Investigators launched raids across Mumbai and New Delhi, targeting offices and homes linked to Nirav Modi, a billionaire jeweller and diamond merchant the bank has accused of being at the centre of the fraud. As many as 9 properties raided, stocks of Gold, Diamond & precious Stones worth Rs 5100 crore seized.
"Asset quality review (AQR) was initiated in 2015 which since has resulted in NPAs of banks rising to Rs 7.33 lakh crore in March 2017, as against Rs 2.78 lakh crore in March 2015", the official added. Based on these transactions, done by his brother Nishal, wife Ami and Mehul Chinubhai Choksi, other banks appear to have advanced money to these customers overseas.
The Enforcement Directorate today conducted multiple searches in connection with a Rs 280 crore money laundering case against the designer and others following a complaint by PNB.
Punjab National Bank, India's second-largest state-run lender, said on Thursday it has the capability and capacity to recover after uncovering a staggering $1.77 billion fraud at one of its branches that went undetected for years. When banks issue LoUs for a client (Nirav Modi in this case), they agree to repay the principal and interest on the client's loan unconditionally.
Led by Rahul Gandhi, the Congress accused the Modi Government of facilitating the escape of Nirav Modi and his family members out of the country. It has also asked the Enforcement Directorate (ED), which investigates frauds involving foreign currency and transactions, to probe the matter.
State-owned Punjab National Bank said in a Wednesday statement that the "fraudulent and unauthorized transactions" had been discovered in January in a single Mumbai bank branch "for the benefit of a few select account holders with their apparent connivance".
The employees are under investigation, CEO Sunil Mehta said at a press conference.
"I wish to make it very clear and this I can also convey on the behalf of the govt that no shall be spared in the banking system who has sought to derail ordinary banking system to help Nirav Modi", Prasad told media. Forbes now ranks him as India's 85th richest man with a net worth of $1.74 billion.
PNB also said it had requested Hong Kong branches of two other Indian banks - Allahabad Bank and Axis Bank to provide it with documents and communications with the borrowers.
The bank records showed there was no such arrangement between the three firms and PNB.
The banks had been forced to relax norms for big borrowers, who had been exempted from scrutinies. According to Mehta, the fraud was detected by a new team at the branch after Modi's companies came in for a renewal of the letter of credit on January 25, 2018. "Nirav Modi had arrived in Davos on his own and was present at CII group photo event", claimed Prasad.
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Mukilteo School District spokesperson Andy Muntz told the paper, "We are really grateful to the grandmother ". "I can't wait. However, public defender Rachel Forde stated the possession of the rifle and grenade shells fell under a legal domain.
Rousey made her WWE debut after the first-ever women's Royal Rumble match at the 2018 Royal Rumble in January. Plus, two best friends collide as Bayley and Sasha Banks face off one-on-one in the Hugger's own hometown.
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Germany's Natalie Geisenberger took home the gold medal once the competition resume, while American Erin Hamlin finished sixth. The American lost control midway through her run and proceeded to bounce off the walls in terrifying fashion.
But Broward County School District Superintendent Robert Runcie said he did not know of any threats posed by Cruz to the school. Students who knew him described a volatile teenager whose unusual behavior had caused others to end friendships with him.
He said Iran should withdraw its forces and militias from Syria, where Tehran backs President Bashar al-Assad. It also underlined the need to commit to the Geneva peace talks and "de-escalation" zones agreements.
However, the U.S. provided Iraq with over $600 million in humanitarian funding for the fiscal year of 2017, according to U.S. Iraqi forces, aided by Iranian-backed Shiite militias and a USA -led coalition, recaptured the city in July 2017.
Donald Trump "vehemently denies" paying porn star to "keep hidden encounter quiet" but his lawyer , Michael Cohen, admitted to it. Clifford, and neither reimbursed me for the payment, either directly or indirectly", Cohen told the Times.
At the bottom of the screen, you will see the usual options, like Photo/Video, Tag Friends, Check In, Go Live, etc". The new feature allows users to create customisable lists and post them to their news feed was launched on Tuesday.
Around 138,000 houses and flats have been damaged, with half of them completely destroyed. The Kuwaiti emir, Sabah Al Ahmad, spoke on Wednesday about the difficulty Iraq faces.
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Bennight wasn't the only one who knew something was off with Cruz, who was expelled from his school past year . This cousin was asked 'Who did he live with? "It's appalling", Representative Mike Thompson told reporters.
New Zealand beats England by 12 runs: Tri-series
Another early wicket was elusive then and New Zealand's two best players were able to take the game away from the tourists. England captain Buttler said: "It was maybe ten to 15 runs too many. and we didn't bowl as well as we could have".
Nokia 8 starts receiving stable Android 8.1 Oreo update
The Nokia 1 is seen to sport a single rear camera, while the Nokia 7 Plus is shown to have a dual rear camera setup. Nokia certainly made a splash previous year with killer sales of its latest Android-powered smartphones.
Airplane evacuated at John Wayne airport with smoke showing
Several waves of snow fell on Chicago, including a storm on Friday that dumped as much as a foot of snow in western areas. Monday, 13 flights were canceled at Midway in total, with delays averaging less than 15 minutes, officials said.
South Africa's ruling party could replace Zuma on Thursday
The ANC's caucus is sitting at 10:00 on Wednesday following the NEC's announcement that President Jacob Zuma is to be recalled. Although it would be painful for the ANC to back an opposition motion, the ruling party may have little choice.