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. While the theories on how India's biggest banking scam was executed are abound, the CBI has reportedly indicated that Nirav Modi's associates had access to PNB's computers. According to a report in Business Standard, the two PNB staffers who are now under the Central Bureau of Investigation's (CBI) custody have revealed that Nirav Modi's team was given 'unauthorised access' to PNB's computer systems for a 'commission' on every Letter of Understanding (LoU) issued.
PM Modi lays foundation stone of Navi Mumbai airport, phase I to be ready in 4 years
Prime Minister Narendra Modi laid the foundation stone of the long overdue airport project at Navi Mumbai on Sunday. PM Modi said, "Issue of Navi Mumbai airport has been pending for years. And, this is not the only project that is pending. When I assumed office I realised there were several such projects. That is why we began a Pragati initiative and gave priority to completion of projects."
"In our country, nearly 450 planes are operational. 900 new planes will be bought this year. Aviation sector is moving ahead," he further said.
Sources familiar with the project development told Business Today that GVK group, the diversified infrastructure major working on the project, is confident that first phase of the airport with the capacity to handle 10 million passengers per annum will be ready in another four years.
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.
As of March 2017, banks had extended loans and guarantees worth 176.32 billion rupees ($2.74 billion) to companies tied to billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the tax department said in a note seen by Reuters.
Since then, the loans and guarantees would have increased over the past year and the total "hit" to Indian banks "may well exceed" $3 billion, according to an internal note prepared by the tax authority on its preliminary investigation into India's biggest bank fraud case.
PM Modi, Devendra Fadnavis enter framework deal to set up Hyperloop One in India
During the Magnetic Maharashtra investor summit, Richard Branson-led Virgin Group signed the framework agreement with Maharashtra to build the future-ready hyperloop transport system. This new system will reduce the travel time between Mumbai to Pune from 3 hours to just 25 minutes. Prime Minister Narendra Modi and Maharashtra Chief Minister Devendra Fadnavis laid the foundation stone for this new transportation that is estimated to begin by 2024.
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