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Feb 17, 2018 12:13 PM IST | Source: Moneycontrol.com
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highlights
JUST IN | CBI has arrested Gokulnath Shetty then Deputy Manager (now Retd) Punjab National Bank and Manoj kharat, SWO (single window operator) PNB and Hemant Bhat, Authorised Signatory of the Nirav Modi Group of Firms. They will be produced today before CBI special court Mumbai, reports ANI.
JUST IN | CBI has arrested Gokulnath Shetty then Deputy Manager (now Retd) Punjab National Bank and Manoj kharat, SWO (single window operator) PNB and Hemant Bhat, Authorised Signatory of the Nirav Modi Group of Firms. They will be produced today before CBI special court Mumbai, reports ANI.
Gokulnath Shetty's arrest is the first arrests in Rs 11,400 crore PNB fraud case.
Traders in Antwerp, Belgium distance themselves from Nirav Modi, reports CNBC TV-18.
Finance Ministry of India has submitted an action report to the Prime Minister, reports CNBC TV-18.
COMMENT-From PNB to Mallya to farm income, India enables corruption
Last week most market watchers were left stunned with wide-mouthed amazement. Two developments almost ripped apart the government’s claims that it was determined to unearth black money.
One was, obviously, the Punjab National Bank scandal involving some Rs.11,400 crore. The Enforcement Directorate (ED) has issued summons for appearance to billionaire diamond merchant Nirav Modi and his business partner Mehul Choksi in connection with its money laundering probe.
The ED notice is laughable because a similar ED notice was issued in the case of liquor baron Vijay Mallya as well. And everyone knows how far that notice has reached.
Read the full report here.
PNB scam of Rs 11,400 cr raises questions on systemic risks and audit processes in the country
The Rs 11,400 crore banking fraud unearthed at Punjab National Bank on Wednesday has raised glaring concerns on the irregularities and lacunae in Indian auditing and banking systems.
Experts say that there are concerns around the auditing standards given that PNB could not detect an unauthorised transaction that bypassed core banking solutions and fraudulently issued letters understakings (LoUs) to a borrower for almost seven years.
A former Reserve Bank of India official said, “Of course, auditors should be responsible for it, especially the internal and concurrent auditors. Auditors always do audits based on what the banks present to them. But often given the way risks are increasing, they have to be more careful.”
Read the full report here.
Allahabad Bank discloses Rs 2,000 crore exposure in PNB fraud
Allahabad Bank has an exposure of around Rs 2,000 crore by way of Letter of Undertakings issued by Punjab National Bank to Nirav Modi, the billionaire diamond merchant in the centre of a Rs 11,400-crore fraud.
"We have an exposure of around Rs 2,000 crore in the fraud detected by PNB two days back," a source in Allahabad Bank told PTI.
PNB has said that group companies of Nirav Modi and his relative Mehul Chokshi's Gitanjali Gems in collusion with two of their officials from its Brady House Mumbai branch, were fraudulently receiving LoUs since 2011.