Punjab National Bank Managing Director Sunil Mehta was asked by media on Thursday on why it took so long for his bank to detect a fraud of such magnitude - Rs 11,400 crores - looted by jewellers, including billionaire Nirav Nodi, since 2011. ED sources have told the news portal that Modi is in Switzerland. Modi's rise has been phenomenal and clearly protected as the huge fraud involving taxpapers money in PNB demonstrates.
In a stinging attack, Congress dubbed Nirav Modi as the "Chhota Modi' and flashed a group photograph of him and other Indian businessmen with the prime minister during the recent World Economic Forum meeting in Davos in January".
It is learnt Nirav Modi left the country on January 1.
Second judge rules against Trump administration on ending DACA
Shortly after that order, the Trump administration formally asked the Supreme Court to review the lower court's decision. Since the September announcement, the US Department of Homeland Security has stopped accepting new applications.
Nirav Modi was booked by the CBI, along with wife, brother and business partner Mehul Choksi on 31 January, for allegedly cheating the state-run Punjab National Bank to the tune of Rs280 crore. The second most active stock having traded hands of 16.36 Lakh times is Bank of Baroda.
However, PNB has not revealed the name of the people who are involved but said it had reported the deals to law enforcement agencies and would evaluate later whether it faces any liability arising out of the transactions. "The bank initiated criminal action against our staff member". That was in January 29, by which time Modi had fled the country with his entire family. He met PM and posed for photographs with him in Davos a week before the FIR and now the subsequent raids. The primary name is that of Nirav Modi who is listed as a partner in M/s Diamond R USA, M/s Solar Exports and M/s Stellar Diamonds. He has offered to return Rs 5000 crores it is learnt.
The Enforcement Directorate has conducted raid in celebrity jeweller Nirav Modi's Mumbai Office on Thursday.
Apple overhauls software development approach to fix iOS bugs
That means it's time to stop being used to Apple updating its software like clockwork, on an annual or semi-annual basis. Universal apps that work across iPhone, iPad and Mac are also set to arrive with iOS 12 , according to past rumours.
If he doesn't though, PNB is ultimately on the hook as the issuer bank - with other banks like Allahabad Bank having raised a repayment demand through the fraudulently-issued guarantees issued by former PNB officials. iI is now unclear how much Nirav Modi plans on paying back. The employees, to avoid detection made no entries in the banking system transmitted SWIFT instructions to the overseas branches to raise buyer's credit.
Indian banks, including PNB, have been stung by a surge in bad loans in the past four years, choking lending growth vital to accelerate the pace of expansion in Asia's third-largest economy.
He added that rest of the details will be given after the investigation is completed. The stock has lost entire gains that it incurred post recapitalisation plan announced in October past year. With not a penny recovered since.
Why the U.S. can't afford to cede control of Syria
The visit came after the weekend's incident, in which an Iranian drone was detected over Israeli airspace in the Golan Heights. Iran's relations with neighboring and regional states have always been based on interaction and collaborations, he added.
On this 15 February, the Central Bureau of Investigation had received two fresh complaints from PNB against Modi when jewelry company alleging fraudulent transactions worth of the Rs 11,400 crore.
- Bickering Cavs blown apart in National Basketball Association
- Canada wins first gold medal of the 2018 Olympic Winter Games
- Winter Olympics: USA's Jamie Anderson Wins Gold In Snowboard Slopestyle
- CDC influenza surveillance data confirms severity of flu season
- Arsenal's Lacazette Out For 6 Weeks With Knee Injury
- Tiger Woods talks return to Genesis Open: 'It's winning time'
- Secular, sacred collide as Valentine's Day falls on Ash Wednesday
- Adam Rippon Shines in Olympic Debut
- Saskatchewan premier says government should discuss Indigenous jury representation
- Rohit, bowlers fire India to historic win