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The UK government was earlier informed by the Indian authorities&nbspthat Nirav Modi's passport was revoked, the UK authorities, in turn, informed that the diamond billionaire had already entered the country but hadn't exited.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

The UK government was earlier informed by the Indian authorities that Nirav Modi's passport was revoked

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

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

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

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

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

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

When the government announced a surprise $32 billion bailout plan for the nation's state-controlled banks last October, credit rating firms and the nation's central bank saw it as a huge step to getting the industry back to robust health – and lending more to&nbsp;businesses and consumers.

But their optimism may have been majorly misplaced judging by the latest numbers coming out of the banks. And that may, in turn, crimp economic growth in Asia's third-largest economy.

Thirteen state banks have reported combined losses of $8.6 billion for the year to March - including $6.5 billion in the last quarter - and their non-performing loans have surged nearly a fifth from end-December levels. Two state banks have reported modest profits and six are still to report.

While many of the banks, including top lender State Bank of India, have said the worst is probably over, they still see one or two more quarters of pain. That means more bad loans getting disclosed and loss provisions shooting up as a central bank order will cause more debt defaulters to be dragged into bankruptcy.

"The government capital is only going to just plug the hole, there is definitely no growth capital," said Udit Kariwala, an analyst at Fitch Ratings' India Ratings & Research. He said smaller state lenders with limited ability to raise capital from the market will have to curtail their lending.

The 21 state lenders hold two-thirds of India's banking assets and accounted for the bulk of the record $150 billion of soured loans in the banking sector last year.

The banks, which have been blamed for indiscriminate lending to sectors such as metals and power that turned sour, can still be held responsible for much of the balance sheet carnage.

A more than $2 billion fraud at India's second-biggest state lender, Punjab National Bank, disclosed less than four months ago, not only left a hole but also underlined how weak the banks' grip on risk is.

Exacerbating the problems is a move in February by the Reserve Bank of India, the nation's central bank, to withdraw half a dozen loan restructuring schemes that banking experts said were helping banks to avoid disclosing dud loans. It also tightened other rules governing bad loan accounting.

In addition, the RBI this month banned Dena Bank, a loss-making smaller state-run lender, from making any new loans. Days later, Allahabad Bank, another smaller state-run lender, said it had been asked by the regulator not to increase the number of risky loans and costly deposits on its books due to its capital and leverage position

Bank analysts say more state banks could come under similar restrictions aimed at conserving limited capital. The RBI already has 11 state lenders under its "prompt corrective action" framework that restricts them from expanding.

That is not all. Capital needs will also be exposed by global banking rules fully kicking in by March 2019. They mandate banks to have a minimum core capital ratio of 8 percent, and at least six banks, including PNB, are short of that number.

Under New Delhi's recapitalisation plan - aimed mainly at driving credit growth in an economy where bank loans are the main source of funding for everything from buying a car to building a port - the government has already injected about 880 billion rupees ($13 billion) into 20 banks as of end-March.

It has 650 billion rupees to inject in the current fiscal year, and the banks themselves were supposed to raise 580 billion rupees through share and asset sales.

Some, including SBI and PNB, last year raised funds from share sales, but several others have postponed such plans.

Kariwala at India Ratings estimates the banks now need 800 billion to 1 trillion rupees to fund soured-asset provisions and maintain minimum capital ratios alone, which means there will be little left from the bailout for lending growth.

Some bank analysts say the government may have to increase the size of the bailout.

Certainly, bank lending - and its impact on growth - will be on Prime Minister Narendra Modi's agenda ahead of a general election that has to be held within a year.

"Given how the stocks are doing, the nearly 0.6 trillion rupees banks need to raise looks difficult. So, the government may have to slightly increase the amount they are planning to inject," said Srikanth Vadlamani, vice president of the Financial Institutions Group at Moody's Investors Service.

Moody's said this week that PNB alone would need 120-130 billion rupees of new capital in the year to March to achieve an 8 percent core capital ratio. At the end of the last quarter, it was at just 5.95 percent.

Businesses, especially the smaller ones, are already complaining about not getting the loans they want.

In February to March, lending to small&nbsp;businesses dropped 0.2 percent, though overall lending grew 5.9 percent.

For importers, a major channel of funding - overseas credit through letters of undertakings from Indian banks - has been shut after the PNB fraud, forcing those&nbsp;businesses to depend more on domestic rupee loans.

The Indian government will ensure that all state banks including the weaker ones meet the minimum regulatory capital ratio, said Rajeev Kumar, the top bureaucrat overseeing the banking sector at the finance ministry.

He also said with the planned recapitalisation some of the banks will have room to grow, while bad loan recoveries in the bankruptcy process will further aid banks' bottom lines, He said he expects the banks' woes to subside in a quarter or two.

"Whenever you do the cleaning part, a bit of dust, a bit of pain, upfront is okay," said Kumar. "It's only one quarter that you have to just wait."

Thirteen state banks have reported combined losses of $8.6 billion for the year to March - including $6.5 billion in the last quarter

When the government announced a surprise $32 billion bailout plan for the nation's state-controlled banks last October, credit rating firms and the nation's central bank saw it as a huge step to getting the industry back to robust health – and lending more to businesses and consumers. But their optimism may have been majorly misplaced judging by the latest numbers coming out of the banks. And that may, in turn, crimp economic growth in Asia's third-largest economy. Thirteen state banks have reported combined losses of $8.6 billion for the year to March - including $6.5 billion in the last quarter - and their non-performing loans have surged nearly a fifth from end-December levels. Two state banks have reported modest profits and six are still to report. While many of the banks, including top lender State Bank of India, have said the worst is probably over, they still see one or two more quarters of pain. That means more bad loans getting disclosed and loss provisions shooting up as a central bank order will cause more debt defaulters to be dragged into bankruptcy. "The government capital is only going to just plug the hole, there is definitely no growth capital," said Udit Kariwala, an analyst at Fitch Ratings' India Ratings & Research. He said smaller state lenders with limited ability to raise capital from the market will have to curtail their lending. The 21 state lenders hold two-thirds of India's banking assets and accounted for the bulk of the record $150 billion of soured loans in the banking sector last year. The banks, which have been blamed for indiscriminate lending to sectors such as metals and power that turned sour, can still be held responsible for much of the balance sheet carnage. A more than $2 billion fraud at India's second-biggest state lender, Punjab National Bank, disclosed less than four months ago, not only left a hole but also underlined how weak the banks' grip on risk is. Exacerbating the problems is a move in February by the Reserve Bank of India, the nation's central bank, to withdraw half a dozen loan restructuring schemes that banking experts said were helping banks to avoid disclosing dud loans. It also tightened other rules governing bad loan accounting. In addition, the RBI this month banned Dena Bank, a loss-making smaller state-run lender, from making any new loans. Days later, Allahabad Bank, another smaller state-run lender, said it had been asked by the regulator not to increase the number of risky loans and costly deposits on its books due to its capital and leverage position Bank analysts say more state banks could come under similar restrictions aimed at conserving limited capital. The RBI already has 11 state lenders under its "prompt corrective action" framework that restricts them from expanding. That is not all. Capital needs will also be exposed by global banking rules fully kicking in by March 2019. They mandate banks to have a minimum core capital ratio of 8 percent, and at least six banks, including PNB, are short of that number. Under New Delhi's recapitalisation plan - aimed mainly at driving credit growth in an economy where bank loans are the main source of funding for everything from buying a car to building a port - the government has already injected about 880 billion rupees ($13 billion) into 20 banks as of end-March. It has 650 billion rupees to inject in the current fiscal year, and the banks themselves were supposed to raise 580 billion rupees through share and asset sales. Some, including SBI and PNB, last year raised funds from share sales, but several others have postponed such plans. Kariwala at India Ratings estimates the banks now need 800 billion to 1 trillion rupees to fund soured-asset provisions and maintain minimum capital ratios alone, which means there will be little left from the bailout for lending growth. Some bank analysts say the government may have to increase the size of the bailout. Certainly, bank lending - and its impact on growth - will be on Prime Minister Narendra Modi's agenda ahead of a general election that has to be held within a year. "Given how the stocks are doing, the nearly 0.6 trillion rupees banks need to raise looks difficult. So, the government may have to slightly increase the amount they are planning to inject," said Srikanth Vadlamani, vice president of the Financial Institutions Group at Moody's Investors Service. Moody's said this week that PNB alone would need 120-130 billion rupees of new capital in the year to March to achieve an 8 percent core capital ratio. At the end of the last quarter, it was at just 5.95 percent. Businesses, especially the smaller ones, are already complaining about not getting the loans they want. In February to March, lending to small businesses dropped 0.2 percent, though overall lending grew 5.9 percent. For importers, a major channel of funding - overseas credit through letters of undertakings from Indian banks - has been shut after the PNB fraud, forcing those businesses to depend more on domestic rupee loans. The Indian government will ensure that all state banks including the weaker ones meet the minimum regulatory capital ratio, said Rajeev Kumar, the top bureaucrat overseeing the banking sector at the finance ministry. He also said with the planned recapitalisation some of the banks will have room to grow, while bad loan recoveries in the bankruptcy process will further aid banks' bottom lines, He said he expects the banks' woes to subside in a quarter or two. "Whenever you do the cleaning part, a bit of dust, a bit of pain, upfront is okay," said Kumar. "It's only one quarter that you have to just wait."

India state banks' bailout stumbles as losses mount

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

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 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

<a href="http://cmsuat.wionews.com/india-news/karnataka-results-jdss-kumaraswamy-meets-governor-stakes-claim-to-form-government-137103">JD(S)'s Kumaraswamy meets Karnataka Governor, stakes claim to form </a><a href="http://cmsuat.wionews.com/india-news/karnataka-results-jdss-kumaraswamy-meets-governor-stakes-claim-to-form-government-137103">government</a>

The JD(S)'s HD Kumaraswamy met Karnataka Governor Vajubhai Vala Tuesday evening, and staked his claim to forming a government in the state.&nbsp

<a href="http://www.wionews.com/india-news/12-dead-in-varanasi-after-flyover-collapses-137125">12 dead in Varanasi after under-construction flyover collapses, several feared trapped</a>

Over 12 people died in Varanasi on Tuesday after a portion of an under-construction flyover collapsed in the city.

The authorities fear more deaths as several labourers working in the construction site are said to be trapped under the rubble.

<a href="http://www.wionews.com/india-news/pnb-posts-biggest-ever-quarterly-loss-of-rs-13417-cr-in-q4-137050">PNB posts biggest ever quarterly loss of Rs 13,417 cr in Q4</a>

Scam-hit Punjab National Bank (PNB) today posted the largest-ever quarterly loss of Rs 13,416.91 crore for January-March period, mainly on account of high provisioning for bad loans.

<a href="http://www.wionews.com/south-asia/afghanistan-floods-heavy-rains-kill-34-people-damage-900-houses--137088">Afghanistan: Floods, heavy rains kill 34 people, damage 900 houses</a>

Heavy rains and flooding have claimed lives of 34 people in Afghanistan, reports said on Tuesday.

The flash floods which are caused by heavy rains continuing from a week also caused serious damage to property as well.

