CBI: PNB official got Rs 1cr bribe in cheque

1 month ago
Mumbai: In the second chargesheet submitted in the Punjab National Bank (PNB) fraud case, the CBI has alleged that the bank's retired deputy manager Gokulnath Shetty had received Rs1 crore as illegal gratification for being part of the conspiracy. ... ...

PNB to take part in bankruptcy proceedings of Nirav Modi's Firestar Diamond in New York

3 months ago
In a bid to recover its dues from the celebrity jeweller Nirav Modi, the Punjab National Bank (PNB) is planning to stake its claim in the bankruptcy proceedings of Firestar Diamond. The fugitive diamantaire has been accused of defrauding the public PNB p ... ...

India Inc's subsidiaries in tax havens under probe agencies' scanner

3 months ago
The government's task force on shell companies has recommended that enforcement agencies and regulators identify and conduct an inquiry against Indian companies having subsidiaries in tax havens such as Delaware (US), Luxembourg, Panama, Mauritius and ... ...

RBI LoU ban: Banks, borrowers seek clarity on alternative loan instruments

3 months ago
The RBI LoU ban follows the discovery of a $2 billion PNB fraud, perpetrated by Nirav Modi and Mehul Choksi by using fake letters of undertaking. Photo: . Mumbai: Confusion reigned as banks and borrowers tried to understand the implications of ... ...

PNB scam fallout: Exporters say banning LoUs no solution to banking mess

3 months ago
The Reserve Bank of India's (RBI's) decision to suspend Letters of Undertaking (LoUs) for importers cannot be treated as a solution for cleaning the trade finance system, exporters say. The move is expected to hit large exporting firms hard, they warn ... ...

RBI turns up heat on lenders after $2 billion loan fraud

3 months ago
The Reserve Bank of India has asked commercial lenders to provide it with details of all letters of undertaking a form of credit guarantee at the centre of an alleged $2 billion fraud issued by them in the past several years, according to four ... ...

ICICI Bank's Chanda Kochhar, Axis Bank's Shikha Sharma summoned in Mehul Choksi bank fraud case

3 months ago
The Serious Fraud Investigation Office (SFIO) of the Ministry of Corporate Affairs on Tuesday summoned the ICICI Bank CEO Chanda Kochhar and Axis Bank MD Shikha Sharma in relation to the probe in Mehul Choksi's Gitanjali Gems fraud. BSE has also sought ... ...

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