PNB officials gave Nirav Modi's firms access to bank computers: report

Days after Punjab National Bank (PNB) said that its Brady House branch in Mumbai was involved in a fraud of over Rs 11,400 crore, questions have been raised over the conduct of bank officials who granted Nirav Modi's firms LoUs without due diligence.

Indian banks may take more than $3 billion hit from PNB fraud, says tax dept

Indian banks could take a hit of more than $3 billion from loans and corporate guarantees provided to diamond companies at the centre of a massive alleged fraud at the state-run Punjab National Bank, the tax department has estimated.

Diamond is now fraudster's best friend! Nexus under scanner

Diamonds may have been long known as a girl's best friend, but fraudsters seem to be the new paramours of this glitzy substance and multiple regulators are probing this nexus after a state-run bank got defrauded of USD 1.8 billion by designer jeweller Nirav Modi.

PNB fraud: I-T attaches 9 bank accounts of Mehul Choksi, Gitanjali Gems

The Income-Tax Department on Saturday attached nine bank accounts of Gitanjali Gems, its promoter Mehul Choksi and others in connection with a tax evasion probe against them.

PNB scam: Do you know these terms?

Punjab National Bank on Monday detected fraudulent transactions worth Rs 11,300 crore at its Brady House branch in Mumbai. The PNB in its cautionary note to other public and private sector banks used terms like LoU and SWIFT while explaining the modus operandi of the scam. Watch BusinessToday.in's video to find out what does these terms mean 

Sun Feb 18 15:51:05 IST 2018
 

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