<a href="http://www.wionews.com/world/gazans-bury-dead-after-bloodiest-day-of-israel-border-protests-137083">Gazans bury dead after </a><a href="http://www.wionews.com/world/gazans-bury-dead-after-bloodiest-day-of-israel-border-protests-137083">bloodiest</a><a href="http://www.wionews.com/world/gazans-bury-dead-after-bloodiest-day-of-israel-border-protests-137083"> day of Israel border protests</a>

Palestinians rallied in Gaza on Tuesday for the funerals of scores of people killed by Israeli troops a day earlier, while on the Gaza-Israel border, Israeli forces took up positions to deal with the expected final day of a Palestinian protest campaign. 
&nbsp

JD(S)'s Kumaraswamy meets Karnataka Governor, stakes claim to form government The JD(S)'s HD Kumaraswamy met Karnataka Governor Vajubhai Vala Tuesday evening, and staked his claim to forming a government in the state. 12 dead in Varanasi after under-construction flyover collapses, several feared trapped Over 12 people died in Varanasi on Tuesday after a portion of an under-construction flyover collapsed in the city. The authorities fear more deaths as several labourers working in the construction site are said to be trapped under the rubble. PNB posts biggest ever quarterly loss of Rs 13,417 cr in Q4 Scam-hit Punjab National Bank (PNB) today posted the largest-ever quarterly loss of Rs 13,416.91 crore for January-March period, mainly on account of high provisioning for bad loans. Afghanistan: Floods, heavy rains kill 34 people, damage 900 houses Heavy rains and flooding have claimed lives of 34 people in Afghanistan, reports said on Tuesday. The flash floods which are caused by heavy rains continuing from a week also caused serious damage to property as well. Gazans bury dead after bloodiest day of Israel border protests Palestinians rallied in Gaza on Tuesday for the funerals of scores of people killed by Israeli troops a day earlier, while on the Gaza-Israel border, Israeli forces took up positions to deal with the expected final day of a Palestinian protest campaign.

News brief: Big stories of the day

Scam-hit Punjab National Bank (PNB) today posted the largest-ever quarterly loss of Rs 13,416.91 crore for January-March period, mainly on account of high provisioning for bad loans.

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The bank had reported a staggering standalone profit of Rs 261.90 crore in the fourth quarter of 2016-17.

The total income for the fourth quarter also declined to Rs 12,945.68 crore from Rs 14,989.33 crore in the year-ago period.

The bank has witnessed the deterioration in gross net performing assets (NPAs) or bad loans, which rose to 18.38 per cent of gross advances at the end of March this year, as against 12.53 per cent year ago.

Net NPAs have also soared to 11.24 per cent against 7.81 per cent a year ago.

The bank had reported a staggering standalone profit of Rs 261.90 crore in the fourth quarter of 2016-17.

Scam-hit Punjab National Bank (PNB) today posted the largest-ever quarterly loss of Rs 13,416.91 crore for January-March period, mainly on account of high provisioning for bad loans. × The bank had reported a staggering standalone profit of Rs 261.90 crore in the fourth quarter of 2016-17. The total income for the fourth quarter also declined to Rs 12,945.68 crore from Rs 14,989.33 crore in the year-ago period. The bank has witnessed the deterioration in gross net performing assets (NPAs) or bad loans, which rose to 18.38 per cent of gross advances at the end of March this year, as against 12.53 per cent year ago. Net NPAs have also soared to 11.24 per cent against 7.81 per cent a year ago.

PNB posts biggest ever quarterly loss of Rs 13,417 cr in Q4

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

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

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

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.

Punjab National Bank (PNB) was hit by country's biggest ever banking fraud of more than Rs 13,000 crore perpetrated by billionaire diamantaire Nirav Modi and his associates in connivance with some officials of a branch of the bank in Mumbai.

The bank has received tremendous support from the government, other stakeholders and employees to come out of the situation, Mehta said in an interview.

"So worst is behind us. Everything now seems to be under control as surgery is over, now we are in recovery phase. We are anticipating that we will be able to come out of this entire problem and pain in the next 6 months," he said.

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.

"It is now clear that it was a standalone incident in one of our 7,000 branches because of connivance with some of the staff of the branch. We have learned lessons from it. Whenever a problem comes, it gives an opportunity to strengthen our existing systems and processes. We have improved every system and process with more emphasis on offline monitoring," he said.

Citing an example, Mehta said the bank is going to reform the credit processes by dividing it into four verticals -- sourcing, processing, monitoring and recovery. All these will be a separate compartment so that the risk is mitigated.

Besides, he said, the bank has launched 'Mission Parivartan' to realign all business processes to meet present day requirements.

"We decided to deploy technology. We had strengthened our back office for foreign exchange dealings, now we are going to expand it to cover 100 per cent activities in forex-related areas. We started with integrating SWIFT with the core banking solution and we will be able to complete the process before April 30," he said.

On internal audit, he said besides physical audit, there will be offline monitoring too for which the bank is creating a separate cell which will do offsite monitoring of all exceptional transaction reports.

'So worst is behind us. Everything now seems to be under control as surgery is over, now we are in recovery phase. We are anticipating that we will be able to come out of this entire problem and pain in the next 6 months' PNB Managing Director said.

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. Punjab National Bank (PNB) was hit by country's biggest ever banking fraud of more than Rs 13,000 crore perpetrated by billionaire diamantaire Nirav Modi and his associates in connivance with some officials of a branch of the bank in Mumbai. The bank has received tremendous support from the government, other stakeholders and employees to come out of the situation, Mehta said in an interview. "So worst is behind us. Everything now seems to be under control as surgery is over, now we are in recovery phase. We are anticipating that we will be able to come out of this entire problem and pain in the next 6 months," he said. 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. "It is now clear that it was a standalone incident in one of our 7,000 branches because of connivance with some of the staff of the branch. We have learned lessons from it. Whenever a problem comes, it gives an opportunity to strengthen our existing systems and processes. We have improved every system and process with more emphasis on offline monitoring," he said. Citing an example, Mehta said the bank is going to reform the credit processes by dividing it into four verticals -- sourcing, processing, monitoring and recovery. All these will be a separate compartment so that the risk is mitigated. Besides, he said, the bank has launched 'Mission Parivartan' to realign all business processes to meet present day requirements. "We decided to deploy technology. We had strengthened our back office for foreign exchange dealings, now we are going to expand it to cover 100 per cent activities in forex-related areas. We started with integrating SWIFT with the core banking solution and we will be able to complete the process before April 30," he said. On internal audit, he said besides physical audit, there will be offline monitoring too for which the bank is creating a separate cell which will do offsite monitoring of all exceptional transaction reports.

Worst behind us, will be out of Nirav Modi mess in 6 months: PNB MD

The Punjab National Bank (PNB) refused to provide information to an RTI query about Nirav Modi, the prime accused in the multi-crore PNB scam.

In an RTI, activist Anil Galgali sought information on the total amount of loan, the procedure applied for sanction of the loans, and the resolution in the Board of Directors of the bank in which the loan was approved.

In a response to the query, Deputy General Manager and Central Public Relation Officer, Joy Roy, informed Galgali that the case is deriving exemption from disclosure under Section 8 (1) (h) of the Right to Information Act.

Galgali had sought information from the bank about the total quantum of loan extended to Nirav Modi and the details of the Board of directors meetings such as its agenda, proposal, approvals and the minutes of the meeting in which the loan proposals were sanctioned.

According to the bank, Section 8 (1) (h) refuses the providing of information which impedes the process of investigation, apprehension or prosecution of offenders.

Galgali had filed the first appeal as per the procedures of RTI Act.

Galgali in his appeal said it is important to expose the officers who failed in their duty to safeguard the public money from being siphoned off, hence the details of the Board meeting of the PNB is important, the details like the agenda of the meeting, resolution adopted in the meeting for sanction and the minutes of the meeting will help to expose such officers.

It said the cooperating officers were equally responsible along with Nirav Modi in conducting the scam.

"Once such information is made public and the officers punished, the bank authorities will work with the responsibility to safeguard the public deposits and adopt proper measure while approving loan applications," Galgali said.

The more than Rs 15,000 crore-scam has rattled the country and its economy, with the banks tightening their grip over sanctioning of loans and laws for prevention of such incidents in future.

In an RTI, activist Anil Galgali sought information on the total amount of loan, the procedure applied for sanction of the loans, and the resolution in the Board of Directors of the bank in which the loan was approved

The Punjab National Bank (PNB) refused to provide information to an RTI query about Nirav Modi, the prime accused in the multi-crore PNB scam. In an RTI, activist Anil Galgali sought information on the total amount of loan, the procedure applied for sanction of the loans, and the resolution in the Board of Directors of the bank in which the loan was approved. In a response to the query, Deputy General Manager and Central Public Relation Officer, Joy Roy, informed Galgali that the case is deriving exemption from disclosure under Section 8 (1) (h) of the Right to Information Act. Galgali had sought information from the bank about the total quantum of loan extended to Nirav Modi and the details of the Board of directors meetings such as its agenda, proposal, approvals and the minutes of the meeting in which the loan proposals were sanctioned. According to the bank, Section 8 (1) (h) refuses the providing of information which impedes the process of investigation, apprehension or prosecution of offenders. Galgali had filed the first appeal as per the procedures of RTI Act. Galgali in his appeal said it is important to expose the officers who failed in their duty to safeguard the public money from being siphoned off, hence the details of the Board meeting of the PNB is important, the details like the agenda of the meeting, resolution adopted in the meeting for sanction and the minutes of the meeting will help to expose such officers. It said the cooperating officers were equally responsible along with Nirav Modi in conducting the scam. "Once such information is made public and the officers punished, the bank authorities will work with the responsibility to safeguard the public deposits and adopt proper measure while approving loan applications," Galgali said. The more than Rs 15,000 crore-scam has rattled the country and its economy, with the banks tightening their grip over sanctioning of loans and laws for prevention of such incidents in future.

Punjab National Bank refuses to reply to RTI on Nirav Modi

Gitanjali Gems Chairman and Managing Director Mehul Choksi, who is a co-accused in multi-crore Punjab National Bank (PNB) scam on Tuesday said that &#39;exaggerated allegations by multiple investigating agencies have left him completely defenceless and that he feared for his safety to return home.&#39;

&quot;I further inform that requiring me to join the investigation, though leaving me helpless and information less, by various actions taken by multiple agencies is unfair. The manner in which the allegations have been exaggerated has left me completely defenceless,&quot; he said in a statement.

Choksi further said he was unable to travel to India due to his persisting health condition.

&quot;I am extremely held up in my business abroad and am working hard to resolves the issues it is facing due to the unnecessary closure of the business in India due to untenable allegations. Further, I am unable to travel to India due to my persisting health condition,&quot; Choksi said.

Hitting out at media, he said it was blowing every issue out of proportion.

&quot;I reiterate that I am abroad and have earlier also responded to your notices. Surprisingly, the issues raised remain unaddressed, making my fear of safety rise to extreme levels. Media continues to conduct a trial by itself and blow every issue out of proportion,&quot; he stated.

Clarifying that he was not making any excuse to travel to India, Choksi claimed that his passport is suspended.

&quot;Regional Passport Office (RPO) has not communicated with me and my passport remains suspended. I have the deepest respect for your offices and assure you that I am not making any excuse, whatsoever to travel to India,&quot; he added.

According to the sources in the Ministry of External Affairs (MEA), the passports of Choksi and diamantaire Nirav Modi, his nephew, has been revoked, as they have failed to respond to the MEA&#39;s show cause notice.

Modi and Choksi, who had acquired letter of undertakings (LoUs) to avail credit from various sources, are wanted in India for their alleged involvement in syphoning off money from the Punjab National Bank (PNB) to the tune of more than US $ 1.8 billion.

