ECONOMY & NATION


IANS 20 February 2018
CBI teams on Tuesday continued their searches for the second day in a row at the Kanpur-based house and premises of Rotomac owner Vikram Kothari, involved in a multi-crore loan default case.   Informed sources said that mobile phones of all members of the Kothari family and even that...

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1. Your book “In the name of God” has returned to the best seller list thanks to the jeweller called Nirav Choksi, which is a combination of Nirav Modi and Mehul Choksi. It is uncanny. How did this happen?   Ravi Subramanian (RS): Oh, it was completely coincidental. Ever heard of a...

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IANS 19 February 2018
The arrested deputy manager of Punjab National Bank (PNB) has told investigators that he had unauthorisedly obtained Level-5 password to the SWIFT system to authorise issuance of money through Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs).   Shetty made the...

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IANS 19 February 2018
The Rotomac loan default case would touch Rs 3,695 crore,including interest, according to the Central Bureau of Investigation (CBI) officials who are looking into the case.   The CBI on Monday raided several locations in Kanpur in connection with the loan default by the Rotomac Pen...

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IANS 19 February 2018
The Maharashtra government on Monday cleared the decks for India's first individual aircraft maker Captain Amol Yadav to set up an indigenous factory for manufacturing 20-seater aircraft in Palghar in a Rs 35,000 crore project, an official said.   Yadav created waves in February 2016,...

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IANS 19 February 2018
The CBI on Monday sealed the Brady House Branch of the Punjab National Bank as multiple probe agencies continued with their probe into the Rs 11,515 crore fraud, according to officials.   The Central Bureau of Investigation pasted an official notice outside the branch in Fort -- the...

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IANS 19 February 2018
The CBI on Monday raided several locations in Kanpur in connection with a Rs 800 crore loan default by the Rotomac Pen company's chief Vikram Kothari, an official said.   Kothari is the chairman and MD at the Kanpur-based Rotomac Global Private Limited.   Coming close on the...

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IANS 19 February 2018
Following the unravelling of the USD1.8 billion Punjab National Bank (PNB) fraud, two senior officials of Gitanjali Gems -- Chandrakant Karkare and Pankhuri Warange -- resigned from the company, according to a regulatory filing with the stock exchanges on Monday.   The names of the...

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IANS 19 February 2018
The Enforcement Directorate (ED) on Monday conducted searches at over 40 more locations in several cities across India in connection with the multi-crore Punjab National Bank (PNB) scam, an official said.   The agency raided 10 places in Mumbai, six each in Ahmedabad and Bengaluru,...

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IANS 19 February 2018
Chennai, The Central government should remove the top management of the $1.8 billion fraud-hit Punjab National Bank (PNB) till the probe is completed, demanded a top banking employees union leader.   "It is not known at up to what level the management of PNB is involved in the scam....

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IANS 19 February 2018
New Delhi, The CBI has set up a team to examine balance sheets and electronic data of Gitanjali group of companies and its India-based 18 subsidiaries headed by Mehul C. Choksi who is accused along with diamond merchant Nirav Modi in the multi-crore Punjab National Bank (PNB) fraud, officials...

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IANS 19 February 2018
New Delhi, The CBI on Sunday questioned 11 Punjab National Bank (PNB) officials as well as Vipul Ambani, the Chief Financing Officer of diamond merchant Nirav Modi's Firestar Internationl company, in connection with the multi-crore bank fraud, an official said.   The agency also...

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IANS 17 February 2018
The Central Bureau of Investigation (CBI) has arrested Punjab National Bank's retired Deputy Manager, Gokulnath Shetty and two others in a multi-crore bank fraud case, officials said on Saturday.   "CBI has Shetty, Single Window Operator Manoj Kharat and authorised signatory of the...

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IANS 17 February 2018
The Supreme Court on Friday asked Chennai-based Omshakthy Agencies (Madras) to deposit Rs 90 crore - a part of Rs 400 crore deal - it has entered into with crisis- ridden real estate major Unitech for the purchase of its property.   Asking Omshakthy Agencies' Managing Director...

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IANS 17 February 2018
The Reserve Bank of India (RBI) on Friday denied having sent any instruction to Punjab National Bank (PNB), which detected a $1.8 billion fraud, to meet its commitments under the Letter of Undertaking (LOU) to other banks.   "There have been reports in the media that in the wake of...

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IANS 17 February 2018
The CBI on Friday registered fresh FIRs against 10 directors of the Gitanjali Group of companies based on a complaint registered by the Punjab National Bank in a multi-crore fraud case and questioned four bank officials in connection with the case, an official said.   The FIR has also...

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Moneylife Digital Team 17 February 2018
After making several efforts citing new reason every time, Pune-based builder DS Kulkarni and his wife Hemanti were arrested by the Economic Offences Wing (EOW) of Pune Police. The couple was arrested at around 5am on Saturday from a hotel from New Delhi, following withdrawal of their...

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Moneylife Digital Team 16 February 2018
The Bombay High Court, in an advanced hearing of anticipatory bail application of DS Kulkarni (DSK) and his wife Hemanti, on Friday cancelled the interim protection from arrest given to the Kulkarnis. While directing DSK to submit his passport, the Court said Police are free to take any...

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Moneylife Digital Team 16 February 2018
Markets regulator Securities and Exchange Board of India (SEBI) and bourses have launched a probe into trading and disclosure related issues in the matter of Punjab National Bank (PNB) and Gitanjali Gems in connection with the over Rs11,300 crore fraud case. Meanwhile the Central Bureau of...

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IANS 16 February 2018
Two days after the USD1.8 billion fraud in Punjab National Bank (PNB) was disclose, industry chambers on Friday condemned the incident criticising the functioning of public sector banks.   "Alleged fraudulent transactions worth Rs 11,300 crore from a single branch of the Punjab...

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