News Punjab National Bank reports major fraud - of Rs. 11,360 crore - in its Breach Candy branch in #Mumbai #PNB

PNB fraud: NCLT bars over 60 entities from selling assets

Amid the ongoing multi-agency probe into the Rs 12,700 crore Punjab National Bank scam, the NCLT has restrained more than 60 entities, including Nirav Modi, Mehul Choksi, various individuals, companies and limited liability partnership firms, from selling their assets.

The National Company Law Tribunal (NCLT) have passed the directions against Nirav Modi and Mehul Choksi, the alleged main perpetrators of the fraud, as well as their firms and relatives, among other entities, as per a public announcement by the corporate affairs ministry.

The ex-parte order was passed on a petition filed by the ministry under various sections of the Companies Act, 2013.

The ministry moved the petition under various provisions such as section 221, which pertains to freezing of assets of company on inquiry and investigation, and section 222 that relates to imposition of restrictions upon securities.

It has been passed against 64 entities that includes Nirav Modi, Mehul Choksi, few individuals related to the Punjab National Bank, various companies and limited liability partnerships.

Gitanjali Gems, Gilli India, Nakshatra Brands and Firestar Diamond are among the barred companies, while partnership firms include Solar Exports and Stellar Diamond.

According to the ministry, the petition came up for urgent hearing before the Mumbai bench of the NCLT on February 23 and that an ex-parte order was passed.

There is an injunction against these entities from "removal, transfer or disposal of funds, assets and properties" till further order, according to the announcement.

The NCLT has posted the matter for further hearing on March 26 when the entities concerned have been asked to present before the tribunal.

As per the public announcement, in case the entities fail to appear on that day, then the matter would be heard ex-parte.

Apart from the CBI and the Enforcement Directorate, the Serious Fraud Investigation Office (SFIO) under the ministry is also probing the matter.

Last month, sources had said the ministry has ordered the SFIO to investigate around 110 companies, including some listed ones, and about 10 LLPs linked to Modi and Choksi.

The estimated Rs 12,700 crore fraud was perpetrated by way of fraudulent Letter of Undertakings (LoUs) in connivance with some bank employees.

PNB fraud: NCLT bars over 60 entities from selling assets
 
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ED gets details of Nirav Modi's foreign bank accounts, explores legal options to seize money

More trouble awaits Nirav Modi, who is absconding ever since the Rs 12,600 crore scam was uncovered, as a few foreign banks share details of his bank accounts with the Enforcement Directorate (ED).

While ED is expecting to receive more details on Nirav Modi's other foreign bank accounts soon, the agency is also exploring every legal option to seize the money Modi is holding in those accounts. However, ED is tight-lipped about the amount Nirav Modi is holding.

ED has also prepared a detailed report on Nirav Modi and Mehul Choksi. The report has been shared with Financial Intelligence Unit (FIU) in order to tighten the noose around both them.

This crackdown may force Nirav Modi and Mehul Choksi to appear before the Indian agencies. Till now, Modi in his replies to CBI and ED has bluntly said that he will not return to India.

Earlier, ED had approached a Mumbai court, seeking issuance of Letters Rogatory (LRs) for obtaining information about Nirav Modi'soverseas businesses and assets.
"It is an application for issuance of LR under the Prevention of Money Laundering Act (PMLA) for recovery/seizure of proceeds of crime and collection of documents, evidence lying in Hong Kong, USA, UK, UAE, South Africa and Singapore, which are required in connection with the investigation," ED had said in its plea before the PMLA (Prevention of Money Laundering Act) court, which the court accepted.

In connection with the case, ED conducted raids across India where itseized properties worth more than Rs 7,500 crore, which includes diamonds, jewellery, offices, residents, plots, cars, and imported watches.

ED gets details of Nirav Modi's foreign bank accounts, explores legal options to seize money
 
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ED gets details of Nirav Modi's foreign bank accounts, explores legal options to seize money

More trouble awaits Nirav Modi, who is absconding ever since the Rs 12,600 crore scam was uncovered, as a few foreign banks share details of his bank accounts with the Enforcement Directorate (ED).

While ED is expecting to receive more details on Nirav Modi's other foreign bank accounts soon, the agency is also exploring every legal option to seize the money Modi is holding in those accounts. However, ED is tight-lipped about the amount Nirav Modiis holding.

ED has also prepared a detailed report on Nirav Modi and Mehul Choksi. The report has been shared with Financial Intelligence Unit (FIU) in order to tighten the noose around both them.

This crackdown may force Nirav Modi and Mehul Choksi to appear before the Indian agencies. Till now, Modi in his replies to CBI and ED has bluntly said that he will not return to India.