The scam, allegedly started in 2011, was unearthed last month, after which the PNB officials reported it to the concerned agencies.&nbsp;

Modi and Choksi are wanted in India for their alleged involvement in syphoning off money from the Punjab National Bank

Gitanjali Gems Chairman and Managing Director Mehul Choksi, who is a co-accused in multi-crore Punjab National Bank (PNB) scam on Tuesday said that 'exaggerated allegations by multiple investigating agencies have left him completely defenceless and that he feared for his safety to return home.' "I further inform that requiring me to join the investigation, though leaving me helpless and information less, by various actions taken by multiple agencies is unfair. The manner in which the allegations have been exaggerated has left me completely defenceless," he said in a statement. Choksi further said he was unable to travel to India due to his persisting health condition. "I am extremely held up in my business abroad and am working hard to resolves the issues it is facing due to the unnecessary closure of the business in India due to untenable allegations. Further, I am unable to travel to India due to my persisting health condition," Choksi said. Hitting out at media, he said it was blowing every issue out of proportion. "I reiterate that I am abroad and have earlier also responded to your notices. Surprisingly, the issues raised remain unaddressed, making my fear of safety rise to extreme levels. Media continues to conduct a trial by itself and blow every issue out of proportion," he stated. Clarifying that he was not making any excuse to travel to India, Choksi claimed that his passport is suspended. "Regional Passport Office (RPO) has not communicated with me and my passport remains suspended. I have the deepest respect for your offices and assure you that I am not making any excuse, whatsoever to travel to India," he added. According to the sources in the Ministry of External Affairs (MEA), the passports of Choksi and diamantaire Nirav Modi, his nephew, has been revoked, as they have failed to respond to the MEA's show cause notice. Modi and Choksi, who had acquired letter of undertakings (LoUs) to avail credit from various sources, are wanted in India for their alleged involvement in syphoning off money from the Punjab National Bank (PNB) to the tune of more than US $ 1.8 billion. The scam, allegedly started in 2011, was unearthed last month, after which the PNB officials reported it to the concerned agencies.

Exaggerated allegations left me defenceless: Mehul Choksi

The Central Bureau of Investigation has questioned Ravi Shankar Gupta, the Chief Financial Officer of Nirav Modi owned Fire Star Group&nbsp;on Monday.

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Ravi Shankar Gupta, CFO of Nirav Modi owned Fire Star Group being questioned by the CBI, in Mumbai, in connection with <a href="https://twitter.com/hashtag/PNBScam?src=hash&amp;ref_src=twsrc%5Etfw">#PNBScam</a> case.
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/973173260060946433?ref_src=twsrc%5Etfw">March 12, 2018</a></blockquote>
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The CBI had earlier filed a third FIR against Nirav Modi and officials of the&nbsp;firm Firestar Diamond including Ravi Shankar Gupta.

The FIR was filed after the Punjab National Bank filed a new complaint on March 4 claiming that it was cheated of Rs 321 crore in 2013-2017 due to the firm.

With the new FIR, the fraud amount in the Nirav Modi relating PNB scam has escalated to Rs 13,000 crore.&nbsp;

The CBI had earlier filed a third FIR in the PNB Scam. The scam was filed against Nirav Modi and officials of the firm Firestar Diamond including Ravi Shankar Gupta

The Central Bureau of Investigation has questioned Ravi Shankar Gupta, the Chief Financial Officer of Nirav Modi owned Fire Star Group on Monday. Ravi Shankar Gupta, CFO of Nirav Modi owned Fire Star Group being questioned by the CBI, in Mumbai, in connection with #PNBScam case. — ANI (@ANI) March 12, 2018 × The CBI had earlier filed a third FIR against Nirav Modi and officials of the firm Firestar Diamond including Ravi Shankar Gupta. The FIR was filed after the Punjab National Bank filed a new complaint on March 4 claiming that it was cheated of Rs 321 crore in 2013-2017 due to the firm. With the new FIR, the fraud amount in the Nirav Modi relating PNB scam has escalated to Rs 13,000 crore.

CBI questions Nirav Modi-owned Fire Star's CFO Ravi Shankar Gupta

The Central Bureau of Investigation today detained Vipul Chitalia, vice president (banking operations), Gitanjali Group, in Mumbai in the Punjab National Bank fraud case, an offcial said.

Vipul Chitalia, who was detained at the Mumbai Airport, has been taken for questioning, the official added.

Yesterday, <a href="http://www.wionews.com/india-news/pnb-fraud-cbi-sends-10-people-to-judicial-custody-34767">the Special CBI court </a>in Mumbai sent Vipul Ambani President (Finance) of billionaire jeweller Nirav Modi&#39;s Fire Star Diamond and 5 other accused Kavita Makikar, Arjun Patil, Rajesh Jindal, Kapil Khandelwal and Nitin Shahi to judicial custody for 14 days. &nbsp;

The CBI in its interrogation also revealed that the Vipul Ambani had complete knowledge of fraudulent and illegal Letter of Undertakings taken by Nirav Modi.&nbsp;

On Sunday, the investigating agency arrested four more people in the alleged Rs 12,636-crore fraud case by &nbsp;Nirav Modi and his uncle and business partner Mehul Choksi. They included two former employees of the Firestar International Manish Bosamiya and Miten Pandya, who were arrested on suspicion of fabricating paperwork for the fraud, the CBI said.

Bosamiya, the then AGM (operations) of Firestarter International, and then Finance Manager Miten Anil Pandya allegedly prepared applications for fraudulent Letters of Undertakings submitted to Punjab National Bank, officials said.

An auditor, Sampat Rambhia, was also arrested, as was Aniyath Shiv Raman, a former director of the Mehul Choksi-owned Gili India. The CBI alleges he was the authorised signatory for the applications submitted to PNB for issuance of purported letters of undertaking (LoUs) and foreign letters of credit (FLCs).

(With inputs from agencies)

Vipul Chitalia has been taken for questioning, an official said

The Central Bureau of Investigation today detained Vipul Chitalia, vice president (banking operations), Gitanjali Group, in Mumbai in the Punjab National Bank fraud case, an offcial said. Vipul Chitalia, who was detained at the Mumbai Airport, has been taken for questioning, the official added. Yesterday, the Special CBI court in Mumbai sent Vipul Ambani President (Finance) of billionaire jeweller Nirav Modi's Fire Star Diamond and 5 other accused Kavita Makikar, Arjun Patil, Rajesh Jindal, Kapil Khandelwal and Nitin Shahi to judicial custody for 14 days. The CBI in its interrogation also revealed that the Vipul Ambani had complete knowledge of fraudulent and illegal Letter of Undertakings taken by Nirav Modi. On Sunday, the investigating agency arrested four more people in the alleged Rs 12,636-crore fraud case by Nirav Modi and his uncle and business partner Mehul Choksi. They included two former employees of the Firestar International Manish Bosamiya and Miten Pandya, who were arrested on suspicion of fabricating paperwork for the fraud, the CBI said. Bosamiya, the then AGM (operations) of Firestarter International, and then Finance Manager Miten Anil Pandya allegedly prepared applications for fraudulent Letters of Undertakings submitted to Punjab National Bank, officials said. An auditor, Sampat Rambhia, was also arrested, as was Aniyath Shiv Raman, a former director of the Mehul Choksi-owned Gili India. The CBI alleges he was the authorised signatory for the applications submitted to PNB for issuance of purported letters of undertaking (LoUs) and foreign letters of credit (FLCs). (With inputs from agencies)

PNB scam: CBI detains Vipul Chitalia, VP Banking of Gitanjali Group

Amid the investigation by various probe agencies in Punjab National Bank scam case, accused Nirav Modi sent an email to Enforcement Directorate to ask about the reasons for suspending his passport.

&quot;Passport authority suspended my passport. Meanwhile, you asked me to join probe . Wrote to Passport authority requesting it to provide me reasons of suspension &amp; proposed revocation. Surprisingly, within minutes of my reply ,authority revoked my passport&quot;.

Also read:&nbsp;<a href="http://www.wionews.com/india-news/pnb-scam-cannot-confirm-nirav-modi-is-here-says-us-34468">Cannot confirm Nirav Modi is here, says&nbsp;</a><a href="http://www.wionews.com/india-news/pnb-scam-cannot-confirm-nirav-modi-is-here-says-us-34468">US</a>

He accused system for&nbsp;disregarding the law and said that his&nbsp;&#39;&#39;fate was already decided&quot;.

&#39;&#39;The lightning speed in which the authority has acted clearly shows that the action itself was pre-determined. My fate was already decided&#39;&#39;.

Nirav Modi also stated reasons for not cooperating with the probe in India; he said that he is still &#39;&#39;working abroad and engaged in trying to deal with businesses.&#39;&#39;

Also read:&nbsp;<a href="http://www.wionews.com/india-news/pnb-fraud-internal-chief-auditor-of-punjab-national-bank-arrested-34-more-bank-accounts-of-gitanjali-group-attached-34366">PNB&#39;s Internal Chief Auditor arrested, 34 more bank accounts of Gitanjali Group attached</a>

&#39;&#39;Still working abroad as I continue to be very engaged in trying to deal with businesses that I am involved with outside of India. Trying to ensure that so far as possible the position of these business creditors(including banks)&amp; employees are properly considered&#39;&#39;.

Nirav Modi and and Mehul Choksir are being investigated by probe agencies after Punjab National Bank filed a complaint of fraudulent transactions of&nbsp;Rs 12,000 crores occurred&nbsp;through acquiring fake letters of undertaking.&nbsp;&nbsp;

Also read:&nbsp;<a href="http://www.wionews.com/india-news/we-have-businesses-abroad-so-i-cant-join-investigations-nirav-modi-replies-to-cbis-mail-34348">We have businesses abroad so I can&#39;t join investigations says Nirav Modi to CBI&#39;s mail</a>

They allegedly acquired fraudulent letters of undertaking (LoUs) were taken&nbsp;from its the banks Brady House branch in Mumbai&nbsp;for overseas credit from other lenders.

The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case.

A special Prevention of <a href="http://www.wionews.com/india-news/pnb-scam-special-pmla-court-issues-non-bailable-warrant-against-nirav-modi-and-mehul-choksi-34551">Money Laundering (PMLA) Court in Mumbai has also issued a non-bailable warrant </a>against Nirav Modi and Mehul Choksi on Saturday.

Amid the investigation by various probe agencies in Punjab National Bank scam case, accused Nirav Modi sent an email to Enforcement Directorate to ask about the reasons for suspending his passport

Amid the investigation by various probe agencies in Punjab National Bank scam case, accused Nirav Modi sent an email to Enforcement Directorate to ask about the reasons for suspending his passport. "Passport authority suspended my passport. Meanwhile, you asked me to join probe . Wrote to Passport authority requesting it to provide me reasons of suspension & proposed revocation. Surprisingly, within minutes of my reply ,authority revoked my passport". Also read: Cannot confirm Nirav Modi is here, says US He accused system for disregarding the law and said that his ''fate was already decided". ''The lightning speed in which the authority has acted clearly shows that the action itself was pre-determined. My fate was already decided''. Nirav Modi also stated reasons for not cooperating with the probe in India; he said that he is still ''working abroad and engaged in trying to deal with businesses.'' Also read: PNB's Internal Chief Auditor arrested, 34 more bank accounts of Gitanjali Group attached ''Still working abroad as I continue to be very engaged in trying to deal with businesses that I am involved with outside of India. Trying to ensure that so far as possible the position of these business creditors(including banks)& employees are properly considered''. Nirav Modi and and Mehul Choksir are being investigated by probe agencies after Punjab National Bank filed a complaint of fraudulent transactions of Rs 12,000 crores occurred through acquiring fake letters of undertaking. Also read: We have businesses abroad so I can't join investigations says Nirav Modi to CBI's mail They allegedly acquired fraudulent letters of undertaking (LoUs) were taken from its the banks Brady House branch in Mumbai for overseas credit from other lenders. The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case. A special Prevention of Money Laundering (PMLA) Court in Mumbai has also issued a non-bailable warrant against Nirav Modi and Mehul Choksi on Saturday.

PNB scam: 'My fate was pre-determined' says Nirav Modi

A special Prevention of Money Laundering (PMLA) Court in Mumbai has issued a non-bailable warrant against Nirav Modi and Mehul Choksi in relation to Punjab National Bank fraud case on Saturday.

