21 more PNB fraud-related raids, property worth Rs 5674 cr seized

19 February, 2018, 07:32 | Author: Darnell Patrick
  • Shooting with India's biggest bank fraudster A personal account

"All the looted money has been taken out from the people's pocket and now PM Modi's friends and close companions are robbing the money from the banking sector", Rahul said.

The ED team members then searched the outlet and seized diamond studded jewellery worth around Rs 1 crore from the locker, the officials said.

In response, the ruling Bharatiya Janata Party said Nirav Modi was not part of the Indian delegation in Davos and he was part of was part of the Confederation of Indian Industry (The Hindu).

India's second largest PSU bank, PNB on February 14 said it had detected a Rs 11,400 crore scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders. ED had registered a PMLA case against them and others based on a CBI FIR based on PNB's complaint.

When the banking sector is busy counting its losses in one of the most enormous banking frauds, the law enforcement agencies, CBI and ED, have raided properties linked to diamantaire Nirav Modi and Mehul Choksi's Gitanjali Jewels. He argued before the court that instead of money going to foreign exporters, was transferred to Allahabad and Axis Bank at Hong Kong.

While the theories on how India's biggest banking scam was executed are abound, the CBI has reportedly indicated that Nirav Modi's associates had access to PNB's computers.

Eyes Wide Shut - The USD1.8 Billion PNB Fraud That Went Unnoticed

In a statement, he said: "Nirmala Sitharaman and her colleagues are liable to civil and criminal defamation for making ill considered, ignorant and patently false allegations".

The Enforcement Directorate (ED) on Sunday conducted raids at 45 locations across 15 cities in connection with the Punjab National Bank (PNB) fraud case involving businessman Nirav Modi. He further said that Adwait Holding owned a commercial property at Parel, which was rented by Firestone (Firestone Diamond) many years ago.

ED started raiding Nirav Modi's home, offices in Mumbai, Delhi and Surat on Thursday. Three companies of Mehul Choksi were named in this FIR, including Gitanjali Gems, Gili India and Nakshatra Brand Ltd. Mehul Choksi has also been mentioned as an accused.

The Central Bureau of Investigation (CBI) detained two employees of Punjab National Bank and an employee Nirav Modi's company.

PNB officials were also summoned, the report said, citing an official aware of the development. CVC is an apex governmental body to address governmental corruption.

"We asked the PNB management when the money went out of the core banking system of the bank, why was there no alarm", the banker said.


Recommended:

  • Canada win inaugural mixed doubles curling gold

    Canada win inaugural mixed doubles curling gold

    Although Russia is not officially competing in the Games in the wake of the nation's state-sponsored doping scandal ban . Anastasia Bryzgalova appearing on your Cornflakes box soon? Anastasia Bryzgalova '...why decline?'
    Stock Futures Signaled A Lower Open On Wall Street

    Stock Futures Signaled A Lower Open On Wall Street

    USA 10-year Treasury yields remained near 2.8312 percent, easing slightly back from Monday's four-year high of 2.9020 percent. According to LPL Financial, it was the swiftest move from a record high to a correction in the history of the S&P 500.
    Consensus Estimates and Trading Data for The New York Times Company

    Consensus Estimates and Trading Data for The New York Times Company

    The New York Times Company (NYT ) has demonstrated a 20-day simple moving average (SMA) of 2.03%, and a 50-day SMA of 11.99%. The New York Times Company on 9/29/2017 reported its EPS as $0.3 with the analysts projecting the EPS of the stock as $0.24.
  • Modi discusses bilateral cooperation, regional issues with Iranian President

    Modi discusses bilateral cooperation, regional issues with Iranian President

    We will get benefit if we buy from Iran. "For the longest of time, India and Iran have been learning from each other", Modi said. India committed up to $500 million for the development of Chabahar along with associated roads and rail lines.
    Aly Raisman shares powerful message in Sports Illustrated Swimsuit Issue photos

    Aly Raisman shares powerful message in Sports Illustrated Swimsuit Issue photos

    As you can see in the video above, Danielle Herrington is the newest cover model for Sports Illustrated's swimsuit issue . Herrington said she hopes to continue to inspire young black girls the way Banks inspired her.
    2 killed, 3 hurt in New Orleans shooting

    2 killed, 3 hurt in New Orleans shooting

    They watched the parades put on by Rex and Zulu as well as the truck parades that roll through the streets afterward. Police spokeswoman Ambria Washington said multiple suspects opened fire on a vehicle with five people inside.
  • Sally Field Pushing Her Son To Date Adam Rippon

