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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.


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.


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.


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.


Virendrasingh Ghunawat
Mumbai, July 3, 2018
When he got a hint that the Punjab National Bank has lodged a complaint against Gitanjali Group and the central investigative agencies are on the verge of nailing him down, Mehul Choksi began the process of selling all his properties and move outside India.


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.


BusinessToday.In
June 28, 2018
The Enforcement Directorate (ED) on Thursday filed chargesheet against absconding jewellery trader Mehul Choksi and 13 others in the Rs 14,000 crore PNB scam. Choksi, the owner of Gitanjali Group, was charged under PMLA for money laundering.


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.


BusinessToday.In
June 26, 2018
The PNB's internal probe has revealed that its former official Gokulnath Shetty cleared over 13,000 transactions of Rs 1 crore which was well beyond his authorised limit of Rs 25 lakh. Shetty's name had first cropped up when the PNB in February announced that it had detected fraudulent transactions at its Brady House Branch in Mumbai.


BusinessToday.In
June 26, 2018
The request has been made on the basis of a recent chargesheet filed by the ED against Nirav Modi and his family under the Prevention of Money Laundering Act.


BusinessToday.In
New Delhi, June 25, 2018
The Indian Institutes of Management (IIM), XLRI Jamshedpur, and SPJIMR Mumbai are now focussing on teaching students the importance of ethics and corporate governance and corporate social responsibility.


BusinessToday.In
June 25, 2018
The stock was reacting to a media report claiming that Housing Development Finance Corp (HDFC) and Kotak Mahindra Bank are vying for a controlling stake in PNB Housing Finance.


BusinessToday.In
New Delhi, June 25, 2018
The 47-year-old has been on the run since January for masterminding the over $2 billion PNB fraud; he has since been spotted in Dubai, Hong Kong, Belgium, New York and London.


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