Also read: <a href="http://www.wionews.com/india-news/pnb-scam-cannot-confirm-nirav-modi-is-here-says-us-34468">Cannot confirm Nirav Modi is here, says </a><a href="http://www.wionews.com/india-news/pnb-scam-cannot-confirm-nirav-modi-is-here-says-us-34468">US</a>

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<a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a>: CBI produces 6 accused before Special CBI court seeking police custody for Gokulanath Shetty and judicial custody for the other 5. <a href="https://twitter.com/hashtag/Mumbai?src=hash&amp;ref_src=twsrc%5Etfw">#Mumbai</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/969868415036022785?ref_src=twsrc%5Etfw">March 3, 2018</a></blockquote>
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&nbsp;

Modi, his uncle Mehul Choksi and others are being investigated by multiple probe agencies following a complaint by the Punjab National Bank (PNB) which alleged fraud to the tune of over Rs 12,000 crore, with the purported involvement of a few employees of the bank.

Also read: <a href="http://www.wionews.com/india-news/we-have-businesses-abroad-so-i-cant-join-investigations-nirav-modi-replies-to-cbis-mail-34348">We have businesses abroad so I can&#39;t join investigations says Nirav Modi to CBI&#39;s mail</a>

They allegedly acquired fraudulent letters of undertaking (LoUs) from its Brady House branch in Fort area for overseas credit from other lenders.

The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case.

Meanwhile, on Saturday CBI produced six accused in the case before special CBI court seeking police custody for Gokulnath Shetty and judicial custody for the other five accused.

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<a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a>: CBI produces 6 accused before Special CBI court seeking police custody for Gokulanath Shetty and judicial custody for the other 5. <a href="https://twitter.com/hashtag/Mumbai?src=hash&amp;ref_src=twsrc%5Etfw">#Mumbai</a>
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In February CBI had arrested Gokulnath Shetty former deputy manager of PNB&nbsp; with Manoj Kharat, single window operator at PNB and Hemant Bhat, authorised signatory of the Nirav Modi Group of Firms in February.

Also read: <a href="http://www.wionews.com/india-news/pnb-fraud-internal-chief-auditor-of-punjab-national-bank-arrested-34-more-bank-accounts-of-gitanjali-group-attached-34366">PNB&#39;s Internal Chief Auditor arrested, 34 more bank accounts of Gitanjali Group attached</a>

&nbsp;

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Nirav Modi and Mehul Choksi and others are being investigated by multiple probe agencies following a complaint of fraudulent transactions by the Punjab National Bank

A special Prevention of Money Laundering (PMLA) Court in Mumbai has issued a non-bailable warrant against Nirav Modi and Mehul Choksi in relation to Punjab National Bank fraud case on Saturday. Also read: Cannot confirm Nirav Modi is here, says US #PNBFraudCase: CBI produces 6 accused before Special CBI court seeking police custody for Gokulanath Shetty and judicial custody for the other 5. #Mumbai — ANI (@ANI) March 3, 2018 × Modi, his uncle Mehul Choksi and others are being investigated by multiple probe agencies following a complaint by the Punjab National Bank (PNB) which alleged fraud to the tune of over Rs 12,000 crore, with the purported involvement of a few employees of the bank. Also read: We have businesses abroad so I can't join investigations says Nirav Modi to CBI's mail They allegedly acquired fraudulent letters of undertaking (LoUs) from its Brady House branch in Fort area for overseas credit from other lenders. The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case. Meanwhile, on Saturday CBI produced six accused in the case before special CBI court seeking police custody for Gokulnath Shetty and judicial custody for the other five accused. #PNBFraudCase: CBI produces 6 accused before Special CBI court seeking police custody for Gokulanath Shetty and judicial custody for the other 5. #Mumbai — ANI (@ANI) March 3, 2018 × In February CBI had arrested Gokulnath Shetty former deputy manager of PNB with Manoj Kharat, single window operator at PNB and Hemant Bhat, authorised signatory of the Nirav Modi Group of Firms in February. Also read: PNB's Internal Chief Auditor arrested, 34 more bank accounts of Gitanjali Group attached

PNB scam: Special PMLA court issues non-bailable warrant against Nirav Modi, Mehul Choksi

The United States government is aware of media reports that diamond jeweller Nirav Modi is in the country but is unable to confirm them, a State Department official said today.

&quot;We are aware of recent media reports that Nirav Modi is in the United States but cannot confirm them,&quot; the spokesperson told PTI when asked about reports that the Indian businessman is in New York.

Asked if the department is providing any assistance to the Indian government in tracing Modi, the spokesperson said, &quot;We refer you to the Department of Justice for questions on legal assistance to the Indian authorities in relation to their investigation of Mr. Modi&quot;.

The Department of Justice declined to comment on Modi.

Modi, his uncle Mehul Choksi and others are being investigated by multiple probe agencies following a complaint by the Punjab National Bank (PNB) that they allegedly cheated the nationalised bank to the tune of over Rs 12,000 crore, with the purported involvement of a few employees of the bank.

They allegedly acquired fraudulent letters of undertaking (LoUs) from its Brady House branch in Fort area for overseas credit from other lenders.

The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case.

Modi, his family, and Choksi, the promoter of Gitanjali Gems, left the country in early January, much before the CBI received a complaint from the PNB.

On being asked by the CBI to join its investigation into the alleged fraud, Modi refused, saying he has &quot;business abroad&quot;.

The CBI then directed him to contact the embassy of India in a country where he is staying so that his travel to India can be arranged.

A Look Out Circular (LoC), also known as a blue corner notice, has already been issued against Modi and Choksi to keep a tab on their entry at all land, air and sea ports in India.&nbsp;

'We are aware of recent media reports that Nirav Modi is in the United States but cannot confirm them,' a State Department spokesperson said

The United States government is aware of media reports that diamond jeweller Nirav Modi is in the country but is unable to confirm them, a State Department official said today. "We are aware of recent media reports that Nirav Modi is in the United States but cannot confirm them," the spokesperson told PTI when asked about reports that the Indian businessman is in New York. Asked if the department is providing any assistance to the Indian government in tracing Modi, the spokesperson said, "We refer you to the Department of Justice for questions on legal assistance to the Indian authorities in relation to their investigation of Mr. Modi". The Department of Justice declined to comment on Modi. Modi, his uncle Mehul Choksi and others are being investigated by multiple probe agencies following a complaint by the Punjab National Bank (PNB) that they allegedly cheated the nationalised bank to the tune of over Rs 12,000 crore, with the purported involvement of a few employees of the bank. They allegedly acquired fraudulent letters of undertaking (LoUs) from its Brady House branch in Fort area for overseas credit from other lenders. The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case. Modi, his family, and Choksi, the promoter of Gitanjali Gems, left the country in early January, much before the CBI received a complaint from the PNB. On being asked by the CBI to join its investigation into the alleged fraud, Modi refused, saying he has "business abroad". The CBI then directed him to contact the embassy of India in a country where he is staying so that his travel to India can be arranged. A Look Out Circular (LoC), also known as a blue corner notice, has already been issued against Modi and Choksi to keep a tab on their entry at all land, air and sea ports in India.

PNB scam: Cannot confirm Nirav Modi is here, says US

The Enforcement Directorate on Thursday attached 41 properties of Mehul Choksi of the Gitanjali Group, worth Rs 1,217 crore, in connection with an ongoing probe into the Rs 11,400 crore Punjab National Bank fraud case.

The central probe agency issued a provisional order for attachment under the Prevention of Money Laundering Act (PMLA).&nbsp;

The attached assets include 15 flats and 17 office premises in Mumbai, a mall in Kolkata, a four-acre farmhouse in Alibaug and 231 acres of land at locations like Nasik, Nagpur, Panvel and Villupuram in Tamil Nadu.&nbsp;

A 170-acre park in Hyderabad&#39;s Ranga Reddy district valued at over Rs 500 crore has also been attached, it said.&nbsp;

Four flats in Borivali (east) area of the Maharashtra capital and nine others in Khemu Towers in Santacruz (east) have been attached as part of the action.&nbsp;

&quot;The total value of the 41 seized assets controlled by Choksi has estimated at Rs 1,217.2 crore,&quot; the ED said.&nbsp;

Mr. Choksi and designer diamond jewellery businessman Nirav Modi and others are being investigated by the ED and other probe agencies after the bank fraud recently came to light, following a complaint by the PNB that they 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 CBI and the ED have registered two FIRs each to probe the case. Both Mr Choksi and Mr Modi are said to have left the country before criminal cases were lodged against them. They have, however, denied any wrongdoing.

The ED, a central probe agency under the union finance ministry, is investigating if the allegedly defrauded bank funds were laundered and proceeds of crime were subsequently used by the accused to create illegal assets and black money.

(With inputs from PTI)

The CBI, which is also part of the investigation, had registered an FIR against Choksi for allegedly defrauding Punjab National Bank of over Rs 6,100 crore

The Enforcement Directorate on Thursday attached 41 properties of Mehul Choksi of the Gitanjali Group, worth Rs 1,217 crore, in connection with an ongoing probe into the Rs 11,400 crore Punjab National Bank fraud case. The central probe agency issued a provisional order for attachment under the Prevention of Money Laundering Act (PMLA). The attached assets include 15 flats and 17 office premises in Mumbai, a mall in Kolkata, a four-acre farmhouse in Alibaug and 231 acres of land at locations like Nasik, Nagpur, Panvel and Villupuram in Tamil Nadu. A 170-acre park in Hyderabad's Ranga Reddy district valued at over Rs 500 crore has also been attached, it said. Four flats in Borivali (east) area of the Maharashtra capital and nine others in Khemu Towers in Santacruz (east) have been attached as part of the action. "The total value of the 41 seized assets controlled by Choksi has estimated at Rs 1,217.2 crore," the ED said. Mr. Choksi and designer diamond jewellery businessman Nirav Modi and others are being investigated by the ED and other probe agencies after the bank fraud recently came to light, following a complaint by the PNB that they 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 CBI and the ED have registered two FIRs each to probe the case. Both Mr Choksi and Mr Modi are said to have left the country before criminal cases were lodged against them. They have, however, denied any wrongdoing. The ED, a central probe agency under the union finance ministry, is investigating if the allegedly defrauded bank funds were laundered and proceeds of crime were subsequently used by the accused to create illegal assets and black money. (With inputs from PTI)

PNB scam: ED attaches 41 properties worth Rs 1217.20 crore of Mehul Choksi

The Central Bureau of Investigation today arrested an Internal Chief Auditor of Punjab National Bank in connection to the Rs 11,400 crore PNB scam. The arrested Auditor MK Sharma was allegedly responsible for auditing the systems and practices of PNB, Brady House Branch.&nbsp;

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CBI today arrested an Internal Chief Auditor of Punjab National Bank in the ongoing investigation of the cases related to Nirav Modi group&amp;Gitanjali group. The arrested Auditor MK Sharma was allegedly responsible for auditing the systems and practices of PNB, Brady House Branch <a href="https://t.co/tEv5oIQxWr">pic.twitter.com/tEv5oIQxWr</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/968846109337583617?ref_src=twsrc%5Etfw">February 28, 2018</a></blockquote>
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Meanwhile, 34 more bank accounts of the Gitanjali Group -- with the balance of Rs 1.45 crore -- have been attached by the Income Tax department.&nbsp;

Four more properties of Nirav Modi&#39;s group have also been attached including his Alibaug farm worth Rs 13 crore &amp; 5.24 MW solar power plant with 135 acres of land at Karjat, Ahmednagar worth Rs. 70 crore.

A lookout notice or Blue Corner notice has also been issued against Nirav Modi and Mehul Choksi by the Bureau of Immigration on the IT department&#39;s request.&nbsp;

Also read:&nbsp;<a href="http://www.wionews.com/india-news/we-have-businesses-abroad-so-i-cant-join-investigations-nirav-modi-replies-to-cbis-mail-34348">We have businesses abroad so I can&#39;t join investigations: Nirav Modi replies to CBI&#39;s mail</a>

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34 more bank accounts/FDs of the <a href="https://twitter.com/hashtag/Gitanjali?src=hash&amp;ref_src=twsrc%5Etfw">#Gitanjali</a> group with the balance of Rs 1.45 Crore have been attached: IT Sources
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/968857778121990144?ref_src=twsrc%5Etfw">February 28, 2018</a></blockquote>
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The CBI also registered a case of <a href="http://www.wionews.com/india-news/cbi-registers-rs-51515-crore-bank-loan-fraud-case-against-rp-infosystem-directors-34323">bank loan fraud against RP Infosystem</a> and its directors earlier today. The fraud is estimated to worth nearly Rs 515.15 crore.

