Fraud at PNB may cost banking sector much more than Rs 11400cr

PNB scam: Priyanka Chopra terminates her contract with Nirav Modi brand

One of the accused in the Rs 11,400 crore Punjab National Bank (PNB) fraud, Gitanjali Gem's owner Mehul Choksi has written to a letter to his employees, claiming his innocence stating that the company can not pay the employees their dues at present.

Noting the reports about banks clamping down certain impractical rules and procedures for trade finance, affecting both importers and exporters in the wake of the alleged Rs 11,400 crore fraud on Punjab National Bank, Assocham said the letters of credit (LOC) or letters of undertaking (LOU) allegedly misused by the diamond traders are legitimate instruments in global trade.

Two days ago, in an emailed reply to the ED's investigating officer, Nirav Modi cited the temporary suspension of his passport and pending business issues as reasons for his non-appearance before the probe agency.

Continuing its crackdown on Modi, the ED on Saturday attached properties of Modi that include included a farm house in Alibaug, a solar power plant, 135 acre land in Ahmed Nagar and residential and office properties in Mumbai and Pune.

The external affairs ministry on Friday cancelled the passports of Modi and Choksi in order to force them to return to India.

Actress Priyanka Chopra has quit as brand ambassador of celebrity jeweller Nirav Modi's designer product line after allegations that the 48-year-old was at the centre of a massive bank fraud.

Trump willing to discuss gun controls
The planned clampdown would target rapid-fire bump stocks similar to those used in the Las Vegas massacre previous year . Washington state Governor Jay Inslee called for a state ban on the attachments after the Las Vegas massacre .

The agency has so far arrested 12 people, including six serving or retired officials of the PNB and six are executives of Modi and Choksi.

PNB has also created a unit called "Treasury Division Mumbai" for re-authorization of most messages sent over SWIFT by branches.

The agency is also trying to ascertain that whether these officers were in touch with Modi and Choksi or not or whether they met him in their headquarters or not.

Absconding diamond exporter Mehul Choksi's lawyer said he is in touch his client, but do know about his location. There have been various rumours ever since the news broke and PNB also made it clear that the customers have no limits for the withdrawals and the bank is operating at normal terms.

The attempt of sending these judicial requests for exchange of information is aimed at obtaining the details of the overseas financial holdings of Modi and Choksi, who are accused in the Rs 11,400 crore PNB loan fraud case, their bank accounts, assets, partnerships, showrooms, trusts and other assets, they said.

Related News:

Most liked

South Africa beats India to set up T20 series decider
Bhuvneshwar said, "Whenever India goes overseas , the reputation is that India are not good at batting against short bowling". But after a brief chat with Pandey, Raina left the ground, paving the way for Mahendra Singh Dhoni.

Symantec no longer offers discounts to NRA members
The hashtag #BoycottNRA remained one of the top trending topics on Twitter in the US on Friday. Others followed suit, announcing they would end their NRA membership discount programs.

Microsoft announces new Surface Pro for India at Rs 64999
The new laptop also has a 165-degree hinge and at extreme angles (or in Studio Mode) it can be used for writing, sketching, etc. Mostly due to its premium pricing and the fact that Microsoft never brings a current generation Surface to India in time.

Jonathan Martin Detained By Police After Disturbing Instagram Post
LAPD responded to the school due to an Instagram post by what police described as "a former student who is now an adult". Since the school was mentioned by name, a statement said it chose to close on Friday, "out of an abundance of caution".

Trump upbeat on meeting with Australian PM
The leaders spoke in the Oval Office during a portion of the meeting that was open to US and Australian journalists. Trump and first lady Melania Trump greeted Turnbull Friday at the south entrance of the White House.

CNN to hold town hall with students, Florida politicians
WHAT HE REALLY MEANT: It says "I hear you" right here on my cue card. "Teachers who are adept at firearms should be armed". Directing his comments at Loesch, he said the NRA can't say it stands for people until it says it wants less weapons.

New Zealand bat first against Australia in T20 final
New Zealand's poor record in Auckland continues, the Kiwis have now lost five consecutive T20I matches at Eden Park in Auckland . Aaron Finch and Glenn Maxwell were batting on 20 and 28 respectively and took Australia to 121 before rain interrupted the play.

Jennifer Aniston and Justin Theroux kept properties separate
Theroux was photographed surrounded by female friends shortly before announcing his split from Aniston. Every time they spent more and more time apart, the problems between them only became more serious.

Pixel 2 users with camera errors and crashes offered replacements from Google
Not all Pixel 2 / 2 XL handset owners are reporting these issues following the software update released earlier this month. These prices make it easier to digest some of the Pixel 2 XL's known issues , such as blue shift and black smearing.

US, Turkey set talks to boost ties
In Brussels on Thursday, Defense Secretary Jim Mattis met with his Turkish counterpart, while the national security adviser, Lt. Turkey on January 20 launched Operation Olive Branch to remove PYD/PKK and ISIL terrorists from Afrin .

Souza (D-backs), Drury (Yanks) in 3-team deal
Coming from the Diamondbacks , Drury, 25, put up a.267/.317/.447 slash line to go with 13 home runs and 63 RBI. To make room for Drury on the 40-man roster, the Yankees designated outfielder Jabari Blash for assignment.

Turkey says unclear whether Syrian government forces will enter Afrin
Syrian state TV reported that rebels, in return, fired dozens of mortar rounds and rockets at Damascus, wounding eight people. The Turkish government wryly welcomed the presence of Assad forces in Afrin if they were meant to attack and kill the YPG.

PM Modi lauds Rouhani for helping India develop Chabahar port
The port's strategic importance for India grew further after Pakistan handed over the control of its Gwadar Port to China. Iranian President Hassan Rouhani concluded his 3-day India visit by signing 9 deals with the host country.

NBA All-Star Weekend 2018: Ranking every player in the Rising Stars Challenge
On Saturday there will be the Slam Dunk and three point contests while Sunday is the big finale with the actual NBA All Star game. Migos fans took to Twitter immediately, posting up some hilarious commentary to celebrate Quavo's basketball accomplishments.

Suarez, Alba strike as Barcelona prepare for Chelsea by edging past Eibar
During that time they have beaten third-place Valencia and embarrassed Sevilla by putting five past them last month. But a moment of brilliance by Messi was all it took to swing the match Barcelona's way.