem of the bank and we will solve it ourself. We are not seeking government’s help by way of capitalisation,” he said, when asked if the bank has sought help from the majority shareholder to tide over the problem of fraud.

“Government whatsoever they have given in the normal process of the recapitalisation plan. We have not asked for any additional support because we think PNB has capacity and capability to mobilise resources in-house,” he told PTI in an interview.

Giving details, he said, PNB has mobilised roughly Rs 12,000 crore post-September last financial year.

“We have mobilised Rs 5,000 crore through QIP (qualified institutional placement), Rs 1,300 crore by selling stake in PNB Housing Finance and Rs 5,400 crore through government infusion. We are adequately capitalised to carry forward our business of credit,” he said.

“These mobilised funds besides Rs 1,100 crore of my profit which the bank earned in three quarters (FY2017-18). That is also providing me cushion. So that profit coupled with this capital will provide me adequate cushion to take care of loss and still continue to grow,” he said. Nirav Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of over Rs 13,000 crore through fraudulent Letters of Undertaking (LoUs).

A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011. Different investigating agencies, including CBI, I-T and Enforcement Directorate, are probing the fraud, dubbed as the biggest banking scam in the country.

PNB had issued as many as 1,590 LoUs to Nirav Modi, Mehul Choksi and their associates.

The total number of LoUs issued to the companies of Nirav Modi, his relatives and the Nirav Modi Group are 1,213, and to Mehul Choksi, his relatives and the Gitanjali Group are 377.

Emphasising the long legacy and strength of the bank, Mehta said, “It is a 123-year old institution which was founded during Swadeshi movement by Lala Lajpat Rai. This institution has 7,000 branches spread through length and breadth of the country with business of more than Rs 10 lakh crore in the domestic market. So fraud of this nature could not shake confidence of our customers during this period.”

Even during trying times, the bank’s business has grown better than the industry, he said, adding that credit has witnessed a growth rate of about 10 per cent, in line with the guidance that was shared with investors. With regard to deposits, the bank has recorded a growth of 6.2 per cent, he said.

“So, we have grown in line with industry and even during difficult days it was business as usual. With all this negativity which was created in the environment, the customers’ confidence was not lost and the credit goes to 70,000 employees who stood with me in difficult time.

“They have gone the extra mile, they have done extra hard work to see that every customer is attended to properly. Now, we are in the bounce back mode,” he said.

A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011.

Punjab National Bank (PNB)will take care of problems emanating from Rs 13,000-crore fraud perpetrated by billionaire jeweller Nirav Modi on its own and will not seek any government’s assistance, its managing director Sunil Mehta said. The bank has enough resources and capability to meet the challenges posed by the fraud of this nature, he said. “We said this is problem of the bank and we will solve it ourself. We are not seeking government’s help by way of capitalisation,” he said, when asked if the bank has sought help from the majority shareholder to tide over the problem of fraud. “Government whatsoever they have given in the normal process of the recapitalisation plan. We have not asked for any additional support because we think PNB has capacity and capability to mobilise resources in-house,” he told PTI in an interview. Giving details, he said, PNB has mobilised roughly Rs 12,000 crore post-September last financial year. “We have mobilised Rs 5,000 crore through QIP (qualified institutional placement), Rs 1,300 crore by selling stake in PNB Housing Finance and Rs 5,400 crore through government infusion. We are adequately capitalised to carry forward our business of credit,” he said. “These mobilised funds besides Rs 1,100 crore of my profit which the bank earned in three quarters (FY2017-18). That is also providing me cushion. So that profit coupled with this capital will provide me adequate cushion to take care of loss and still continue to grow,” he said. Nirav Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of over Rs 13,000 crore through fraudulent Letters of Undertaking (LoUs). A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011. Different investigating agencies, including CBI, I-T and Enforcement Directorate, are probing the fraud, dubbed as the biggest banking scam in the country. PNB had issued as many as 1,590 LoUs to Nirav Modi, Mehul Choksi and their associates. The total number of LoUs issued to the companies of Nirav Modi, his relatives and the Nirav Modi Group are 1,213, and to Mehul Choksi, his relatives and the Gitanjali Group are 377. Emphasising the long legacy and strength of the bank, Mehta said, “It is a 123-year old institution which was founded during Swadeshi movement by Lala Lajpat Rai. This institution has 7,000 branches spread through length and breadth of the country with business of more than Rs 10 lakh crore in the domestic market. So fraud of this nature could not shake confidence of our customers during this period.” Even during trying times, the bank’s business has grown better than the industry, he said, adding that credit has witnessed a growth rate of about 10 per cent, in line with the guidance that was shared with investors. With regard to deposits, the bank has recorded a growth of 6.2 per cent, he said. “So, we have grown in line with industry and even during difficult days it was business as usual. With all this negativity which was created in the environment, the customers’ confidence was not lost and the credit goes to 70,000 employees who stood with me in difficult time. “They have gone the extra mile, they have done extra hard work to see that every customer is attended to properly. Now, we are in the bounce back mode,” he said.