Punjab National Bank had earlier this month reported fraudulent transactions worth Rs 11,400 crore from a single Mumbai branch. The bank has since said the total amount scammed might be Rs 1,300 crore more.&nbsp;

Diamantaire Nirav Modi figures at the centre of the Rs 11,400 crore mega PNB scam and is accused of defrauding the bank of Rs 280 crore.&nbsp;

(With inputs from ANI)

Four more properties of Nirav Modi's group have also been attached including his Alibaug farm worth Rs 13 crore

The Central Bureau of Investigation today arrested an Internal Chief Auditor of Punjab National Bank in connection to the Rs 11,400 crore PNB scam. The arrested Auditor MK Sharma was allegedly responsible for auditing the systems and practices of PNB, Brady House Branch. CBI today arrested an Internal Chief Auditor of Punjab National Bank in the ongoing investigation of the cases related to Nirav Modi group&Gitanjali group. The arrested Auditor MK Sharma was allegedly responsible for auditing the systems and practices of PNB, Brady House Branch pic.twitter.com/tEv5oIQxWr — ANI (@ANI) February 28, 2018 × Meanwhile, 34 more bank accounts of the Gitanjali Group -- with the balance of Rs 1.45 crore -- have been attached by the Income Tax department. Four more properties of Nirav Modi's group have also been attached including his Alibaug farm worth Rs 13 crore & 5.24 MW solar power plant with 135 acres of land at Karjat, Ahmednagar worth Rs. 70 crore. A lookout notice or Blue Corner notice has also been issued against Nirav Modi and Mehul Choksi by the Bureau of Immigration on the IT department's request. Also read: We have businesses abroad so I can't join investigations: Nirav Modi replies to CBI's mail 34 more bank accounts/FDs of the #Gitanjali group with the balance of Rs 1.45 Crore have been attached: IT Sources — ANI (@ANI) February 28, 2018 × The CBI also registered a case of bank loan fraud against RP Infosystem and its directors earlier today. The fraud is estimated to worth nearly Rs 515.15 crore. Punjab National Bank had earlier this month reported fraudulent transactions worth Rs 11,400 crore from a single Mumbai branch. The bank has since said the total amount scammed might be Rs 1,300 crore more. Diamantaire Nirav Modi figures at the centre of the Rs 11,400 crore mega PNB scam and is accused of defrauding the bank of Rs 280 crore. (With inputs from ANI)

PNB's Internal Chief Auditor arrested, 34 more bank accounts of Gitanjali Group attached

Firestar Diamond Inc, the flagship company of billionaire Nirav Modi who is at the centre of India&#39;s biggest-ever bank scam, has filed for bankruptcy in the United States.

The company has listed assets and liabilities in the range of $50 million to $100 million, according to a court filing in the Southern District Of New York on Monday.

Indian state-run lender Punjab National Bank had earlier this month unearthed fraudulent transactions at one of its Mumbai branches, the amount of which could now be about $2 billion.

Modi, founder of Firestar Diamond, and his uncle Mehul Choksi, who owns Gitanjali Gems Ltd, are suspected of colluding with two employees from Punjab National Bank in the fraud.

The company has listed assets and liabilities in the range of $50 million to $100 million, according to a court filing in the Southern District Of New York on Monday.

Firestar Diamond Inc, the flagship company of billionaire Nirav Modi who is at the centre of India's biggest-ever bank scam, has filed for bankruptcy in the United States. The company has listed assets and liabilities in the range of $50 million to $100 million, according to a court filing in the Southern District Of New York on Monday. Indian state-run lender Punjab National Bank had earlier this month unearthed fraudulent transactions at one of its Mumbai branches, the amount of which could now be about $2 billion. Modi, founder of Firestar Diamond, and his uncle Mehul Choksi, who owns Gitanjali Gems Ltd, are suspected of colluding with two employees from Punjab National Bank in the fraud.

Nirav Modi's Firestar Diamond files for bankruptcy in the United States

Shares of Punjab National Bank today slumped as much as 9 per cent to hit their 52-week low level in morning trade on bourses after the lender said the amount of fraudulent transactions could be as much as Rs 12,700 crore.

The&nbsp;company&#39;s shares opened weak at Rs 107.80, then cracked 8.75 per cent to a 52-week low of Rs 102.10 on the BSE.

Similar movement was seen on the NSE too, where the stock opened at Rs 106.80, then fell to its 52-week low of Rs 102, down 8.92 per cent over its previous close.

Amid the multi-agency probe into the PNB scam, the state-run bank yesterday said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore.

On February 14, the bank had detected the fraud wherein billionaire jeweller Nirav Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders.

&quot;We have to inform that quantum of reported unauthorised transactions can increase by&nbsp;$204.25 million (approximately),&quot; the filing said.

At the current exchange rate, the amount comes to around Rs 1,323 crore.&nbsp;

The company's shares opened weak at Rs 107.80, then cracked 8.75 per cent to a 52-week low of Rs 102.10 on the BSE

Shares of Punjab National Bank today slumped as much as 9 per cent to hit their 52-week low level in morning trade on bourses after the lender said the amount of fraudulent transactions could be as much as Rs 12,700 crore. The company's shares opened weak at Rs 107.80, then cracked 8.75 per cent to a 52-week low of Rs 102.10 on the BSE. Similar movement was seen on the NSE too, where the stock opened at Rs 106.80, then fell to its 52-week low of Rs 102, down 8.92 per cent over its previous close. Amid the multi-agency probe into the PNB scam, the state-run bank yesterday said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore. On February 14, the bank had detected the fraud wherein billionaire jeweller Nirav Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders. "We have to inform that quantum of reported unauthorised transactions can increase by $204.25 million (approximately)," the filing said. At the current exchange rate, the amount comes to around Rs 1,323 crore.

PNB scam: Punjab National Bank stock slumps 9% to hit 52-week low

The finance ministry set a 15-day deadline on Tuesday for state banks to take action to improve their oversight of operational and technological risks after the country`s second-biggest state lender was hit by a $2 billion fraud.

The directive did not mention Punjab National Bank, but comes after the lender said on Monday the amount of fraudulent transactions suffered could rise by $204 million, in addition to the $1.77 billion earlier reported. The news sent PNB shares reeling to a 20-month low.

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PNB`s announcement late on Monday also sent shares of other state-run lenders lower, reinforcing concerns about the escalating financial cost of the unauthorised loans steered towards billionaire jewellers Nirav Modi and his uncle Mehul Choksi, owner of Gitanjali Gems Ltd.&nbsp;

The scale of the fraud, the biggest to hit an Indian lender, has stunned the country and put the lack of supervisory oversight by PNB`s own officials, as well as the central bank and auditors under the spotlight.

The fraud has also sparked aggressive investigations by the country`s authorities, including a raid last week of Nirav Modi`s former law firm that lawyers described as unprecedented.

Rajeev Kumar, the top bureaucrat in the Department of Financial Services, said in a Twitter message that the government expected state-run lenders &quot;to take pre-emptive action and identify gaps/weaknesses&quot; for potential operational and technological risks within 15 days.

Kumar also posted a notice from his department with a list of expected action by the lenders, including identifying current oversight weaknesses, preparing a report on how to improve practices and standards, and directing the banks` boards &quot;to assign clear accountability&quot; for implementation and compliance.

Last week, Finance Minister Arun Jaitley, also without mentioning the PNB case, decried a &quot;lack of ethics&quot; among sections of Indian business and criticised inadequate oversight by auditors and regulators.

Worries about the lack of supervision in India`s banking sector have been compounded after state-run Oriental Bank of Commerce said on Sunday it had suffered losses of around $17 million over loans provided to a sugar company that the lender claims was fraudulently diverted.

Meanwhile, pen maker Rotomac Global is facing a police investigation over accusations it cheated a consortium of lenders, while private lender City Union Bank has said this month &quot;cyber criminals&quot; had hacked its systems and transferred nearly $2 million via the SWIFT financial platform.

Analysts said the government directive could hit banks in the short-term if more fraud is detected, though it would benefit the sector in the long-term.

&quot;The oversight in the banking system is obviously not good,&quot; said Yuvraj Choudhary, an analyst at brokerage Anand Rathi.

&quot;This could lead to uncovering of more potential scams. We can expect bottom-lines to be hit in the coming quarters.&quot;

LAW FIRM RAIDED&nbsp;

Meanwhile, various Indian authorities have stepped up investigations into potential wrongdoing at PNB as well as companies tied to Modi and Choksi, although no charges have yet been filed.

An official at the Central Bureau of Investigation (CBI) said the country`s federal police had raided the offices of law firm Cyril Amarchand Mangaldas last week, which had represented Modi for a while, and taken away documents related to the Indian jeweller. He did not give additional details.

Lawyers said they were unclear what legal basis the CBI had used to seize the documents.

Cyril Amarchand did not respond to a request for comment.&nbsp;

At least a dozen people - six from the bank and six more from Modi`s and Choksi`s companies - have been arrested, while investigators have seized a number of properties from the two, including jewellery and luxury vehicles.

Both Modi and Choksi, whose whereabouts are unknown, have said they are innocent.

PNB shares were trading down 12 percent at 0917 GMT, after earlier falling as much as 14.2 percent to its lowest since June 2016.

A sub-index of state-run lenders, the PSU Bank index, was down 3.5 percent, while top-ranked State Bank of India was down 2.5 percent.

The directive did not mention Punjab National Bank

The finance ministry set a 15-day deadline on Tuesday for state banks to take action to improve their oversight of operational and technological risks after the country`s second-biggest state lender was hit by a $2 billion fraud. The directive did not mention Punjab National Bank, but comes after the lender said on Monday the amount of fraudulent transactions suffered could rise by $204 million, in addition to the $1.77 billion earlier reported. The news sent PNB shares reeling to a 20-month low. × PNB`s announcement late on Monday also sent shares of other state-run lenders lower, reinforcing concerns about the escalating financial cost of the unauthorised loans steered towards billionaire jewellers Nirav Modi and his uncle Mehul Choksi, owner of Gitanjali Gems Ltd. The scale of the fraud, the biggest to hit an Indian lender, has stunned the country and put the lack of supervisory oversight by PNB`s own officials, as well as the central bank and auditors under the spotlight. The fraud has also sparked aggressive investigations by the country`s authorities, including a raid last week of Nirav Modi`s former law firm that lawyers described as unprecedented. Rajeev Kumar, the top bureaucrat in the Department of Financial Services, said in a Twitter message that the government expected state-run lenders "to take pre-emptive action and identify gaps/weaknesses" for potential operational and technological risks within 15 days. Kumar also posted a notice from his department with a list of expected action by the lenders, including identifying current oversight weaknesses, preparing a report on how to improve practices and standards, and directing the banks` boards "to assign clear accountability" for implementation and compliance. Last week, Finance Minister Arun Jaitley, also without mentioning the PNB case, decried a "lack of ethics" among sections of Indian business and criticised inadequate oversight by auditors and regulators. Worries about the lack of supervision in India`s banking sector have been compounded after state-run Oriental Bank of Commerce said on Sunday it had suffered losses of around $17 million over loans provided to a sugar company that the lender claims was fraudulently diverted. Meanwhile, pen maker Rotomac Global is facing a police investigation over accusations it cheated a consortium of lenders, while private lender City Union Bank has said this month "cyber criminals" had hacked its systems and transferred nearly $2 million via the SWIFT financial platform. Analysts said the government directive could hit banks in the short-term if more fraud is detected, though it would benefit the sector in the long-term. "The oversight in the banking system is obviously not good," said Yuvraj Choudhary, an analyst at brokerage Anand Rathi. "This could lead to uncovering of more potential scams. We can expect bottom-lines to be hit in the coming quarters." LAW FIRM RAIDED Meanwhile, various Indian authorities have stepped up investigations into potential wrongdoing at PNB as well as companies tied to Modi and Choksi, although no charges have yet been filed. An official at the Central Bureau of Investigation (CBI) said the country`s federal police had raided the offices of law firm Cyril Amarchand Mangaldas last week, which had represented Modi for a while, and taken away documents related to the Indian jeweller. He did not give additional details. Lawyers said they were unclear what legal basis the CBI had used to seize the documents. Cyril Amarchand did not respond to a request for comment. At least a dozen people - six from the bank and six more from Modi`s and Choksi`s companies - have been arrested, while investigators have seized a number of properties from the two, including jewellery and luxury vehicles. Both Modi and Choksi, whose whereabouts are unknown, have said they are innocent. PNB shares were trading down 12 percent at 0917 GMT, after earlier falling as much as 14.2 percent to its lowest since June 2016. A sub-index of state-run lenders, the PSU Bank index, was down 3.5 percent, while top-ranked State Bank of India was down 2.5 percent.

