Search results
Results from the WOW.Com Content Network
Stranded asset. v. t. e. The Punjab National Bank Fraud Case relates to fraudulent letter of undertaking worth ₹12,000 crore (US$1.4 billion) issued by the Punjab National Bank at its Brady House branch in Fort, Mumbai; making Punjab National Bank liable for the amount. [1] The fraud was allegedly organized by jeweller and designer Nirav Modi.
They are suspected of colluding with two employees of Punjab National Bank (PNB), the country's second-largest state-owned lender, in an alleged $1.8 billion fraud. [15] At least six PNB staff and at least six employees of Choksi and Modi have been arrested so far. [15] Choksi is a fugitive of Indian government.
Nirav Deepak Modi (born 27 February 1971) is an Indian-born Belgian businessman and criminal who was charged by Interpol and the Government of India for criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corruption, money laundering, fraud, embezzlement and breach of contract in August 2018. [3]
India's state-run Punjab National Bank (PNB) on Saturday said it had reported a borrowing fraud of 38.05 billion Indian rupees ($556 million) in Bhushan Power & Steel Ltd's account to the country ...
CBI alleges that key PNB bank officials, led by then CEO Ananthasubramanian, failed to initiate steps that could have prevented the $2-billion fraud at the lender after the banking watchdog RBI had red-flagged likely gaps in systems controls. It adds that the RBI had instructed that while acknowledging the Caution Advice, they should report the ...
Punjab National Bank (abbreviated as PNB) is an Indian government public sector bank based in New Delhi. [ 5 ] It was founded in May 1894 and is the second-largest public sector bank in India in terms of its business volumes, with over 180 million customers, 12,248 branches, and 13,000+ ATMs. [ 6 ][ 3 ] PNB has a banking subsidiary in the UK ...
The 1992 Indian stock market scam was a market manipulation carried out by Mr Harshad Mehta and politicians on the Bombay Stock Exchange. That scam caused significant disruption to the stock market of India, defrauding investors of over ten million USD. Techniques used by Mehta involved having corrupt officials signing fake cheques, misusing ...
Sgt. Jane Crosby was charged with one count of bank fraud and seven counts of aggravated identity theft. Crosby appeared in Newark federal court Wednesday and was released on a $100,000 bond.