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Feb 19, 2018 01:08 PM IST | Source: Moneycontrol.com
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highlights
Recap of the case
CBI seals PNB's Brady House branch in Mumbai where the transactions took place, according to ANI.
JUST IN| The government doubts RBI's current fraud prevention framework and has asked RBI to check the efficiency Of the process and systems to detect fraud. The government has questioned the central bank as to why and how the PNB was not detected by their system. They also wrote to the RBI flagging doubts over supervisory lapses in the fraud case, sources told NewsRise.
ED raids underway at 5 locations; 3 locations in Surat, 1 in Delhi and Nirav Modi's Mumbai residence, 2 locations in Pune, 3 in Thane and 1 in Aurangabad: ANI
ED Director Karnal Singh rushes to Mumbai to take over the probe in the PNB fraud case, reports CNN-News18.
Nirav Modi's lawyer in PNB Scam represented the 2G accused Too: Report
The prime accused in the Punjab National Bank fraud, Nirav Modi, is going to be represented in court by an advocate used to high profile cases.
According to CNN-News18, Advocate Vijay Aggarwal has represented a number of accused persons in the 2G spectrum allocation scam case. He has represented former Orissa High Court judge, IM Quddussi, who had moved a Delhi court to seek a probe into the alleged leak of certain phone conversations.
Government to tighten noose further on Cracking down On financial frauds. They are looking into issuing advisory To PSBs as banking regulator on supervision of audit lapses, reports CNBC-TV18. The sources also told the TV channel that the CVC is taking a review of all the involved agencies. Sources also said that the banks are being questioned on the 290-day credit cycle against the norm Of 90 Days for LoUs.
ED searches continue at 35 locations, reports CNN-News18.
"There is no accountability Of auditors Of PSU Banks" and they are to review PSU Banks' Autonomy on the auditor's appointment," a government official told Cogencis.
JUST IN| Krishnan Sangameswaran resigns as Non-Executive Director, according to CNBC-TV18. The firm's CFO and Company Secretary resigned earlier today.
JUST IN| Gitanjali Gems CFO has also resigned, according to CNN-News18.
How the likes of Modi from gems and jewellery sector are unable to teach a lesson to public sector banks?
This Nirav Modi-chase last week was a déjà vu, except for different names and faces such as Vijay Mallya and Jatin Mehta.
Top PNB officials reach CVC office in Delhi, according to reports.
CBI summons top Nirav Modi executives for questioning, reports CNN-News18. More details awaited.
CVC advises to transfer of all staff (who have completed 3 years in the same branch) and clerical staff (who have completed 5 years in the same branch), reports CNN-News18.
CBI took complete control of the branch on Sunday and will take charge today as well. The CBI officials are going through all the files and details. The CBI will also question the employees today as it is a bank holiday in Maharashtra. The probe is likely to finish today so that the public does not face any inconvenience, reports CNN-News18.
CBI is currently interrogating PNB officials. More PNB fraudsters used swift transfer system, CBI tells CNN-News18. The TV channel also reports that Central Vigilance Commissioner KV Chowdhary will meet scam-hit Punjab National Bank’s (PNB) Chief Executive Officer Sunil Mehta and the Chief Vigilance Officer on Monday. The channel reports that Finance Ministry officials will also attend the meeting in New Delhi today.
Central Vigilance Commissioner to Meet Bank's CEO, CVO Seeking Explanations: Report
Central Vigilance Commissioner KV Chowdhary will meet scam-hit Punjab National Bank’s (PNB) Chief Executive Officer Sunil Mehta and the Chief Vigilance Officer on Monday to seek an explanation on the ₹11,360 crore fraud involving jewellery designer Nirav Modi, his relative and business partner Mehul Choksi and others. The CVC will also be meeting top-ranking officials of the CBI on Monday.
The meeting in Delhi will also be attended by senior Finance Ministry officials and representatives of the Reserve Bank of India (RBI), sources told CNN-News18.
What is SWIFT technology and how is it connected to PNB fraud?
As the over Rs 11,000-crore Punjab National Bank fraud unfolds, the underlying technology that enabled the money transfer has been in the limelight.
Read our explainer here
Recap of the PNB fraud case
- Over Rs 11,400 crore was siphoned by using the LoU method. Bank officials and major diamond merchant Nirav Modi and his accomplices were involved in this case. The bank officials issued the letters to the concerned persons who approached them. The fraud started in 2010, and was detected in 25 January 2018, according to PNB's MD and CEO Sunil Mehta.
- ED is still conducting raids at Gitanjali stores across the country. Income Tax department is believed to have has frozen 32 accounts of Gitanjali and seized a building in Jaipur.
- MEA has suspended the validity of Nirav Modi and business partner Mehul Choksi's passports for four weeks. The authorities have also flagged the INTERPOL and issued a diffusion notice to the parties.
- CBI arrested three PNB officials - Gokulnath Shetty, Manoj Kharat and Hemant Bhat. They will be in police custody till March 3.
- CBI sources told Moneycontrol's Tarun Sharma that PNB and RBI officials are under the scanner.
- Nirav Modi, the man behind the scam, is believed to have been spotted in New York, according to reports. Reports also suggest that the family is involved in the scam.
- Sources told CNN-News18 that Congress will demand a joint parliamentary committee probe against the fraud case after discussing with opposition parties.
Hello and good morning! With the ongoing Rs 11,400-crore PNB fraud case, this blog will keep you posted on one of the biggest banking frauds in the history.