Finance Ministry gives state-run banks 15 days to improve oversight

Amid the multi-agency probe into the PNB scam, the state-run bank on Monday said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore.

The latest announcement from the public sector lender assumes significance against the backdrop of the probe going on into the Rs 11,400 crore scam, which is already one of the biggest in the Indian banking sector.

On February 14, the bank had detected the fraud wherein billionaire jeweller Nirav Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders.

In a filing to the BSE late tonight, the bank said the amount of unauthorised transactions could go up by more than Rs 1,300 crore.

&quot;...We have to inform that quantum of reported unauthorised transactions can increase by $ 204.25 million (approximately),&quot; the filing said.

At the current exchange rate, the amount comes to around Rs 1,323 crore.

The bank also referred to its filing made on February 14 when it first disclosed the fraud and at that time, the &quot;fraudulent and unauthorised transactions&quot; was estimated at $ 1.77 billion (about Rs 11,400 crore).

The scam was perpetrated by way of fraudulent Letters of Undertaking (LoUs) generated in the name of Punjab National Bank.&nbsp;

The Rs 11,400 crore scam is already one of the biggest in the Indian banking sector

Amid the multi-agency probe into the PNB scam, the state-run bank on Monday said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore. The latest announcement from the public sector lender assumes significance against the backdrop of the probe going on into the Rs 11,400 crore scam, which is already one of the biggest in the Indian banking sector. On February 14, the bank had detected the fraud wherein billionaire jeweller Nirav Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders. In a filing to the BSE late tonight, the bank said the amount of unauthorised transactions could go up by more than Rs 1,300 crore. "...We have to inform that quantum of reported unauthorised transactions can increase by $ 204.25 million (approximately)," the filing said. At the current exchange rate, the amount comes to around Rs 1,323 crore. The bank also referred to its filing made on February 14 when it first disclosed the fraud and at that time, the "fraudulent and unauthorised transactions" was estimated at $ 1.77 billion (about Rs 11,400 crore). The scam was perpetrated by way of fraudulent Letters of Undertaking (LoUs) generated in the name of Punjab National Bank.

PNB fraud: Bank says scam amount could be Rs 1,300 crore higher

The income tax department has attached 66 more bank accounts of the Mehul Choksi-owned Gitanjali Group having a total credit balance of Rs 80.07 crores, I-T sources said on Monday.&nbsp;

A search and survey action was initiated at four locations of Mehul Choksi&#39;s uncle and business partner Nirav Modi in Mumbai on February 22, I-T sources said.

At one location, 173 paintings and artworks by eminent artists were found and are currently undergoing valuation by professionals.

Also read:&nbsp;<a href="http://www.wionews.com/india-news/top-independent-director-anil-umesh-haldipur-resigns-from-gitanjali-gems-board-34144">Top independent director Anil Umesh Haldipur resigns from Gitanjali Gems board</a>

Mehul Choksi and Nirav Modi are accused of cheating the Punjab National Bank (PNB) of Rs 11,400 crore, with the purported involvement of a few employees of the bank.

They are currently being investigated by the Enforcement Directorate and other probe agencies following a complaint by the nationalised bank. 
&nbsp;

Mehul Choksi and Nirav Modi are accused of cheating the Punjab National Bank (PNB) of Rs 11,400 crore, with the purported involvement of a few employees of the bank

The income tax department has attached 66 more bank accounts of the Mehul Choksi-owned Gitanjali Group having a total credit balance of Rs 80.07 crores, I-T sources said on Monday. A search and survey action was initiated at four locations of Mehul Choksi's uncle and business partner Nirav Modi in Mumbai on February 22, I-T sources said. At one location, 173 paintings and artworks by eminent artists were found and are currently undergoing valuation by professionals. Also read: Top independent director Anil Umesh Haldipur resigns from Gitanjali Gems board Mehul Choksi and Nirav Modi are accused of cheating the Punjab National Bank (PNB) of Rs 11,400 crore, with the purported involvement of a few employees of the bank. They are currently being investigated by the Enforcement Directorate and other probe agencies following a complaint by the nationalised bank.

66 more bank accounts of Gitanjali Group frozen: Sources

In a sharp reaction to the detection of banking frauds, Finance Minister Arun Jaitley on Saturday targeted wilful defaulters, calling them &ldquo;scars on the economy&quot; and took a dig at banking regulators, saying in India only politicians faced flak for such issues while regulators manage to skip the heat.&nbsp;

Speaking at the Global Business Summit, Jaitley said incidents of bank frauds will impact ease of doing business in India.

&ldquo;The old concept that the money that has been borrowed may or may not be returned has to end now. The law would be tightened to ensure criminal acts in business punished wherever the culprit is,&rdquo; Arun Jaitley said at the event.

&ldquo;Cases of willful default is something which is much more than a business failure and also bank frauds. If you periodically have incidents like these, the entire effort of ease of doing business goes to background and these scars on the economy take the front seat,&rdquo; Jaitley said.

Highlighting the role of regulators in the economy, Jaitley hinted at the introduction of new regulations, adding that they need to keep a &quot;third eye&quot; on the sector. He also said tighter laws need to be implemented to ensure criminal acts in business lead to punishment, wherever the culprit is.

&quot;Unfortunately, in the Indian system, we politicians are accountable, but regulators are not,&quot; he added.

In lieu of the 1.77 billion dollar Punjab National Bank (PNB) fraud involving top jewellery designer Nirav Modi, and his uncle Mehul Choksi, Jaitley had earlier stressed on the need for supervisory agencies to assess what new systems had to be put in place to find those who were cheating banks.

&quot;What were auditors doing? If both internal and external auditors have looked the other way and failed to detect, then I think CA professionals must introspect. Supervisory agencies also must introspect what are the additional mechanisms they have to put in place,&quot; he said.

(With inputs from ANI)

"Unfortunately, in the Indian system, we politicians are accountable, but regulators are not," Jaitley said.

In a sharp reaction to the detection of banking frauds, Finance Minister Arun Jaitley on Saturday targeted wilful defaulters, calling them “scars on the economy" and took a dig at banking regulators, saying in India only politicians faced flak for such issues while regulators manage to skip the heat. Speaking at the Global Business Summit, Jaitley said incidents of bank frauds will impact ease of doing business in India. “The old concept that the money that has been borrowed may or may not be returned has to end now. The law would be tightened to ensure criminal acts in business punished wherever the culprit is,” Arun Jaitley said at the event. “Cases of willful default is something which is much more than a business failure and also bank frauds. If you periodically have incidents like these, the entire effort of ease of doing business goes to background and these scars on the economy take the front seat,” Jaitley said. Highlighting the role of regulators in the economy, Jaitley hinted at the introduction of new regulations, adding that they need to keep a "third eye" on the sector. He also said tighter laws need to be implemented to ensure criminal acts in business lead to punishment, wherever the culprit is. "Unfortunately, in the Indian system, we politicians are accountable, but regulators are not," he added. In lieu of the 1.77 billion dollar Punjab National Bank (PNB) fraud involving top jewellery designer Nirav Modi, and his uncle Mehul Choksi, Jaitley had earlier stressed on the need for supervisory agencies to assess what new systems had to be put in place to find those who were cheating banks. "What were auditors doing? If both internal and external auditors have looked the other way and failed to detect, then I think CA professionals must introspect. Supervisory agencies also must introspect what are the additional mechanisms they have to put in place," he said. (With inputs from ANI)

In India, politicians are accountable but regulators are not, says Arun Jaitley

Breaking his silence over the Rs 11,400 crore fraud at India&#39;s second-biggest bank, PNB, Finance Minister Arun Jaitley today said the state will chase down cheaters to the end even as he took the management of the lender to task for its failure to check the delinquents.

Without naming either the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, or Punjab National Bank, Jaitley questioned the ethics of some businesses in the country and asked as to why the bank&#39;s internal and external auditors could not detect the fraud which had been going on for 7 long years.

&quot;It is incumbent on us as a state, till the last legitimate capacity of the state, to chase these people (fraudsters) to the last possible conclusion to make sure the country is not cheated,&quot; he said addressing the annual meeting of Association of Development Financial Institutions in Asia &amp; Pacific (ADFIAP) here.

Also read: <a href="http://www.wionews.com/india-news/cbi-arrests-former-head-of-pnbs-brady-house-mumbai-branch-33561" target="_blank">CBI arrests former head of PNB&#39;s Brady House branch</a>

Modi, whose diamond creations have draped Hollywood stars such as Kate Winslet and Dakota Johnson, and firms linked to him are alleged to have acquired fraudulent letters of undertaking (LoUs) from one PNB branch in Mumbai between 2011 and 2017 to obtain loans from Indian banks overseas. Investigative agencies have raided Modi&#39;s properties and arrested bank employees.

Jaitley said the government had been step by step addressing issues like high-level of bad debts and need for more capital, but the effort has been put to challenge with the unravelling of the fraud.

He reminded the public sector banks that Prime Minister Narendra Modi gave managements the autonomy they needed with none from the government calling.

&quot;When authority is given to the managements you are expected to utilise that authority effectively and in a right manner. Therefore the question for the management itself is were they found lacking? And on the face of it the answer seems yes they were,&quot; he said.

The lenders, he said, were &quot;unable to check who amongst them were delinquent&quot;. He went on to ask what the auditors were doing.

&quot;Both internal and external auditors really have looked the other way or failed to detect,&quot; he said.

Chartered accountants and those who control the discipline, should start introspection and &quot;say what legitimate actions are to be taken&quot;, he said.

&quot;And also there is an important challenge where the supervisory agencies are now to introspect as what are the additional mechanisms they have to put in place to ensure that stray cases don&#39;t become a pattern again,&quot; he said. &quot;And stray cases are nipped in the bud and an example be made out of people that these bad examples itself are never to be repeated.&quot;

Jaitley said frauds have a cost to the country as well as to the tax payer.

&quot;It&#39;s a direct cost and it has an indirect cost that it impinges on development, which impinges on the lending capacity of banks as an institution and therefore impinges upon developmental finance,&quot; he said.

On the banking sector, the Finance Minister said financing for trade and businesses increases when banks have the ability to lend.

This ability over the past few years has faced challenges in increased bad debt or NPAs. &quot;One of the direct consequences of this was that the ability of the state to spend and lend even for developmental activities itself will get curtailed,&quot; he said.

After struggling to find solution, the government &quot;finally hit upon the right point through the insolvency and bankruptcy code&quot; that provides for recovery of due amounts through sale of assets of defaulters.

Jaitley said initial response to the Code has been encouraging.

Also, he said, government is infusing an unprecedented Rs 2.11 lakh crore capital in the banks.

