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CBI scrutinises India's largest law firm Cyril Amarchand in PNB fraud probe
Posted on 19th September 2018
India's largest law firm, Cyril Amarchand Mangaldas (CAM), is being scrutinized by federal agents after they seized documents related to the $2 billion fraud at state-run Punjab National Bank (PNB) from CAM's premises in February, a lawyer representing the government and a police source told Reuters.

PNB branch issued unauthorised LoUs worth Rs 6,498 cr to three Nirav Modi firms, finds SFIO
Posted on 14th September 2018
The Serious Fraud Investigation Office investigating companies linked to Nirav Modi has found that the three partnership firms controlled by him — Diamonds R US, Stellar Diamond and Solar Exports — had got issued unauthorisedly over 150 letters of undertaking (LoUs) aggregating to more than Rs 6,498 crore from the Brady House branch of Punjab National Bank, sources said.

Aftermath of Nirav Modi fraud: PNB recovers record Rs 11,378 in 5 months
Posted on 10th September 2018
Fraud-hit Punjab National Bank (PNB) recovered a record Rs11,378 crore from defaulters in the first five months of this fiscal, which is more than the state-run lender’s total recovery in the two years through 2017-18, according to the bank’s data.

Desperate to return to profitability and avoid featuring on the Reserve Bank of India’s watchlist after record losses last fiscal, mainly due to the Rs14,357-crore fraud involving jewellers Nirav Modi and Mehul Choksi, PNB has stepped up efforts to get back money from defaulters.

PNB eyes IBC route for Rs 6,000 crore power NPA recovery
Posted on 29th August 2018
New Delhi: Punjab National Bank, Ind­ia’s second largest lender, which has Rs 6,000 crore of power NPAs has decided to take the insolvency (IBC) ro­ute to resolve the issue, said an official.

It indicates that PNB will go for the NCLT route of recovery rather than debt restructuring with companies.

Posted on 27th August 2018
Liabilities of big willful defaulters of scam-hit Punjab National Bank (PNB) fell by 1.8 per cent to Rs 15,175 crore by July-end over the previous month, according the State-run bank’s data.

Big willful defaulters are those who took loans of over Rs 25 lakh from the bank.

Such borrowers had an outstanding of Rs 15,355 crore at end of June this year.

Mumbai: New scam of worth Rs 9.48 crore surfaces at Punjab National Bank
Posted on 20th August 2018
Yet another fraud of Rs 9.48 crore under the nose of the Brady House branch of the Punjab National Bank (PNB) has surfaced wherein the Central Bureau of Investigation (CBI) has accused unknown PNB officials.

The same branch has already been blotted for allegedly helping diamantaire Nirav Modi and Chairman & Managing Director of Gitanjali Group, Mehul Choksi in embezzling Rs 280 crore.

PNB to raise Rs 8,600 crore through asset sale in FY19
Posted on 9th August 2018
Punjab National Bank (PNB) expects to raise Rs 8,600 crore from sale of assets in 2018-2019, its managing director and chief executive officer Sunil Mehta said on Wednesday. “We have a small battery of non-core assets which will be unlocked. In the first quarter, we have done Rs 167 crore. We have a target of Rs 8,600 crore during the (current) financial year. It includes both investments as well as sale of real estate,” the MD& CEO said.

PNB posts Rs 940-crore loss in Q1
Posted on 8th August 2018
Punjab National Bank (PNB) on Tuesday reported a net loss of Rs 940 crore in the April-June period, its second straight quarterly loss, as it struggles to rebound from a Rs 14,357-crore fraud it had announced in February, involving jewellers Nirav Modi and Mehul Choksi.

PNB fraud case: US bankruptcy court summons Nirav Modi, two aides
Posted on 28th July 2018
The US bankruptcy court has asked Nirav Modi and two of his aides — Mihir Bhansali and Rakhi Bhansali — to appear before it after Punjab National Bank (PNB) and the Ministry of Corporate Affairs (MCA) filed petitions to this effect.

Mihir was head of the US arm of Firestar Diamond and Rakhi was a director in the firm. PNB and MCA had filed a petition to issue subpoena or witness summons in the court.

PNB fraud impact! Bank finance to jewellery sector drops by 10%, says report
Posted on 24th July 2018
Bank finance to the gem and jewellery sector has declined by at least 10 per cent, which will adversely impact exports, GJEPC cautioned in a report. The apex body of the gems and jewellery trade in its report today also estimated that the exports in the current fiscal year will see a drastic drop of 10 per cent.

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