Nirav Modi fraud is bank’s issue; will not seek govt support: PNB MD

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China today said that Hong Kong can accede to India's request to arrest fugitive Indian diamond merchant Nirav Modi based on local laws and mutual judicial assistance agreements.

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&nbsp

Hong Kong can take a decision on Nirav Modi's arrest, says China China today said that Hong Kong can accede to India's request to arrest fugitive Indian diamond merchant Nirav Modi based on local laws and mutual judicial assistance agreements. CWG 2018: India gold rush continues as shuttlers clinch maiden CWG team title India clinched gold medal after defeating team Malaysia 3-1 in mixed-team badminton final at 21st Commonwealth Games on Day 5 in Gold Coast. Saina Nehwal won the women singles clash against Soniia Cheah on the final day. Congress goes on nationwide fast against communalism, BJP calls it a farce The BJP today mocked Congress president Rahul Gandhi's fast at Rajghat as a "farce" and described the party's decision to keep the 1984 anti-Sikh riots accused Sajjan Kumar and Jagdish Tytler away from the main dais as its "admission of guilt". Indrani Mukerjea overdosed on anti-depressants: Hospital Indrani Mukerjea's hospital report states that she overdosed on the anti-depressant Benzodiazepine, the dean of the state-run JJ Hospital where Indrani is admitted said. Himachal: 20 schoolchildren dead after bus plunges into gorge At least 20 schoolchildren are dead after their school bus plunged into a gorge in Himachal Pradesh. There were some 60 children in the bus. The accident took place in Kangra's Nurpur.

China today said that Hong Kong can accede to India's request to arrest fugitive Indian diamond merchant Nirav Modi based on local laws and mutual judicial assistance agreements.

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."

Asked about India's request, Chinese Foreign Ministry spokesman Geng Shuang 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.

Modi, who is wanted in connection with the 12,700-crore scam at the Punjab National Bank, is reportedly in Hong Kong which is a specially-administered region of China.

Modi has his shop in Hong Kong besides in Beijing.&nbsp;

Modi, wanted in connection with the 12,700-crore Punjab National Bank scam, is reportedly in Hong Kong

China today said that Hong Kong can accede to India's request to arrest fugitive Indian diamond merchant Nirav Modi based on local laws and mutual judicial assistance agreements. 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." Asked about India's request, Chinese Foreign Ministry spokesman Geng Shuang 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. Modi, who is wanted in connection with the 12,700-crore scam at the Punjab National Bank, is reportedly in Hong Kong which is a specially-administered region of China. Modi has his shop in Hong Kong besides in Beijing.

Hong Kong can take a decision on Nirav Modi's arrest, says China

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A special CBI court in Mumbai has issued non-bailable warrants (NBWs) against billionaire diamantaire Nirav Modi and his uncle Mehul Choksi in connection with the cases related to over $2 billion banking fraud in the Punjab National Bank, officials said in New Delhi on Sunday.

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The worst is over for PNB and it will come out of the mess created by the Nirav Modi fraud case in six months, the state-run lender's Managing Director Sunil Mehta said Sunday.

<a href="http://cmsuat.wionews.com/south-asia/pakistan-afghanistan-to-act-against-fugitives-irreconcilable-militants-129127">Pakistan, Afghanistan to act against fugitives, irreconcilable militants</a>

Pakistan and Afghanistan have agreed to take action against fugitives and the irreconcilable militants under a bilateral agreement for regional peace and security, the Foreign Office said today.

PNB scam: Non-bailable warrants issued against Nirav Modi, Mehul Choksi on CBI plea A special CBI court in Mumbai has issued non-bailable warrants (NBWs) against billionaire diamantaire Nirav Modi and his uncle Mehul Choksi in connection with the cases related to over $2 billion banking fraud in the Punjab National Bank, officials said in New Delhi on Sunday. Rajinikanth wants Chennai players to wear black armbands. This is why Rajinikanth on Sunday urged IPL franchise Chennai and its fans to wear a black armband as a show of solidarity with the protests in Tamil Nadu calling for the quick set up of a Cauvery management board. China objects to India's 'transgression' in Arunachal Pradesh India rejects the protest In yet another incident of discord, the Chinese military last month strongly protested against what it called the Indian Army's transgressions into the strategically sensitive Asaphila area along the border in Arunachal Pradesh, but the Indian side roundly dismissed the complaint, official sources said. Worst behind us, will be out of Nirav Modi mess in 6 months: PNB MD The worst is over for PNB and it will come out of the mess created by the Nirav Modi fraud case in six months, the state-run lender's Managing Director Sunil Mehta said Sunday. Pakistan, Afghanistan to act against fugitives, irreconcilable militants Pakistan and Afghanistan have agreed to take action against fugitives and the irreconcilable militants under a bilateral agreement for regional peace and security, the Foreign Office said today.