Earlier, ED had approached a Mumbai court, seeking issuance of Letters Rogatory (LRs) for obtaining information about Nirav Modi'soverseas businesses and assets.
"It is an application for issuance of LR under the Prevention of Money Laundering Act (PMLA) for recovery/seizure of proceeds of crime and collection of documents, evidence lying in Hong Kong, USA, UK, UAE, South Africa and Singapore, which are required in connection with the investigation," ED had said in its plea before the PMLA (Prevention of Money Laundering Act) court, which the court accepted.

In connection with the case, ED conducted raids across India where itseized properties worth more than Rs 7,500 crore, which includes diamonds, jewellery, offices, residents, plots, cars, and imported watches.

ED gets details of Nirav Modi's foreign bank accounts, explores legal options to seize money

LOL...thats hogwash. Nirav has filed for Bankruptcy and that means his personal assets are safe. I suspect only 20-25% of the money will be recovered.
 
ICICI Bank's Chanda Kochhar, Axis Boss Shikha Sharma Summoned By Anti-Fraud Agency In Bank Fraud Case

ICICI Bank chief Chanda Kochhar and Axis Bank's Shikha Sharma have been summoned by the anti-fraud agency, SFIO, in a bank fraud case.

Sources said the two top bank executives of private banks had been called in context of the probe in credit extended to Mehul Choksi's Gitanjali Group by a bank consortium.

Ms Kochhar is the chief executive officer of ICICI bank and Ms Sharma, heads Axis Bank.

ICICI Bank led a consortium of 31 banks that lent money to the Gitanjali Group. Sources indicate the senior officials are only being questioned for clarifications and not as accused in the fraud case.

ICICI Bank had earlier underlined that the private bank did not have any exposure to Nirav Modi group of companies but the bank was only lending working capital to the group along with several other banks.

The CBI also had earlier questioned ICICI Bank Executive Director NS Kanan as part of its probe.

shikha-sharma-axis-bank-650-400_650x400_81491898094.jpg

Axis Bank chief executive officer Shikha Sharma is among the top bank officials called by the SFIO.

Nearly 20 people have been arrested in bank fraud cases linked to celebrity diamond designer Nirav Modi and his uncle Mehul Choksi by the CBI over the last one month in the Punjab National Bank fraud case.

The SFIO, the investigating arm of the Corporate Affairs Ministry to probe corporate frauds, is one of the half a dozen central agencies that are probing the bank fraud including the CBI and the Enforcement Directorate, or ED.

The Enforcement Directorate is looking into allegations that the bank funds were laundered and used to create illegal assets and black money. It had earlier summoned top serving and former officials of Punjab National Bank.

According to news agency PTI, the Serious Fraud Investigation Office has approached other lenders which have exposure to the firms promoted by Nirav Modi and Mehul Choksi.

The SFIO is said to have asked senior executives from the 31 banks who have done business dealings with the firms promoted by Modi and Choksi to be present at its office in the financial capital, the news agency added.
ICICI Bank's Chanda Kochhar, Axis Boss Shikha Sharma Summoned By Anti-Fraud Agency In Bank Fraud Case
 
CBI arrests Gitanjali VP, dubs him 'brain behind PNB fraud'

MUMBAI: The CBI on Tuesday arrested the 48-year-old vice president of the Gitanjali Group of Companies in the alleged Rs 12,600 crore Punjab National Bank (PNB) fraud case. During his remand hearing before the special CBI court later in the day, the investigating agency dubbed the accused Vipul Chitalia the "main protagonist of the fraud" and "brain behind the conspiracy" alongwith chairman and managing director, Mehul Choksi. Special judge SR Tamboli sent Chitalia to CBI custody until March 17.


Chitalia is the 19th accused to be arrested in the case. The CBI has registered two separate FIRs in the fraud and most of the accused are common in both the instances. The first FIR is against Nirav Modi, his wife Ami, brother Nishal and uncle Mehul Choksi along with others. The second FIR focused on Mehul Choksi, Gitanjali Gems and others.

The CBI told the court that the defrauding in the Choksi related matter which was initially pegged at Rs 4,886 crore finally amounted to Rs 6,138 crore on February 22 after the PNB made an additional complaint where it alleged that the fraud with the respect to the Foreign Letter of Credit (FLC) had increased by another 1,251 crore.

Chitalia was intercepted by the immigration authorities at Mumbai airport following his arrival from Bangkok on Tuesday morning after which he was handed over to the CBI. A Look Out Circular (LOC) was issued earlier against Chitalia, Choksi and others. The CBI said that Chitalia had gone to Bangkok on January 26.

During the remand hearing on Tuesday, CBI special prosecutor A Limosin told the court that Chitalia was directly reporting to Choksi and was an authorized signatory of the company.

https://timesofindia.indiatimes.com/india/cbi-arrests-gitanjali-vp-dubs-him-brain-behind-pnb-fraud/articleshow/63193876.cms
 
Nirav and Choksi had planned this loot to the last T. They took dual citizenship for this very reason and had two passports. India revoked their passport but they remain citizen of that other country and so this whole thing will reach a dead end. You can't freeze their accounts or ask for their extradition.
 
