20
Thursday
September 2018
5:59 PM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
National News
Indian Banks Association discusses PNB fraud
 
(Mumbai, Feb 17, 2018): The apex body of bankers today met here to discuss the Rs 11,400-crore scam at Punjab National Bank allegedly caused by the absconding diamond trader Nirav Modi and a clutch of his family-run companies.

The meeting of the Indian Banks Association (IBA) was attended by senior officials of public and private sector lenders, sources said this evening.

Interestingly, the meeting, earlier scheduled to be held at the IBA headquarters in Cuffe Parade, south Mumbai, was changed at the last moment to the SBI headquarters at Nariman Point, apparently to avoid the media.

Among those present were Allahabad Bank managing director and chief executive and also IBA chairperson Usha Ananthasubramanian, Bank of India managing director and chief executive Dinabandhu Mohapatra, ICICI Bank chief financial officer N S Kannan and IBA deputy chief executive B Rajkumar.

"The discussion centred around how to recover the money (from those involved in the fraud)," said a banker without disclosing the details.

State-owned PNB has been rocked by a USD 1.77 billion scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertakings (LoUs) from the Brady House branch in south Mumbai to secure overseas credit from other lenders.

The other banks which have or have had exposure to the fraud include State Bank of India (over USD 221 million), Allahabad Bank and Axis Bank among others. Some overseas lenders are also believed to have had exposure to the fraud.

Law enforcement agencies are on the lookout for Nirav Modi and his family and also his uncle Mehul Choksi who heads the Gitanjali Group.

The ED claims to have recovered over Rs 5,400 crore worth of diamonds and bullion from the raids on Modi's enterprises since the scam came to light earlier this week.

Modi and his family members left the country in early January and are believed to be in New York.

The enforcement agencies have sought the Interpol help to trace the billionaire jewellery designer and bring him back to the country.

The external affairs ministry yesterday suspended with immediate effect the passports of the diamantaire and his business partner Choksi, both prime accused in the scam, for a month.(PTI)


CAT 2018: Registration extended to Sept 26; Admit card to Release on Oct 24
2 history-sheeters arrested following encounter: Police
Attack on Cong workers in Chhattisgarh is political persecution: Rahul Gandhi
Instant Triple Talaq to be criminal offence
BJP, Congress mock Mamata's foreign visit
Three infants die every two minutes in India: UNIGME
'Sidhu could have avoided hugging Pak Army chief'
India's first IAS officer Anna Rajam Malhotra dies
'Launched Morcha for bringing change in UP, India'
ISRO to launch 18 missions in next six months
Jinson Johnson wins the prestigious Arjuna Award
Bank Officials Who Loaned To Vijay Mallya May Be Charged Soon: Sources
4,388 CCTV cameras installed across Delhi to ensure security of women, city police tells high court
Maharashtra court issues arrest warrant against AP CM, others
Stalin appoints T R Baalu as DMK principal secretary
Congress veteran D D Lapang quits party
ISRO Spy case: SC awards Rs 50 lakh compensation to Nambi Narayanan
Know What Does Percentile Score Stands for, in JEE Main
Six injured as bus rams into Army vehicle in Baramulla
Govt has brought a new work culture: PM
ENTERTAINMENT NEWS
Viswasam- On set photos leaked
 A few photos from the set of Ajith's Viswasam is going viral on social media. The photos show Ajith  
Aiswarya- Abhishek's Gulab Jamun would go on floor in mid 2019
Varun and Anushka signed as ambassadors of Skill India Campaign
Madhuri, Alia, Varun and to share screen
INTERNATIONAL NEWS
Palestinian schools strive to modernize classrooms
 Ramallah, Sep 19 (AP) As the teacher pointed to the large touch screen, her first-grade classroom ca
Trump: Declassified Russia probe papers expose 'bad things'
100 die in severe flooding in Nigeria: relief agency
Pak govt, Opposition agree for parliamentary probe into vote rigging charges
KERALA NEWS
Bar bribery case: Court dismisses the vigilance report
 Thiruvananthapuram: The vigilance special court dismissed the report that absolved K.M. Mani from th
State Kalolsavam to be held in December
Actor Captain Raju passes away at 68
Hartal affected normal lives
Untitled Page
Rashtra Deepika LTD
Copyright @ 2018 , Rashtra Deepika Ltd.