Newsbrief: Big stories of the day

A special CBI court in Mumbai has issued non-bailable warrants (NBWs) against billionaire diamantaire <a href="http://www.wionews.com/india-news/worst-behind-us-will-be-out-of-nirav-modi-mess-in-6-months-pnb-md--129125">Nirav Modi and his uncle Mehul Choksi</a> in connection with the cases related to over $2 billion banking fraud in the Punjab National Bank, officials said in New Delhi on Sunday.

The special court has allowed the application of the agency for the issuance of NBWs against Modi and Choksi who had repeatedly refused to join the investigation in the scam, considered the biggest in the banking history of the country, the officials said.

The agency had written to Modi and Choksi to join probe on their official e-mail ids but they have refused to join it citing business engagements and health issues. The issuance of NBWs by a court also opens door of seeking Red Corner Notices against both of the accused from the Interpol.

The government has claimed to have tracked Modi in Hong Kong where it has sent a request for his provisional arrest.

The CBI, in the meanwhile, is questioning officials of overseas branches of Indian banks which had extended credit facilities to the companies of Modi and Choksi on the basis of fraudulent Letters of Undertaking (LoUs) issued by the Punjab National Bank’s Brady House branch in Mumbai.

The agency has also summoned the official who handled foreign exchange transactions in the Hong Kong branch of the Allahabad bank, they said, adding that he may join the probe soon.

It is alleged that the LoUs and LCs worth close to $2 billion were issued to the companies of the uncle-nephew duo of Choksi and Modi from the Brady Road branch of the bank through SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages.

Several bank employees have been booked for collusion in the case, they said. The LoU is a guarantee which is given by an issuing bank to Indian banks having branches abroad to grant a short-term credit to the applicant. In case of default, the bank issuing the LoU has to pay the liability to the credit giving bank along with accruing interest.

These messages were allegedly not entered in the banking software of the PNB to bypass surveillance. Modi (46), a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with his wife, brother and Choksi for allegedly cheating the state-run PNB. Both Choksi and Modi have been booked in two cases each related to the bank fraud.

The uncle-nephew duo had managed to flee the country in the first week of January days before the PNB was able to detect the fraud. The bank officials also fraudulently issued foreign letters of credit or FLCs in which the PNB guaranteed payment on behalf of the accused to their suppliers which was to be recovered from the firms of Choksi and Nirav Modi, they alleged.

Funds raised through LoUs were meant to be used for the payment of import bills of the accused companies whereas it was dishonesty and fraudulently utilised for discharging the earlier liabilities on account of buyer’s credit facilities in a kind of roll over of payments, they alleged.

The PNB has alleged in its complaint that they opened the Letters of Credit initially for smaller amounts by creating purported entries in the core banking system, they said.

The accused bank officials pursuant to the conspiracy unauthorisedly enhanced the values of the FLCs and issued amendments to the FLCs issued through SWIFT which were encashed in overseas branches of Indian banks.

According to the RBI guidelines, LoUs for gems should not be valid for more than 90 days. The CBI had approached the Interpol with a request for issuing ‘Diffusion Notice’ which was aimed at locating an individual.

A court has allowed the application of CBI for issuance of non-bailable warrants against Nirav Modi and Mehul Choksi who had repeatedly refused to join the probe.