&quot;That decision itself as some of my friends in Parliament described also had moral issues because at the end of the day when NPAs become unacceptably high, you expect the taxpayer really to fund what unprincipled sections of the industry have been able to take out,&quot; he said.

Stating that though there is a moral hazard in that kind of solution, he said there was no other option and government had to take that difficult course itself.

&quot;As it seems, situation appeared to be coming on track (but) you have now again emerging challenges,&quot; he said. &quot;Therefore these emerging challenges eventually all strike at one of the big purposes, which is development and growth and the need for developmental banks itself. And the need for the increasing the capacity of the developmental finance itself. Any such system of banking really functions on trust.&quot;

That trust is inherent in the lender-creditor relationship. &quot;I think that relationship in India blurred itself out when a section, not so ethical a section perhaps thought that it was not its responsibility to pay back. And therefore we had to come back with hard solutions,&quot; he added.&nbsp;

'It is incumbent on us as a state, till the last legitimate capacity of the state, to chase these people (fraudsters) to the last possible conclusion to make sure the country is not cheated,' Jaitley said

Breaking his silence over the Rs 11,400 crore fraud at India's second-biggest bank, PNB, Finance Minister Arun Jaitley today said the state will chase down cheaters to the end even as he took the management of the lender to task for its failure to check the delinquents. Without naming either the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, or Punjab National Bank, Jaitley questioned the ethics of some businesses in the country and asked as to why the bank's internal and external auditors could not detect the fraud which had been going on for 7 long years. "It is incumbent on us as a state, till the last legitimate capacity of the state, to chase these people (fraudsters) to the last possible conclusion to make sure the country is not cheated," he said addressing the annual meeting of Association of Development Financial Institutions in Asia & Pacific (ADFIAP) here. Also read: CBI arrests former head of PNB's Brady House branch Modi, whose diamond creations have draped Hollywood stars such as Kate Winslet and Dakota Johnson, and firms linked to him are alleged to have acquired fraudulent letters of undertaking (LoUs) from one PNB branch in Mumbai between 2011 and 2017 to obtain loans from Indian banks overseas. Investigative agencies have raided Modi's properties and arrested bank employees. Jaitley said the government had been step by step addressing issues like high-level of bad debts and need for more capital, but the effort has been put to challenge with the unravelling of the fraud. He reminded the public sector banks that Prime Minister Narendra Modi gave managements the autonomy they needed with none from the government calling. "When authority is given to the managements you are expected to utilise that authority effectively and in a right manner. Therefore the question for the management itself is were they found lacking? And on the face of it the answer seems yes they were," he said. The lenders, he said, were "unable to check who amongst them were delinquent". He went on to ask what the auditors were doing. "Both internal and external auditors really have looked the other way or failed to detect," he said. Chartered accountants and those who control the discipline, should start introspection and "say what legitimate actions are to be taken", he said. "And also there is an important challenge where the supervisory agencies are now to introspect as what are the additional mechanisms they have to put in place to ensure that stray cases don't become a pattern again," he said. "And stray cases are nipped in the bud and an example be made out of people that these bad examples itself are never to be repeated." Jaitley said frauds have a cost to the country as well as to the tax payer. "It's a direct cost and it has an indirect cost that it impinges on development, which impinges on the lending capacity of banks as an institution and therefore impinges upon developmental finance," he said. On the banking sector, the Finance Minister said financing for trade and businesses increases when banks have the ability to lend. This ability over the past few years has faced challenges in increased bad debt or NPAs. "One of the direct consequences of this was that the ability of the state to spend and lend even for developmental activities itself will get curtailed," he said. After struggling to find solution, the government "finally hit upon the right point through the insolvency and bankruptcy code" that provides for recovery of due amounts through sale of assets of defaulters. Jaitley said initial response to the Code has been encouraging. Also, he said, government is infusing an unprecedented Rs 2.11 lakh crore capital in the banks. "That decision itself as some of my friends in Parliament described also had moral issues because at the end of the day when NPAs become unacceptably high, you expect the taxpayer really to fund what unprincipled sections of the industry have been able to take out," he said. Stating that though there is a moral hazard in that kind of solution, he said there was no other option and government had to take that difficult course itself. "As it seems, situation appeared to be coming on track (but) you have now again emerging challenges," he said. "Therefore these emerging challenges eventually all strike at one of the big purposes, which is development and growth and the need for developmental banks itself. And the need for the increasing the capacity of the developmental finance itself. Any such system of banking really functions on trust." That trust is inherent in the lender-creditor relationship. "I think that relationship in India blurred itself out when a section, not so ethical a section perhaps thought that it was not its responsibility to pay back. And therefore we had to come back with hard solutions," he added.

Will chase PNB fraudster to the end, says Jaitley. Blames bank management for scam

By Sanjay Singh

The name of a former highly-placed bank official has emerged during the interrogation of the accused in the Punjab National Bank scam, sources said.

Sources said that the former director-level officer of the PNB is likely to be questioned soon.

Five bank officials, including the two at the Mumbai branch, have been arrested in the scam worth Rs 11,400 crores and in which billionaire jewellery designer Nirav Modi is the main accused.

The bank official was director of the PNB few years back. Later he joined as chief managing director in another bank, the sources added.&nbsp;

It&#39;s not just PNB employees that are on the radar of the Central Bureau of Investigation (CBI). Sources claim that the role of some employees of about 11 banks is also being investigated by the agency.

Also read:&nbsp;PNB scam: <a href="http://www.wionews.com/india-news/pnb-scam-3-hong-kong-companies-under-scanner-say-sources-33458">3 Hong Kong companies under scanner, say sources</a>

These banks include foreign branches of the Allahabad Bank, State Bank of India (SBI), Union Bank, UCO Bank and the Axis Bank.

The CBI suspects the connivance of some bank personnel employed at foreign branches of these Indian banks for remitted foreign currency upon presenting fraudulent LoUs (Letters of Undertaking) without cross checking or verifying the authenticity of LoUs with the PNB, for not following other standard operating procedures and for not raising alarm over fake LoUs.

The banks under the CBI scanner are the Mauritius and Frankfurt branches of the SBI, the Antwerp branch of the Bank of India, the Bahrain branch of the Canara Bank, the Hong Kong branch of the UCO Bank, the Allahabad bank and the Axis Bank.

The PNB in its internal inquiry gave clean chit to its auditors. However, the CBI suspects the crucial involvement of a person from their internal audit team and also the statutory audit team. Two charted accountants are also on agency&#39;s radar for their alleged involvement in the fraud.

Sources claim that the role of some employees of about 11 banks is also being investigated by the agency

By Sanjay Singh The name of a former highly-placed bank official has emerged during the interrogation of the accused in the Punjab National Bank scam, sources said. Sources said that the former director-level officer of the PNB is likely to be questioned soon. Five bank officials, including the two at the Mumbai branch, have been arrested in the scam worth Rs 11,400 crores and in which billionaire jewellery designer Nirav Modi is the main accused. The bank official was director of the PNB few years back. Later he joined as chief managing director in another bank, the sources added. It's not just PNB employees that are on the radar of the Central Bureau of Investigation (CBI). Sources claim that the role of some employees of about 11 banks is also being investigated by the agency. Also read: PNB scam: 3 Hong Kong companies under scanner, say sources These banks include foreign branches of the Allahabad Bank, State Bank of India (SBI), Union Bank, UCO Bank and the Axis Bank. The CBI suspects the connivance of some bank personnel employed at foreign branches of these Indian banks for remitted foreign currency upon presenting fraudulent LoUs (Letters of Undertaking) without cross checking or verifying the authenticity of LoUs with the PNB, for not following other standard operating procedures and for not raising alarm over fake LoUs. The banks under the CBI scanner are the Mauritius and Frankfurt branches of the SBI, the Antwerp branch of the Bank of India, the Bahrain branch of the Canara Bank, the Hong Kong branch of the UCO Bank, the Allahabad bank and the Axis Bank. The PNB in its internal inquiry gave clean chit to its auditors. However, the CBI suspects the crucial involvement of a person from their internal audit team and also the statutory audit team. Two charted accountants are also on agency's radar for their alleged involvement in the fraud.

PNB scam: Former director may have been involved, say sources

Leading international rating agency Fitch on Tuesday placed Punjab National Bank on &#39;Rating Watch Negative&#39; (RWN), reflecting a possibility of downgrade following the <a href="http://www.wionews.com/india-news/pnb-scam-7-more-properties-of-gitanjali-group-attached-3-pnb-officials-arrested-33408">US $1.77 billion fraud</a>.

The fraud - the biggest ever in the banking history - has raised questions on both internal and external risk controls as well as the quality of management supervision considering that the fraud went undetected for several years, it said.

Also Read: <a href="http://www.wionews.com/india-news/pnbs-overzealousness-shut-the-doors-on-ability-to-clear-the-dues-nirav-modi-33415">PNB&#39;s &#39;overzealousness&#39; shut door on ability to clear dues, says Nirav Modi</a>

&quot;Fitch Ratings has placed Punjab National Bank&#39;s (PNB) Viability Rating of &#39;bb&#39; on Rating Watch Negative (RWN), following the large fraud reported by PNB,&quot; the US-based agency said in a statement.

The Viability Rating measures credit worthiness of a financial institution and reflects the likelihood of the entity to fail, as per Fitch.

The RWN reflects the possibility of a downgrade of PNB&#39;s Viability Rating.

PNB last week said it has detected fraudulent transactions of US $1.77 billion (Rs 11,400 crore) in one of its branches in Mumbai.

&quot;Fitch will resolve the Rating Watch once more clarity emerges on the extent of control failures and the impact on PNB&#39;s financial position,&quot; it added.

Stating that the fraud event has been a setback for the bank in its reputation and has had a capital market impact, Fitch said it will monitor PNB&#39;s full liability, potential recoveries and the extent of additional fresh capital from both internal and external sources to determine if the bank&#39;s financial position is no longer consistent with the current viability rating.

PNB&#39;s asset quality and capital parameters continue to be weak but have shown some stability since Fitch&#39;s rating action in June 2017.

For the April-December period of 2017-18, PNB&#39;s non-performing loan (NPL) ratio eased to 12.1 per cent. Profitability continued to be weak but the bank raised Rs 5,000 crore in fresh equity from capital markets in the third quarter of FY2018.

PNB is also likely to get an additional Rs 5,400 crore from the government by end-March 2018 under the government&#39;s recapitalisation agenda.

Fitch will look to resolve the RWN once clarity emerges on the extent of control failures within PNB and how management plans to address them.

&quot;Significant control failures that attract substantial management time to rectify would be likely to weaken our view of risk appetite and management, and result in a downgrade of the viability rating,&quot; Fitch said.

The rating agency, however, said that the fraud event is unlikely to have an impact on PNB&#39;s Support Rating Floor (BBB-) due to the bank&#39;s high systemic importance as the second-largest state-owned bank.

&quot;We believe that the state&#39;s propensity to provide extraordinary support to PNB remains high, subject to the sovereign&#39;s ability, which is captured in India&#39;s sovereign rating of &#39;BBB-&#39;,&quot; it added.

Moody&#39;s places PNB under review for downgrade

&nbsp;Moody&#39;s on Tuesday placed the lender under review for downgrade.

The agency has a Baa3/P-3 rating on the Delhi-based lender now while it has a Baa3 rating on its foreign currency issuer rating. The bank overall has a Baa2 rating with a stable outlook now from Moody&#39;s.

The review for downgrade will focus on: (1) the timing and quantum of the financial impact of the fraudulent transactions, (2) any management actions taken to improve the capitalization profile of the bank, and (3) any punitive actions taken by the regulator on the bank, Moody&#39;s Investor Service said.

It has also placed the bank&#39;s baseline credit assessment (BCA) and adjusted BCA of Ba3 and the counterparty risk assessment (CRA) rating of Baa3(cr)/P-3(cr) under review for downgrade.

