IndiaCatalog.com
India News
Search Web Directory
News Home
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. These LoUs were issued for making payment to overseas suppliers set up and controlled by Nirav Modi through dummy shareholders/directors, some of whom were former employees and interns of his two flagship companies, the investigation revealed.

The two flagship companies — Firestar International and Firestar Diamond International — have an exposure of over `4,000 crore from a consortium of banks.

The funds raised through LoUs were routed through various fictitious companies/entities for avoidance of detection and the ultimate beneficiary was Modi himself or entities related to him. These funds among other usage were used to inflate the financials of the group companies of Modi, the probe has found out.

The investigating agency is now examining whether some of the companies were mere shell companies incorporated for money laundering and camouflaging the beneficial ownership. “Investigation has revealed that Modi has set up a web of holding subsidiary structure, in India and overseas to run his businesses,” a source said.

According to sources, analysis of the financials of the flagship companies reveal numerous imports and exports from subsidiary companies set up by Modi in the US, Hong Kong, Belgium, the UAE and Israel. Some of the overseas entities are both suppliers and buyers, and there are possibilities that some of the companies may be shell companies, the SFIO reckons.

Meanwhile, of the 107 companies and seven limited liability partnerships (LLPs) linked to the Modi and Choksi groups with regard to the nearly Rs 12,700-crore PNB fraud, the SFIO has found that 40 companies and four LLPs are directly or indirectly connected with Modi, while 67 companies and three LLPs are directly or indirectly related to Choksi, sources said.

Of the said 40 companies connected with Modi, four companies were dissolved and converted into LLPs, which were not doing any business operation. One company was amalgamated into Firestar International in 2007. Around 13 companies have already been “struck off”, sources said. As many as 22 companies are “active” at present. Of these, 13 companies have either no business activities or minimal business activities.

Related Companies: Punjab National Bank   

Other Latest News
Mercator plans to restructure loans as losses mount
Posted on 17th June 2019
In view of its worsening financial condition, Mumbai-based Mercator Ltd is looking at restructuring its loans. The company's total liabilities at the end of the last financial year (FY) stood at Rs 2,370.86 crore, an increase of Rs 168.68 crore from a year ago.

Govt to send notices to top NBFCs over investor deposits
Posted on 17th June 2019
The Ministry of Corporate Affairs (MCA) will soon send notices to the country's top non-banking finance companies (NBFCs), including Dewan Housing Finance Ltd, Shriram Transport Finance Company and Mahindra & Mahindra Financial Services Company known as Mahindra Finance, over non-transfer of fixed deposit money of small investors to the government as mandated under the law, a person privy to the development said.

PM Modi pitches for structural reforms in agriculture to boost investment
Posted on 15th June 2019
With the farm sector facing headwinds, Prime Minister Narendra Modi on Saturday stressed upon the need for structural reforms in agriculture which would boost private investment, strengthen logistics and provide ample market support to farmers.

Delivering the opening address during the fifth Governing Council meeting of NITI Aayog, PM Modi said that the food processing sector should grow at a faster pace to benefit the farmers.


Importance of Bitcoin futures has been understated, JPMorgan says
Posted on 15th June 2019
Bitcoin futures may be more important than many in the market appreciate, according to JPMorgan Chase & Co.

Recent reports from cryptocurrency asset manager Bitwise and the Blockchain Transparency Institute indicate that only a small percentage of reported trading may be authentic.


Air India spreads its wings, plans flights for Bali, Nairobi and Toronto
Posted on 15th June 2019
Air India plans to launch services from Delhi to Bali, Nairobi and Toronto in the winter schedule as it looks to consolidate its position as the largest carrier on overseas routes from India.

Currently, there is no non-stop service from Delhi to Nairobi and Bali while Air Canada flies daily to Toronto. New services are being proposed as Air India expects the return of its seventeen grounded planes in service by October end.


» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for PNB branch issued unauthorised LoUs worth Rs 6,498 cr to three Nirav Modi firms, finds SFIO
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for PNB branch issued unauthorised LoUs worth Rs 6,498 cr to three Nirav Modi firms, finds SFIO

Most Read News

Private insurers continue strong growth in May, smaller ones gain more

L&T Construction bags large orders across various business segments

Wipro rolls out new solutions for aviation sector

Rupee rises 8 paise to 69.38 vs $ in early trade

Microsoft unveils Project Scarlett, the next-gen Xbox: All you need to know

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2019 IndiaCatalog.com
    All Rights Reserved
Privacy Statement