A special CBI court in Mumbai has issued non-bailable warrants (NBWs) against billionaire diamantaire Nirav Modi and his uncle Mehul Choksi in connection with the cases related to over $2 billion banking fraud in the Punjab National Bank, officials said in New Delhi on Sunday. The special court has allowed the application of the agency for the issuance of NBWs against Modi and Choksi who had repeatedly refused to join the investigation in the scam, considered the biggest in the banking history of the country, the officials said. The agency had written to Modi and Choksi to join probe on their official e-mail ids but they have refused to join it citing business engagements and health issues. The issuance of NBWs by a court also opens door of seeking Red Corner Notices against both of the accused from the Interpol. The government has claimed to have tracked Modi in Hong Kong where it has sent a request for his provisional arrest. The CBI, in the meanwhile, is questioning officials of overseas branches of Indian banks which had extended credit facilities to the companies of Modi and Choksi on the basis of fraudulent Letters of Undertaking (LoUs) issued by the Punjab National Bank’s Brady House branch in Mumbai. The agency has also summoned the official who handled foreign exchange transactions in the Hong Kong branch of the Allahabad bank, they said, adding that he may join the probe soon. It is alleged that the LoUs and LCs worth close to $2 billion were issued to the companies of the uncle-nephew duo of Choksi and Modi from the Brady Road branch of the bank through SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages. Several bank employees have been booked for collusion in the case, they said. The LoU is a guarantee which is given by an issuing bank to Indian banks having branches abroad to grant a short-term credit to the applicant. In case of default, the bank issuing the LoU has to pay the liability to the credit giving bank along with accruing interest. These messages were allegedly not entered in the banking software of the PNB to bypass surveillance. Modi (46), a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with his wife, brother and Choksi for allegedly cheating the state-run PNB. Both Choksi and Modi have been booked in two cases each related to the bank fraud. The uncle-nephew duo had managed to flee the country in the first week of January days before the PNB was able to detect the fraud. The bank officials also fraudulently issued foreign letters of credit or FLCs in which the PNB guaranteed payment on behalf of the accused to their suppliers which was to be recovered from the firms of Choksi and Nirav Modi, they alleged. Funds raised through LoUs were meant to be used for the payment of import bills of the accused companies whereas it was dishonesty and fraudulently utilised for discharging the earlier liabilities on account of buyer’s credit facilities in a kind of roll over of payments, they alleged. The PNB has alleged in its complaint that they opened the Letters of Credit initially for smaller amounts by creating purported entries in the core banking system, they said. The accused bank officials pursuant to the conspiracy unauthorisedly enhanced the values of the FLCs and issued amendments to the FLCs issued through SWIFT which were encashed in overseas branches of Indian banks. According to the RBI guidelines, LoUs for gems should not be valid for more than 90 days. The CBI had approached the Interpol with a request for issuing ‘Diffusion Notice’ which was aimed at locating an individual.

PNB scam: Non-bailable warrants issued against Nirav Modi, Mehul Choksi on CBI plea

A non-bailable warrant has been issued against Nirav Modi and Mehul Choksi in the multi-billion dollar PNB scam. According to reports, a special CBI court in Mumbai court allowed CBI's application for issuing a non-bailable warrant against both the accused.&nbsp;

The Central Bureau of Investigation on Friday questioned a former Deputy Governor of the Reserve Bank, HR Khan, in connection with alleged Punjab National Bank fraud case worth Rs 12,600 crores (1.9 billion) and relaxation of gold import policy by the erstwhile UPA government, sources said today.

Also read:<a href="http://www.wionews.com/india-news/worst-behind-us-will-be-out-of-nirav-modi-mess-in-6-months-pnb-md--129125">&nbsp;Worst behind us, will be out of Nirav Modi mess in 6 months: PNB MD</a>

The CBI&nbsp;recently questioned three Chief General Managers and one General Manager of the Reserve Bank of India (RBI), officials said.

Nirav Modi and Mehul Choksi have been accused of defrauding banks by raising loans from overseas branches of Indian lenders using Rs 12,600 crores of fraudulent guarantees issued by rogue Punjab National Bank staff at a Mumbai branch.

The fraud, which is being investigated by the CBI and other enforcement agencies, is the biggest in the country's banking history.&nbsp;

The CBI recently questioned three Chief General Managers and one General Manager of the Reserve Bank of India (RBI)

A non-bailable warrant has been issued against Nirav Modi and Mehul Choksi in the multi-billion dollar PNB scam. According to reports, a special CBI court in Mumbai court allowed CBI's application for issuing a non-bailable warrant against both the accused. The Central Bureau of Investigation on Friday questioned a former Deputy Governor of the Reserve Bank, HR Khan, in connection with alleged Punjab National Bank fraud case worth Rs 12,600 crores (1.9 billion) and relaxation of gold import policy by the erstwhile UPA government, sources said today. Also read: Worst behind us, will be out of Nirav Modi mess in 6 months: PNB MD The CBI recently questioned three Chief General Managers and one General Manager of the Reserve Bank of India (RBI), officials said. Nirav Modi and Mehul Choksi have been accused of defrauding banks by raising loans from overseas branches of Indian lenders using Rs 12,600 crores of fraudulent guarantees issued by rogue Punjab National Bank staff at a Mumbai branch. The fraud, which is being investigated by the CBI and other enforcement agencies, is the biggest in the country's banking history.

PNB scam: CBI issues non-bailable warrant against Nirav Modi, Mehul Choksi

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PNB scam: Non-bailable warrants issued against Nirav Modi, Mehul Choksi on CBI plea

PNB scam: CBI issues non-bailable warrant against Nirav Modi, Mehul Choksi