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BusinessToday.In
New Delhi, July 18, 2018
The second largest public bank charged Rs 31.99 crore as a penalty in the first quarter of FY18, Rs 29.43 crore in the second, Rs 37.27 crore in the third and Rs 52.97 crore in the fourth quarter.


BusinessToday.In
July 18, 2018
The move comes after liquor baron Vijay Mallya, PNB scam accused diamantaire Nirav Modi and Mehul Choksi gave a slip to the authorities.


Virendrasingh Ghunawat
July 17, 2018
Responding to Letter Rogatory, the Singapore authorities have started communicating to the Indian agency. But the authorities, however, are still not willing to hand over any evidence against Nirav Modi till the time they are convinced that he is an economic offender and criminal under the money laundering act.


PTI
New Delhi, July 16, 2018
Last week, the bank and Carlyle Group, which owns over 32% in PNB Housing Finance, had announced their plans to sell at least 51% stake in the company.


BusinessToday.In
New Delhi, July 16, 2018
PNB's NPA recovery in first quarter tops FY'18 level  Scam-hit PNB's recovery of over Rs 7,700 crore in bad loans during the first quarter in the current fiscal has surpassed the total amount it recovered in the entire 2017-18 financial year, indicating that it has embarked on the turnaround path, the bank's top official has said. The Insolvency and Bankruptcy Code (IBC) resolution process has greatly helped Punjab National Bank, which was hit by nearly USD 2 billion fraud allegedly carried out by jeweller Nirav Modi and his associates, he said. \"In the first quarter itself, 2-3 big accounts have been resolved. As a result, the bank has got over Rs 3,000 crore only through the resolution process,\" PNB Managing Director Sunil Mehta told PTI. Govt sets up 10-member panel to review penal provisions under companies lawThe Ministry of Corporate Affairs on Sunday announced that it has constituted a 10-member committee to review the penal provisions under the companies law and examine decriminalisation of certain offences. The high-level committee, chaired by Corporate Affairs Secretary Injeti Srinivas, would submit its report in 30 days to the government. The Ministry of Corporate Affairs seeks to review offences under the Companies Act, 2013 as some of the offences may be required to be decriminalised and handled in an in-house mechanism, where a penalty could be levied in instances of default. De Beers to focus on smaller cities in India for expansion Global diamond producer De Beers is looking to partner local retailers in smaller cities to boost sales which it claims grew at 100 per cent last year. The company sells its diamond jewellery through250 partnered retail stores in the country under the brand 'Forevermark'. Sales during January-June, 2018 remained robust and the overall sales volumes may double as compared to the last year.The Forevermark brand has 30 per cent market share in India. EU urges big powers to prevent trade 'conflict and chaos'  The European Union has called on the United States, China and Russia to work together to avoid trade \"conflict and chaos\" to prevent it spiralling into violent confrontation. \"It is the common duty of Europe and China, but also America and Russia, not to destroy (the global trade order) but to improve it, not to start trade wars which turned into hot conflicts so often in our history,\" EU Council President Donald Tusk said in Beijing. The EU -- the world's biggest single market with 28 countries and 500 million people -- is trying to buttress alliances in the face of the protectionism unleashed by US President Donald Trump's \"America First\" administration. China economic growth slows to 6.7 pc in second quarter  Chinese growth slowed slightly in the second quarter as the world's number two economy faced a snowballing trade fight with the United States. The economy expanded by 6.7 per cent in April-June, down from 6.8 per cent in the first quarter and in line with a 6.7 per cent rate tipped in an AFP survey of economists. Despite the quarterly deceleration, growth was still higher than the annual target of around 6.5 per cent set by the government.


PTI
July 15, 2018
Last financial year, PNB made recovery of about Rs 5,400 crore. However, in the first quarter of current fiscal, the bank has done recovery of over Rs 7,700 crore.


Virendrasingh Ghunawat
Mumbai, July 13, 2018
The Enforcement Directorate (ED) is likely to file its prosecution complaint against fugitive businessman Jatin Mehta next week to make ground to confiscate his assets worth Rs 172 crore under the new Fugitive Act.


PTI
New Delhi, July 8, 2018
Dues from big wilful defaulters of Punjab National Bank fell by 0.87 per cent to Rs 15,354.52 crore on June 30 compared to previous month, the bank data has showed. Such borrowers had an outstanding of Rs 15,490 crore at the end of May 2018.


Munish Chandra Pandey
July 7, 2018
The Enforcement Directorate has already communicated with Hong Kong authorities and will approach other countries too. Both the Central Bureau of Investigation and the ED are using other channels as well to tighten the noose around the fraudster.


Virendrasingh Ghunawat
Mumbai, July 6, 2018
It's not only the diamantaires Nirav Modi and Mehul Choksi who conspired and cheated the Punjab National Bank (PNB) of Rs 13,600 crore loan amount. Mumbai's leading hawala operator Mohammad Farooq was also not far behind, a charge sheet filed by the Enforcement Directorate has revealed.


Virendrasingh Ghunawat
Mumbai, July 6, 2018
The warrant, issued under the Prevention of Money Laundering Act, 2002, has been released after the request of the ED, which last week filed a prosecution complaint against total 14 people, including Mehul Choksi.