&quot;The primary driver for today&#39;s rating action is the risk of weakening standalone credit profile of PNB, as a result of a number of fraudulent transactions&quot; through fake letters of undertakings issued by the bank to other lenders worth USD 1.8 billion over the past many years, Moody&#39;s said.

PNB is likely to get an additional Rs 5,400 crore from the government by end-March 2018 under the government's recapitalisation agenda

Leading international rating agency Fitch on Tuesday placed Punjab National Bank on 'Rating Watch Negative' (RWN), reflecting a possibility of downgrade following the US $1.77 billion fraud. The fraud - the biggest ever in the banking history - has raised questions on both internal and external risk controls as well as the quality of management supervision considering that the fraud went undetected for several years, it said. Also Read: PNB's 'overzealousness' shut door on ability to clear dues, says Nirav Modi "Fitch Ratings has placed Punjab National Bank's (PNB) Viability Rating of 'bb' on Rating Watch Negative (RWN), following the large fraud reported by PNB," the US-based agency said in a statement. The Viability Rating measures credit worthiness of a financial institution and reflects the likelihood of the entity to fail, as per Fitch. The RWN reflects the possibility of a downgrade of PNB's Viability Rating. PNB last week said it has detected fraudulent transactions of US $1.77 billion (Rs 11,400 crore) in one of its branches in Mumbai. "Fitch will resolve the Rating Watch once more clarity emerges on the extent of control failures and the impact on PNB's financial position," it added. Stating that the fraud event has been a setback for the bank in its reputation and has had a capital market impact, Fitch said it will monitor PNB's full liability, potential recoveries and the extent of additional fresh capital from both internal and external sources to determine if the bank's financial position is no longer consistent with the current viability rating. PNB's asset quality and capital parameters continue to be weak but have shown some stability since Fitch's rating action in June 2017. For the April-December period of 2017-18, PNB's non-performing loan (NPL) ratio eased to 12.1 per cent. Profitability continued to be weak but the bank raised Rs 5,000 crore in fresh equity from capital markets in the third quarter of FY2018. PNB is also likely to get an additional Rs 5,400 crore from the government by end-March 2018 under the government's recapitalisation agenda. Fitch will look to resolve the RWN once clarity emerges on the extent of control failures within PNB and how management plans to address them. "Significant control failures that attract substantial management time to rectify would be likely to weaken our view of risk appetite and management, and result in a downgrade of the viability rating," Fitch said. The rating agency, however, said that the fraud event is unlikely to have an impact on PNB's Support Rating Floor (BBB-) due to the bank's high systemic importance as the second-largest state-owned bank. "We believe that the state's propensity to provide extraordinary support to PNB remains high, subject to the sovereign's ability, which is captured in India's sovereign rating of 'BBB-'," it added. Moody's places PNB under review for downgrade Moody's on Tuesday placed the lender under review for downgrade. The agency has a Baa3/P-3 rating on the Delhi-based lender now while it has a Baa3 rating on its foreign currency issuer rating. The bank overall has a Baa2 rating with a stable outlook now from Moody's. The review for downgrade will focus on: (1) the timing and quantum of the financial impact of the fraudulent transactions, (2) any management actions taken to improve the capitalization profile of the bank, and (3) any punitive actions taken by the regulator on the bank, Moody's Investor Service said. It has also placed the bank's baseline credit assessment (BCA) and adjusted BCA of Ba3 and the counterparty risk assessment (CRA) rating of Baa3(cr)/P-3(cr) under review for downgrade. "The primary driver for today's rating action is the risk of weakening standalone credit profile of PNB, as a result of a number of fraudulent transactions" through fake letters of undertakings issued by the bank to other lenders worth USD 1.8 billion over the past many years, Moody's said.

Fitch, Moody's place Punjab National Bank on downgrade review

Throwing up his hands, beleaguered businessman Nirav Modi, the alleged kingpin of the largest banking scam in the country&#39;s history, has said PNB&#39;s &quot;overzealousness&quot; shut the doors on his ability to clear the dues.

He also said the dues were much less than what the bank has claimed, and that his relatives booked in the cases filed by the central agencies had nothing to do with the operations of the firms under their scanner.

<a href="http://www.wionews.com/india-news/full-text-of-nirav-modis-letter-to-pnb-33448">In a letter</a> Modi wrote on February 15/16 to the Punjab National Bank management, he pegged the money his companies owe to the bank under Rs 5,000 crore.

&quot;The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns.

Also read: <a href="http://www.wionews.com/india-news/pnb-scam-7-more-properties-of-gitanjali-group-attached-3-pnb-officials-arrested-33408">7 more properties of Gitanjali Group attached, 3 PNB officials arrested&nbsp;</a>

&quot;This thereby jeopardised our ability to discharge the dues of the group to the banks,&quot; Modi, who left the country along with his family in the first week of January, before the alleged scam became public, wrote in the letter.

&quot;In the anxiety to recover your dues immediately, despite my offer (on February 13, a day before the public announcement, and on 15) your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts,&quot; he said.

Also read:<a href="http://www.wionews.com/india-news/pnb-scam-top-gitanjali-gems-officials-quit-33382"> Amid nationwide raids, top Gitanjali Gems officials quit&nbsp;</a>

The letter also refers to the extended discussions between him, and&nbsp;his representatives and the bank officers, besides his emails of February 13 and 15, 2018.

The PNB, the second largest state-run bank, had, on February 14, informed the exchanges about detecting US $1.77 billion fraud at its Brady House branch in Mumbai, and named the firms led by Modi and his uncle Mehul Choksi&#39;s Gitanjali Group, and some other diamond and jewellery merchants as suspects.

Also read:<a href="http://www.wionews.com/india-news/pnb-scam-investigations-at-mumbai-branch-continue-ed-probes-former-allahabad-bank-director-33371"> Investigations at Mumbai branch continue, ED probes former Allahabad Bank director</a>

Central government agencies - the CBI and the Enforcement Directorate - have registered cases on the complaint by the bank, and launched nationwide searches on dozens of offices and residences of the alleged fraudsters. The bank has named Modi&#39;s brother, his American wife Ami, and uncle Choksi besides some others in the FIR.

On the over Rs 11,000-crore loss claimed by the PNB in the FIR, Modi said, &quot;As you are aware, this is entirely incorrect and the liability of the Nirav Modi Group is substantially less. Even after your complaint was filed, in good faith I wrote to you saying please sell/allow me to sell Firestar Group, or their valuable assets, and recover the dues not just from Firestar Group, but also from the three firms.&quot;

Valuing his domestic business at around Rs 6,500 crore, he said, &quot;This could have helped reduce/discharge the debt to the banking system,&quot; but added that this is not possible as all his bank accounts have been frozen and assets sealed or seized.

He went on to state that PNB had time and again acknowledged that the buyers credit facility has been extended by it to the three partnership firms for several years, and that there has been no default on the part of any of these firms over all these years. He said that money went through PNB all these years for the repayments of the advances given by the overseas bank branches under the buyers credit.

&quot;That Firestar International and Firestar Diamond International have never been in default to any bank, and the bankers are fully secured&quot;. He also said that PNB has over the years been earning bank charges to the tune of crores of rupees on the buyers credit facility extended by PNB to the three partnership firms and that PNB has extended the money to the firm&#39;s buyers as well from where also it has been receiving full payments, with interest and on time all these years.

On the valuables that CBI/ED searches yielded Rs 5,649 crore, he said, &quot;These, and other assets of the group and the three firms could have settled all the amounts due to banks. However, now that stage appears to have passed.&quot;

He concluded by requesting the bank to &quot;be fair, and support my efforts to make good all the amounts that are found due by my group to all banks.&quot;

Owning up everything, he said the bank has wrongly named his brother, who is not at all concerned with the operations of the three firms or other companies. &quot;My wife is not connected with any business operations at all and she has been wrongly named. My uncle is also wrongly named in this complaint since he has an independent and unconnected business and none of them are aware or concerned with my dealings with your bank.&quot;

&quot;Whatever may be the consequences I may face for my actions, the haste was, in my humble submission, unwarranted,&quot; Modi concluded and requested the bank to permit him to pay the salaries to 2,200 employees from the balance lying in the current accounts of his firms.&nbsp;

In a letter Modi wrote to the bank, he added that his dues were smaller than what the bank has claimed

Throwing up his hands, beleaguered businessman Nirav Modi, the alleged kingpin of the largest banking scam in the country's history, has said PNB's "overzealousness" shut the doors on his ability to clear the dues. He also said the dues were much less than what the bank has claimed, and that his relatives booked in the cases filed by the central agencies had nothing to do with the operations of the firms under their scanner. In a letter Modi wrote on February 15/16 to the Punjab National Bank management, he pegged the money his companies owe to the bank under Rs 5,000 crore. "The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns. Also read: 7 more properties of Gitanjali Group attached, 3 PNB officials arrested "This thereby jeopardised our ability to discharge the dues of the group to the banks," Modi, who left the country along with his family in the first week of January, before the alleged scam became public, wrote in the letter. "In the anxiety to recover your dues immediately, despite my offer (on February 13, a day before the public announcement, and on 15) your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts," he said. Also read: Amid nationwide raids, top Gitanjali Gems officials quit The letter also refers to the extended discussions between him, and his representatives and the bank officers, besides his emails of February 13 and 15, 2018. The PNB, the second largest state-run bank, had, on February 14, informed the exchanges about detecting US $1.77 billion fraud at its Brady House branch in Mumbai, and named the firms led by Modi and his uncle Mehul Choksi's Gitanjali Group, and some other diamond and jewellery merchants as suspects. Also read: Investigations at Mumbai branch continue, ED probes former Allahabad Bank director Central government agencies - the CBI and the Enforcement Directorate - have registered cases on the complaint by the bank, and launched nationwide searches on dozens of offices and residences of the alleged fraudsters. The bank has named Modi's brother, his American wife Ami, and uncle Choksi besides some others in the FIR. On the over Rs 11,000-crore loss claimed by the PNB in the FIR, Modi said, "As you are aware, this is entirely incorrect and the liability of the Nirav Modi Group is substantially less. Even after your complaint was filed, in good faith I wrote to you saying please sell/allow me to sell Firestar Group, or their valuable assets, and recover the dues not just from Firestar Group, but also from the three firms." Valuing his domestic business at around Rs 6,500 crore, he said, "This could have helped reduce/discharge the debt to the banking system," but added that this is not possible as all his bank accounts have been frozen and assets sealed or seized. He went on to state that PNB had time and again acknowledged that the buyers credit facility has been extended by it to the three partnership firms for several years, and that there has been no default on the part of any of these firms over all these years. He said that money went through PNB all these years for the repayments of the advances given by the overseas bank branches under the buyers credit. "That Firestar International and Firestar Diamond International have never been in default to any bank, and the bankers are fully secured". He also said that PNB has over the years been earning bank charges to the tune of crores of rupees on the buyers credit facility extended by PNB to the three partnership firms and that PNB has extended the money to the firm's buyers as well from where also it has been receiving full payments, with interest and on time all these years. On the valuables that CBI/ED searches yielded Rs 5,649 crore, he said, "These, and other assets of the group and the three firms could have settled all the amounts due to banks. However, now that stage appears to have passed." He concluded by requesting the bank to "be fair, and support my efforts to make good all the amounts that are found due by my group to all banks." Owning up everything, he said the bank has wrongly named his brother, who is not at all concerned with the operations of the three firms or other companies. "My wife is not connected with any business operations at all and she has been wrongly named. My uncle is also wrongly named in this complaint since he has an independent and unconnected business and none of them are aware or concerned with my dealings with your bank." "Whatever may be the consequences I may face for my actions, the haste was, in my humble submission, unwarranted," Modi concluded and requested the bank to permit him to pay the salaries to 2,200 employees from the balance lying in the current accounts of his firms.

PNB's 'overzealousness' shut door on ability to clear dues: Nirav Modi

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