    Sally Field Pushing Her Son To Date Adam Rippon

    After the Opening Ceremony at the Games, Rippon appeared in a photo posted to Instagram by slopestyle skier Gus Kenworthy. Greisman shared a text message between him and Field about Rippon and his mom said , "Sam... he's insanely pretty".
    Olympics: Shiffrin's Pyeongchang debut postponed because of high winds

    Olympics: Shiffrin's Pyeongchang debut postponed because of high winds

    Jansrud and Alexis Pinturault of France should contend. "It's a bummer that we're not able to race today", Shiffrin said. There's a chance star American skier Mikaela Shiffrin could have at least one of her events postponed.
    Xiaomi Redmi Note 5 Pro quick review, camera samples & photo gallery

    Xiaomi Redmi Note 5 Pro quick review, camera samples & photo gallery

    For the first time Xiaomi is also introducing the obligatory Face Unlock feature, marking the 5 Pro as a full-circle wannabe. On the connectivity front, the Mi TV 4 offers 3 HDMI ports , 1XUSB 3.0, 1X USB 2.0 ports, Bluetooth 4.0 and WiFi 802.11ac.
  • Lloyds Walks Away from Standard Life Contract

    Lloyds Walks Away from Standard Life Contract

    Shares in Standard Life Aberdeen dropped as much as 10% for a time after the announcement, before settling about 5% lower. Standard Life Aberdeen presently has an average rating of "Buy" and a consensus target price of GBX 477.50 ($6.60).
    Trump blocked from ending DACA by second judge

    Trump blocked from ending DACA by second judge

    That program granted the right to work and stay in the US without fear of deportation to about 700,000 young immigrants. Garaufis said the administration can "indisputably" end DACA but questioned its legal reasoning for doing so.
    NY state files lawsuit against Weinstein and Co

    NY state files lawsuit against Weinstein and Co

    Schneiderman says any sale of the company "must ensure that victims will be compensated" and that employees will be protected. Telephone and email messages seeking comment from Weinstein were not immediately returned.


Popular

PTI confirms Imran's third marriage to Bushra
In January, there were reports that Pakistani politician Imran Khan had married Bushra Maneka after news surfaced on social media. Mufti Saeed who was also nikah khawan of that marriage had not commented when asked about the ceremony of November 2015.

Long-Term Use Of Cleaning Products Causes Lung Problems, Study Says
A new study suggests household cleaning products might do as much damage to women's lungs as smoking cigarettes. But using cleaning products had no effect on men's lungs, research showed.

Zainab rape and murder case: Accused Imran Ali gets four death sentences
Her body was found on a trash heap on January 9 in the city of Kasur near Lahore , four days after she was reported missing. Earlier, police sources confirmed Imran, a neighbour of the girl, had confessed to his crime before an investigation team.

McDonald's to remove cheeseburger from Happy Meal menu, offer smaller fries
By June 2018, all Happy Meals will contain fewer than 600 calories and have less than 650 milligrams of sodium. The company says it is working to improve the nutrition of its food for both kids and adults around the world.

Pak Army chief in Kabul to attend military talks
U.S. officials estimate income from the illegal narcotics made from poppies funds 65 percent of Taliban-led insurgent activities. The army chiefs will also look at the region's burgeoning narcotics trade as Afghanistan hits record levels of poppy production.

Nokia 6 With 4GB RAM Launched in India at ₹16999
The f/2.0 aperture lenses and exclusive camera UI with automatic scene detection make it easy to take great shots every time. While it comes with the Dolby Atmos, the smartphone creates powerful moving audio that seems to flow all around users.

Rodrigo Duterte faces backlash for alleged misogynist comments
It was not the first time Duterte's comments have angered women's groups as he joked several times about rape . Just laugh", he told a pro-Duterte social media personality, adding that people "identify with his humour".

Real Madrid to rival Man Utd for Tottenham contract rebel
UNITED are reportedly monitoring Toby Alderwiereld's contract situation at Tottenham. Some of the recent transfer speculation involving Chelsea ...

Samsung Galaxy S9 Plus Benchmarked With Android 8.0, 6GB RAM
In terms of performance, you should note that the Snapdragon 845 processor is 25% faster compared to its predecessor. This year too the Galaxy S9 duo are expected to arrive in Exynos and Snapdragon SoC variants.

This record-breaking picture was taken from 6 billion km away
Kuiper Belt is a disc-shaped region beyond Neptune that extends from about 30 to 55 astronomical units from the Sun. When you're traveling through 700,000 miles (1.1 million kilometers) of space each day, nothing stands still.