Punjab National Bank

What is PNB scam? How it fell victim to India's biggest loan fraud

Here is an explainer on the PNB fraud and its implications for other lenders and India`s banking sector.

Feb 27, 2018, 10:01 AM IST

PNB scam may be bigger; bank says it could rise to more than Rs 12,700 crore

The scam was perpetrated by way of fraudulent Letters of Undertaking (LoUs) generated in the name of Punjab National Bank.

Feb 27, 2018, 08:26 AM IST

Fitch says Indian ABS not affected by PNB fraud

PNB, it says, still remains eligible as an account bank for Indian ABS transactions rated at 'BBB-sf'.

Feb 26, 2018, 14:59 PM IST

PNB Fraud: Banks for raising insurance cover against fraud by staff

PNB had only bought a basic banker's indemnity policy, which covers employee fraud, to the extent of Rs 2 crore.

Feb 26, 2018, 10:43 AM IST

Rs 90 crore was exchanged for billions at PNB hours before PM announced notes ban: Majeed Memon

Calling for an investigation into the alleged incident, Memon said that this was reported during the time absconding billionaire jeweller Nirav Modi left India.

Feb 25, 2018, 14:01 PM IST

Frauds push ease of doing business to background, scars take front seat: Arun Jaitley

Jaitley said that the unethical behaviour in the lender-borrower relation needs to end.

Feb 24, 2018, 12:47 PM IST

PNB fraud accused Mehul Choksi letter to employees: Full text

Mehul Choksi said he is facing a lot of problems due to the manner in which the multiple investigating agencies and government agencies are creating a "havoc, hell bent upon stopping the operations".

Feb 24, 2018, 11:50 AM IST

PNB fraud fallout: Priyanka Chopra terminates contract with Nirav Modi's brand

Nirav Modi, Mehul Choksi and others are being investigated by multiple probe agencies.

Feb 23, 2018, 15:15 PM IST

Finance Ministry writes to Hong Kong banks over PNB LOUs

The development comes over the PNB fraud case worth over Rs. 11,000 crore, which was allegedly committed by famous jeweller Nirav Modi.

Feb 23, 2018, 13:25 PM IST

Notice to Nirav Modi sent on email also: External Affairs Ministry

Nirav Modi is one of the accused in the over Rs 11,000 crore PNB scam.

Feb 22, 2018, 23:59 PM IST

Nirav Modi's 'valuable' paintings are fake, suspect investigative agencies

Nirav is being investigated by multiple probe agencies after the fraud came to light recently following a complaint by the Punjab National Bank.

Feb 22, 2018, 19:33 PM IST

PNB fraud: National Financial Reporting Authority to be notified soon

Creation of National Financial Reporting Authority (NFRA) was proposed in Companies Act 2013, but the body never came into existence.

Feb 22, 2018, 14:03 PM IST

Let us give Nirav Modi and Mehul Choksi companies to their employees, make them cooperatives

Let’s learn from Amul. It is a romantic idea for a corporate rescue but one that may deserve attention.

Feb 22, 2018, 13:44 PM IST

PNB fraud: CBI seals luxury farmhouse of jeweller Nirav Modi in Mumbai's Alibaug

The CBI on Wednesday sealed a luxury property of billionaire Nirav Modi in Alibaug area near Mumbai.

Feb 21, 2018, 21:56 PM IST

Look for new jobs: Billionaire jewellers Nirav Modi and Mehul Choksi to their employees

Nirav Modi and Mehul Choksi are being investigated by multiple probe agencies after it recently came to light that they allegedly cheated Punjab National Bank to the tune of Rs 11,400 crore.

Feb 21, 2018, 18:17 PM IST

PNB Scam: Nirav Modi's employees used code language to discuss LoUs and transactions

An LoU is a guarantee which is given by the issuing bank to Indian banks having branches abroad to grant short-term credit to the applicant.

Feb 21, 2018, 14:21 PM IST

SC to hear PIL seeking deportation of Nirav Modi today

The PIL has been filed by lawyer Vineet Dhanda, which seeks Modi`s deportation within two months.

Feb 21, 2018, 10:15 AM IST

PNB scam: CBI arrests Punjab National Bank GM rank officer Rajesh Jindal

Jindal was holding the charge of Branch Head at PNB Brady House branch, Mumbai during August 2009 to May 2011.

Feb 21, 2018, 08:51 AM IST

PNB fraud: CBI arrests five senior executives of Nirav Modi and Mehul Choksi's companies

RBI said on Tuesday that it had 'confidentially' cautioned banks thrice since August 2016 on the risks arising from the malicious use of SWIFT system.

Feb 20, 2018, 22:25 PM IST