PNB fraud accused Nirav Modi no longer part of India’s billionaire club in Forbes list
Diamond trader Nirav Modi, accused of pulling off the country’s biggest bank fraud, is no longer a part of India’s billionaires club.
Modi, who had featured in Forbes’ 2017 rich list with a fortune of $1.8 billion, could not make the cut in this year’s rankings.

“Nirav Modi is among the drop-offs from this year’s the list, along with Papa John’s Pizza founder John Schnatter, Christoffel Wiese of South Africa, and Saudi Arabia’s Prince Alwaleed Bin Talal Al Saud,” Forbes said.

Forbes said India’s billionaire count has increased over last year.

According to Forbes, India is home to 119 billionaires, 18 more than last year and the total net worth of this elite club is $440.1 billion, a rise of $114.6 billion over the year ago period.

This year’s list consists of 2,043 of the richest people in the world. The combined net worth of this elite group is a whopping $9.1 trillion, up 18% since last year.

Forbes’ website describes Modi as the founder of Firestar Diamond, “which claimed to have more than $2 billion in sales. He later launched his own Nirav Modi brand with 14 stores in such locations as Mumbai, Hong Kong, London, Macau and New York”.

It further noted that “diamond jewellery designer Nirav Modi was accused in February by state-owned Punjab National Bank of perpetrating a $1.8 billion fraud. He reportedly left India in January; India’s Central Bureau of Investigation is asking Interpol to help locate him”.

Modi reportedly said his companies owed much less and denied the fraud charges, it added.

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 of over Rs 12,000 crore, with the purported involvement of a few employees of the bank.

The CBI and the ED have registered FIRs to probe the case and intensified the crackdown on 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 fraud accused Nirav Modi no longer part of India’s billionaire club in Forbes list | india news | Hindustan Times
 
what an achievement by Modi and jai-Italyji. Who cares for forbes list when you have bank accounts filled with billions. AND a foreign passport as icing on the cake. How is it that since 2015 people wrote to PMO and PMO did nothing to even check on the complaints or restrict their travel? so much so they did not even know that these guys had multiple passports? It is the Quattrochi moment of BJP. Let me see who denies it and the fault lies at the door steps of PMO.
 
And we had people from Lutyens Media hooting for him for second term calling him an outstanding RBI Governor. I had objected to it at that time also and see I have been proven correct yet again.
 
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And we had people from Lutyens Media hooting for him for second term calling him an outstanding RBI Governor. I had objected to it at that time also and see I have been proven correct yet again.
Under the so called Rockstar governer, my home loan interest went up from 9% to 12%. So for my 45 lakhs loan, net increase in interest outflow went up by 1.35 lakhs per annum or 11k per month!! And that gentleman was busy preaching Dosanomics while middle class was bleeding from the double whammy of double digit inflation and rising interest rate !!
 
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Under the so called Rockstar governer, my home loan interest went up from 9% to 12%. So for my 45 lakhs loan, net increase in interest outflow went up by 1.35 lakhs per annum or 11k per month!! And that gentleman was busy preaching Dosanomics while middle class was bleeding from the double whammy of double digit inflation and rising interest rate !!
He came to India from IMF and has gone back there after completing his job of sabotaging Indian economy. USA and west already have serious problems with China's rise and if Indian economy had grown at the same pace, these Europeans and Americans would have been relegated to being nobody. In comes Rajan the traitor of this nation sent across by Vatican. He sabotages our economy and pushes back our growth by about a decade. Now where are we? We could have been dancing with the dragon today and together we could have been creating a new world with Russian weapons Tech. Insread we have become a pawn in the US+Europe game to fight China on their behest.
I am against the deputy of Rajan called Urjit Patel who too is a traitor mentored by Jai-Italyji. They are not lowering the interest rates or CRR by citing inflation and they have allowed fuel prices to breach even the levels of 2009 when crude was at $147/brl. Don't we all know how fuel prices have a direct effect on inflation. Why have they not brought it under GST with may be a cess? Urjit Patel is RBI governor only becoz of Jai-Italyji. This men shud have been sent for NARCO test to get his real motive out of him of sabotaging Indian Economic Growth. Mind you, this is not the first time I have written it. I have been very open about it even on previous forum.
 
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Cross Post:

ChidambaramExpose - ED tells court: 1)PC suppressed info, red flags & gave FIPB clearance in violation of law 2)Larger conspiracy in this-Karti received ₹1cr plus quid pro quo days after clearance 3) Digital records, Testimonies available 4)Next step CBI must probe Chidambaram:

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