The companies of Modi and Choksi took loans from banks abroad on the basis of LoUs but did not repay them transferring the liability on Punjab National Bank (PNB)

Nirav Modi case: The third day of the five-day hearing, presided over by Justice Samuel Goozee, was devoted to the defence laying out further arguments against a prima facie case of fraud and money laundering against Modi

The 49-year-old jeweller, who has been behind bars since his arrest in March last year, appeared via a video-link dressed in a dark suit and sporting beard and moustache

Representatives from CBI and ED were in court and logged into the remote court network to observe the UK's CPS)present their case before District Judge Samuel Goozee

The 49-year-old jeweller is fighting extradition charges related to the estimated USD 2-billion Punjab National Bank (PNB) fraud and money laundering case brought by the Indian government, being represented at Westminster Magistrates' Court in London by the UK's Crown Prosecution Service (CPS)

The Interpol has issued a Red Corner notice against the wife of Nirav Modi, who is the key accused in the Punjab National Bank (PNB) fraud case. Ami Modi had left India along with Nirav Modi and other family members in the first week of January 2018, just a month before the PNB scam was discovered by authorities. She was earlier accused in the PNB money-laundering case by the ED in March last year. Watch the video for more.Also Read: COVID-19 impact: US consumer confidence tumbles to six-year low in August

Apart from rise in financial frauds in private companies in India, recent years have also witnessed a rise in the role of shell companies and tax havens in their operations, raising further concerns about illicit operations

ED last month brought back over 2,340 kg of polished diamonds, pearls and silver jewelry valued Rs 1,350 crore from various United Arab Emirates (UAE) and Hong Kong based entities of fugitive diamantaires Nirav Modi and Mehul Choksi

Indian state-owned lender PNB, which was hit by a $2 billion fraud involving billionaire Nirav Modi in 2018, had already set aside 12.5 billion rupees in provisions for the loans to DHFL, which is in bankruptcy proceedings

The confiscated properties include four flats Samudra Mahal in Mumbai, a sea-side farm house and land in Alibaug, a wind mill in Jaisalmer, a flat in London and residential flats in UAE, shares and bank deposits

In the wake of COVID crisis, the finance ministry last week asked all ministries and departments not to initiate any new scheme in the current financial year and said that there is a need to use resources prudently in these difficult times

Paytm has said that telcos' failure to prevent phishing scams has led to \"financial and reputational loss\" to the company

The ED had registered two cases of money laundering against Modi and his uncle Mehul Choksi, also a jeweller and another accused in the scam, on the basis of an FIR lodged against them by the CBI in January last year

Nehal reportedly handled Nirav Modi's Twin Fields Investments and Bailey Bank and Biddle, and allegedly laundered over $100 million for his brother

Modi was arrested on March 19, 2019, on an extradition warrant executed by Scotland Yard on charges brought by the Indian government

Modi's legal team and the Crown Prosecution Service (CPS), representing the Indian government in the extradition proceedings, are scheduled to hold a lawyers-only case management hearing in the case on April 15, with a five-day trial scheduled between May 11 and 15

Yes Bank news: Reliance Group is one of the biggest borrowers of the troubled bank. It accounted for a significant portion of the loans disbursed for the construction sector

Perpetrated by Nirav Modi, who's now lodged in a UK jail, the PNB scam was one of the biggest banking fraud in India's history

It is alleged that Kalra, the director of White Tiger Steels Private Limited, took a loan of Rs 10 crore from the Punjab National Bank (PNB), but did not repay it

BMC has decided to seize the movable properties of all defaulters for the recovery of pending property tax, apart from launching an awareness drive last month