BusinessToday.In
New Delhi, July 6, 2018
ED initiates extradition process against Nirav Modi under MLATWith the permission of special PMLA Court, the Enforcement Directorate (ED) has begun the extradition process against diamantaire Nirav Modi in $2-billion PNB loan fraud case under PMLA. Till now, the extradition has been sought from UK, Belgium and a few other countries. But that's not all. The agency is also working on another strategy, i.e. MLAT. Sources told Indiatoday.in that the agency is also making a request for extradition of Nirav Modi under Mutual Legal Assistance Treaty (MLAT). MLATs are agreements between two or more countries, which create obligations under international law for governments to assist one another in criminal investigations and prosecutions. Mukesh Ambani unveils JioGigaFiber at RIL AGM 2018The richest man in the country who runs India's largest private enterprise by revenue has announced his ambitious plan for taking India among Top 5 nations in fixed-line broadband.Ambani also launched the advanced version of Jio's flagship device, JioPhone. Besides, he also launched Jio Gigafibre. The new Jio Phone 2 will hit the markets by August 16 this year and will be available at a price of Rs. 2999. Mukesh Ambani has also announced the Jio Monsoon offer, he informed that old JioPhone users can exchange their phones in just Rs 501 under the special Reliance Jio Monsoon offer. The offer is valid till July 21. He also informed that Reliance Jio and Retail ventures were the top earners for the company in the previous fiscal year. Kishore Biyani's Future Lifestyle Fashions acquires stake in fashion etailer KoovsIn a regulatory filing yesterday, Biyani-led Future Lifestyle Fashions Ltd (FLFL) disclosed that it has reached a conditional agreement with leading e-commerce fashion business Koovs to acquire up to 29.9 per cent stake in it, subject to regulatory and procedural approvals. According to Mint, FLFL will shell out Rs 140 crore for this acquisition, which will be funded through internal accruals and the money it had raised though a stake sale to Singapore-based private equity firm L Catterton Asia in May. E-tailers exploring ways to improve reverse logistics costs: Study  E-tailers are increasingly looking for ways to improve their \"reverse logistics\" capabilities to offset the high costs associated with handling returned goods, a study by Zebra Technologies said today. Reverse logistics refers to the process of return of a product to the manufacturer or the company. The study said that while handling product returns is not a new challenge, it has become an \"infinitely bigger concern\" in an omni-channel marketplace.The report said merchants are increasingly exploring new models to offset the costs of returns.About 58 per cent of retail respondents said they add a surcharge for returns currently, while a segment of participants said they plan to do so in the future.About 35 per cent of the respondents of the study in the Asia-Pacific region were from IndiaIran to Trump: oil will cost $100 per barrel, and it is your faultOil will soon cost $100 per barrel due to supply disruptions caused by U.S. President Donald Trump, Iran's OPEC Governor told Reuters on Thursday, as he warned expectations that Saudi Arabia and Russia would help bring down prices were in vain.Trump again accused the Organization of the Petroleum Exporting Countries of driving fuel prices higher on Wednesday, and urged U.S. allies such as Saudi Arabia to pump more if they wanted Washington to continue protecting them against their top foe Iran. Iran, OPEC's third-largest producer, is facing U.S. sanctions on its oil exports that are prompting some buyers to cut purchases.Indian Aviation Records Double Digit Passenger Growth For Nearly Fourth Straight YearIndia registered double-digit domestic air passenger growth for the forty fifth straight month in May even as volumes moderated in recent months. The International Air Transport Association said that the country's revenue passenger kilometre--a measure of passenger volumes--rose 16.6 percent in May. Seasonally-adjusted passenger volume in India has fallen back in recent months alongside some mixed signs on the economic front, it said. IATA said that this year growth is expected to slow slightly due to reduced stimulus from lower airfares and a mixed economic backdrop.


Virendrasingh Ghunawat
July 5, 2018
With the permission of special PMLA Court, the Enforcement Directorate (ED) has begun the extradition process against diamantaire Nirav Modi in $2-billion PNB loan fraud case under PMLA.


BusinessToday.in
New Delhi, July 4, 2018
The International Criminal Police Organisation or Interpol has issued a Red Corner Notice (RCN) against diamond merchant Nirav Modi, who has fled India after it was discovered that Modi, along with his uncle Mehul Choksi, defrauded the state-run Punjab National Bank to the tune of Rs 13,700 crore. Watch BusinessToday.In video to understand what a red corner notice means for Nirav Modi and the other notices Interpol issues.


Virendrasingh Ghunawat
Mumbai, July 3, 2018
Choksi indulged in fund diversion to fulfil his luxurious needs. In 2013, he purchased a villa from Ziad Khalil Makkawi and Amal Boudhara Makkawi (UAE) and paid Rs 27 crore. To pay the EMI, Rs 15 lakh used to be transferred to Choksi's account from Gitanjali Venture DMCC in the guise of professional fees.


BusinessToday.In
July 2, 2018
In a big breakthrough for investigative agencies, the Interpol on Monday issued a Red Corner Notice against fugitive diamantaire Nirav Modi. While the Interpol's Red Notice is certainly going to make Modi's future travels a bit more risky, it may not necessarily lead to his arrest and subsequent extradition.


BusinessToday.In
July 2, 2018
The red notice is a request to locate and provisionally arrest an individual pending extradition.


PTI
July 1, 2018
Punjab National Bank MD Sunil Mehta has said there are \"positive developments\" in favour of the lender pertaining to bankruptcy case filed in the US by Nirav Modi's firm Firestar Diamond Inc.


BusinessToday.In
New Delhi, June 28, 2018
The Winsome Diamond Group had taken a loan of Rs 6,800 crore from a consortium of banks led by the Standard Chartered Bank. Like the recent PNB fraud, in this case too, the PNB had the highest exposure of Rs 1,800 crore.


Ankit Kumar
June 27, 2018
According to an ED letter to Mumbai's regional passport office, those eight Indian nationals are either shareholders or directors of companies, associated with the absconding billionaire, in Hong Kong and Dubai.


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