1) The PNB said that it has sufficient belongings+ to meet any liability which is determined as in step with regulation. The financial institution added it has made preparations to make sure that no buyer faces any inconvenience.
2) The Enforcement Directorate (ED) said that belongings price Rs five,716 crore had been seized+ thus far in the raids performed through them. The enforcement company performed raids at 39 locations on Monday. The ED also said that first Letter of Undertaking (LoU) used to be issued to Nirav Modi in March 2011, and it used to be rolled over due to this fact.
3) The ED is also investigating why Gokulnath Shetty+ , former deputy supervisor of PNB used to be no longer promoted or transferred from the financial institution's Brady House department in Mumbai. Shetty used to be allowed to continue on the similar department and care for the same task for years.
four) The CBI also puzzled Vipul Ambani, the Chief Financial Officer of diamantaire Nirav Modi's Fire Star diamond company. Vipul is alleged to be a relative of Dhirubhai Ambani.
five) The Income Tax Department attached seven properties of Mehul Choksi and Gitanjali workforce in Mumbai. Of the seven, four properties are registered in the identify of Gitanjali Gems, 2 properties belongs to Mehul Choksi, and 1 of them is them is registered in Gili India's identify.
6) ED has sought PNB's audit studies since 2011 from the RBI. It is also transferring to connect no less than two dozen immovable properties of Modi, Choksi and their considerations beneath the Prevention of Money Laundering Act (PMLA).
7) The Central Vigilance Commission (CVC) has asked PNB and finance ministry officers to submit a document+ inside 10 days as to how the scam may materialise regardless of a number of monetary rules in place. The fee has asked for the names of officers who had been involved in the fraud and identity of those that can have taken well timed action and avoided it.
8) In an official observation, PNB said it is going to honour all its "bonafide commitments" beneath the LOUs and Foreign Letters of Credit (FLCs) in connection with the fraud. The observation used to be made in a realize posted on the financial institution's site. The RBI meanwhile, has said that it has no longer directed PNB to meet its commitments beneath the LOU to different banks.
9) News company Reuters reported that Gokulnath Shetty, former deputy supervisor of PNB's Brady House department in Mumbai the use of the financial institution's SWIFT gadget to log in with passwords that allowed him, and in no less than some instances a more junior official to factor a host of fraudulent LoUs.
10) Two most sensible executives at the side of a board member of Mehul Choksi owned- Gitanjali Gems surrender in the aftermath of the fraud. Choksi is the uncle and business partner of Nirav Modi. Vice President (Compliance and Company Secretary) Pankhuri Warange said her "conscience" doesn't permit her to continue after "the recent event unfolded".Chief Financial Officer (CFO) Chandrakant Karkare cited his spouse's health as the rationale behind his leaving. Board member Krishnan Sangameswaran has also stepped down.
11) CBI on Monday in brief sealed the Mumbai department of PNB on the centre of the scam.Three officers of the department, Bechhu Tiwari, Chief Manager answerable for Forex division, Yashwant Joshi, Scale II, Manager Forex division and Praful Sawant, Scale I Officer Export got arrested overdue in the day.
(With inputs from businesses)
2) The Enforcement Directorate (ED) said that belongings price Rs five,716 crore had been seized+ thus far in the raids performed through them. The enforcement company performed raids at 39 locations on Monday. The ED also said that first Letter of Undertaking (LoU) used to be issued to Nirav Modi in March 2011, and it used to be rolled over due to this fact.
3) The ED is also investigating why Gokulnath Shetty+ , former deputy supervisor of PNB used to be no longer promoted or transferred from the financial institution's Brady House department in Mumbai. Shetty used to be allowed to continue on the similar department and care for the same task for years.
four) The CBI also puzzled Vipul Ambani, the Chief Financial Officer of diamantaire Nirav Modi's Fire Star diamond company. Vipul is alleged to be a relative of Dhirubhai Ambani.
five) The Income Tax Department attached seven properties of Mehul Choksi and Gitanjali workforce in Mumbai. Of the seven, four properties are registered in the identify of Gitanjali Gems, 2 properties belongs to Mehul Choksi, and 1 of them is them is registered in Gili India's identify.
6) ED has sought PNB's audit studies since 2011 from the RBI. It is also transferring to connect no less than two dozen immovable properties of Modi, Choksi and their considerations beneath the Prevention of Money Laundering Act (PMLA).
7) The Central Vigilance Commission (CVC) has asked PNB and finance ministry officers to submit a document+ inside 10 days as to how the scam may materialise regardless of a number of monetary rules in place. The fee has asked for the names of officers who had been involved in the fraud and identity of those that can have taken well timed action and avoided it.
8) In an official observation, PNB said it is going to honour all its "bonafide commitments" beneath the LOUs and Foreign Letters of Credit (FLCs) in connection with the fraud. The observation used to be made in a realize posted on the financial institution's site. The RBI meanwhile, has said that it has no longer directed PNB to meet its commitments beneath the LOU to different banks.
9) News company Reuters reported that Gokulnath Shetty, former deputy supervisor of PNB's Brady House department in Mumbai the use of the financial institution's SWIFT gadget to log in with passwords that allowed him, and in no less than some instances a more junior official to factor a host of fraudulent LoUs.
10) Two most sensible executives at the side of a board member of Mehul Choksi owned- Gitanjali Gems surrender in the aftermath of the fraud. Choksi is the uncle and business partner of Nirav Modi. Vice President (Compliance and Company Secretary) Pankhuri Warange said her "conscience" doesn't permit her to continue after "the recent event unfolded".Chief Financial Officer (CFO) Chandrakant Karkare cited his spouse's health as the rationale behind his leaving. Board member Krishnan Sangameswaran has also stepped down.
11) CBI on Monday in brief sealed the Mumbai department of PNB on the centre of the scam.Three officers of the department, Bechhu Tiwari, Chief Manager answerable for Forex division, Yashwant Joshi, Scale II, Manager Forex division and Praful Sawant, Scale I Officer Export got arrested overdue in the day.
(With inputs from businesses)
PNB fraud case: Key developments today
![PNB fraud case: Key developments today]()
Reviewed by Kailash
on
February 20, 2018
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