Fallout of PNB buying Audis for top bosses

The Centre has advised banks to make a 20 per cent reduction in expenditure related to non-core business activities, along with deferring “avoidable expenditure” on “purchase of staff cars”, “refurbishment of guest houses” and on the interior decoration of administrative and back offices. The Union government has asked state-owned banks to introduce a slew of […]


BPSL default: Punjab National Bank shares tank 11%

PNB said Bhushan Power & Steel Ltd. misappropriated bank funds and manipulated its books of accounts to raise funds from consortium lender banks Shares of Punjab National Bank on Monday tanked 11% after the bank detected a fraud of over ₹3,800 crore by Bhushan Power & Steel Ltd. (BPSL). The scrip plummeted 10.95% to close […]


UK court remands Nirav Modi till June 27

A UK court on Thursday extended till June 27 the remand of fugitive diamond merchant Nirav Modi, who is fighting his extradition to India in the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case. The 48-year-old has been lodged at Wandsworth prison in south-west London since his third attempt at […]


Nirav Modi to make another bail plea in UK court on May 8

His legal team, led by solicitor Anand Doobay, have previously offered one million pounds as security alongside an offer to meet stringent electronic tag restrictions on their client’s movements, “akin to house arrest”. Illustration: Dominic Xavier/Rediff.com Fugitive diamond merchant Nirav Modi would make another bail plea on May 8 at the UK court where he […]


Nirav Modi likely to seek bail again in London court

After being refused bail twice, diamantaire Nirav Modi is expected to seek bail again when the Westminster Magistrates Court takes up his case on Friday in a ‘case management hearing’ before the extradition trial begins later in the year. Modi, 48, is lodged in the Wandsworth prison in south-west London, from where he will appear […]


Nirav Modi’s defence team even used his pet dog in attempt to win bail

Clare Montgomery, Modi’s barrister, made a series of offers to try and convince the judge to grant bail. Illustration: Dominic Xavier/Rediff.com Fugitive diamond merchant Nirav Modi failed in his second attempt to get bail in his extradition case at the Westminster Magistrates’ Court in London despite his defence team trying hard to establish his close […]


Additional evidence against Nirav Modi submitted in UK court

Besides the passports, Modi also possesses multiple residency cards, some of them expired, but covering countries/regions such as the UAE, Singapore and Hong Kong. A new file with additional evidence against Nirav Modi was submitted in Westminster Magistrates Court on Friday ahead of the fugitive diamantaire’s appearance before a judge for his bail second application. […]


RBI slaps Rs 2 cr penalty on PNB for violating SWIFT norms

The RBI has slapped a penalty of Rs 2 crore on Punjab National Bank (PNB) for non-compliance of regulatory directions with regard to SWIFT operations, the state-run lender said Tuesday. SWIFT is a global messaging software used for transactions by financial entities. The massive Rs 14,000-crore fraud perpetrated by billionaire jeweller Nirav Modi and his […]


Mehul Choksi cites health for not coming to India

Fugitive diamantaire Mehul Choksi’s lawyer filed an application on Friday before the Prevention of Money Laundering Act (PMLA) court citing “medical reasons” for not returning to India to appear before it for his role in the multi-crore Punjab National Bank (PNB) fraud. Through his advocates, Mr. Choksi filed an application that says, “The court should […]