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<ul><li>Last week, Interpol’s bureau in Manchester asked the CBI to issue an <keyword id="82903" type="ORGANIZATION" weightage="20" keywordseo="extradition">extradition</keyword> request and provisional arrest warrant for Modi, who is currently living in the UK. </li><li>The extradition request paves the way for Modi’s immediate arrest and presentation before a court. </li><li>Meanwhile, Modi’s fellow conspirator in the case, <keyword id="2763" type="PERSON" weightage="20" keywordseo="Mehul-Choksi">Mehul Choksi</keyword> has taken up citizenship of Antigua. An application for his international arrest warrant is still pending with Interpol. </li></ul>Ever since the $2 billion <keyword id="38935" type="PERSON" weightage="20" keywordseo="Fraud">fraud</keyword> case at <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> came to light in February 2018, the protagonist behind the scam, <keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, has remained a free man. Following a request to Interpol from the Central Bureau of Investigation (CBI) to issue a red corner notice, or an international arrest warrant, against him, the absconding billionaire was reported to be seen in Brussels in June. Like fellow wilful defaulter Vijay Mallya, Modi was subsequently confirmed to be living in the UK, where he has reportedly applied for political asylum. And now, it looks like he could soon be arrested, even as early as this week, according to a report by the Indian Express. Last week, Interpol’s bureau in Manchester asked the CBI to issue an extradition request and provisional warrant for Modi’s arrest. A spokesperson for the CBI, Abhishek Dayal, confirmed to news outlets that the extradition request was sent yesterday to authorities in the UK via the Ministry of External Affairs. The extradition request paves the way for Modi to be immediately arrested in the UK and eventually stand before a court. Earlier this month, India’s Enforcement Directorate, a federal agency tasked with fighting economic crimes, also sent an arrest warrant and extradition request to UK authorities in relation to the Nirav Modi scam. Modi is not the only person of interest in the case. The CBI has also filed chargesheets against his fellow conspirator, Mehul Choksi - whose also his uncle, as well as his wife, Ami Modi and son, Nishal. All left India in January, shortly before the scam was revealed. Despite the revocation of his passport, Modi was believed to be travelling on a passport issued by Singapore. Meanwhile, Choksi is said to have taken up citizenship of Antigua, an island in the Caribbean. A request for his extradition was handed over to officials in Antigua and Barbuda at the beginning of August. However, given the absence of a extradition treaty between India and Antigua, the only way for Indian authorities to extradite Choksi is to get Interpol to issue a red corner notice against him. The application for Choksi’s international arrest warrant is reported to be still pending with Interpol. Separately, on August 20th, a special CBI court granted bail to Usha Ananthasubramanian, who was the managing director and CEO of Punjab National Bank when the scam took place. Prior to the fraud case coming to light, Ananthasubramanian was the MD and CEO of Allahabad Bank, a role which she was eventually forced to relinquish. She was named in a chargesheet for failing to properly prevent the fraudulent letters of undertaking from being issued by the bank.

Billionaire fugitive Nirav Modi could be arrested in the UK as soon as this week

<ul><li>On July 20th, the lower house of India’s <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword> passed the Fugitive Economic Offenders Bill. </li><li>The bill allows the government to seize the domestic as well as foreign assets of “economic offenders” who have left the country so their creditors may recover their dues. </li><li>In addition to loan defaults and money laundering, the crimes that fall under the purview of the bill include tax evasion and the use of black money. </li></ul>With the multi-million dollar frauds of Vijay <keyword id="6373968" type="PERSON" weightage="20" keywordseo="mallya">Mallya</keyword>, Nirav <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword>, Mehul Choksi and Lalit Modi still fresh in the memory, India’s lower house of Parliament has finally passed a bill aimed at preventing wilful defaulters and scamsters from getting away scot free. The Fugitive Economic Offenders Bill, which was discussed and approved in the Lok Sabha on July 20th, follows a Presidential ordinance in April which was used by the Enforcement Directorate to initiate asset confiscation proceedings against Vijay Mallya last month. It was meant to be passed in the Budget Session, but since the session proved to be extremely unproductive, the government had no choice to take the ordinance route in the interest of acting quickly. The bill will now move to the upper house of Parliament for approval before becoming an act, replacing the ordinance in the process. Asset seizures and trials The bill is meant to provide more firepower to the government’s clampdown on white collar crime. It allows the government to seize the domestic as well as foreign assets of “economic offenders” who have left the country so their creditors may recover their dues. In order to be designated an “economic offender”, the government needs to file a motion in a special court as it did on July 11th for Nirav Modi and Mehul Choksi. While the bill doesn’t enable the government to bring back criminals to the country, the government assumes that the threat of asset confiscation will convince them to come back and stand trial. In addition to loan defaults and money laundering, the crimes that fall under the purview of the bill include tax evasion and the use of black money. The bill cannot come into effect retroactively, meaning that it will only apply to scams that take place after the date of its enactment. However, the government has already used the ordinance to declare the aforementioned scamsters “economic offenders”. The provisions of the bill indicate that the government is mainly interested in the big fish, the scamsters that make headlines. It only applies to cases where the funds laundered or dues total more than ₹1 billion. This was a source of contention, especially amongst opposition parties, which felt that the ₹1 billion threshold would allow a lot of smaller scams to go unresolved. In response, the interim Finance Minister, Piyush Goyal, that the government would tackle smaller cases after resolving big ones.

India takes its first big step towards avoiding future Nirav Modi, Vijay Mallya-like scams

New Delhi, Feb 27 () Regulator Sebi on Thursday slapped a total fine of Rs 5 crore on fugitive businessman Mehul Choksi, Gitanjali Gems and another individual for violating various regulations, including listing norms. Choksi, the maternal uncle of diamantaire Nirav Modi, is the promoter and managing director of Gitanjali Gems. Nirav Modi, who has allegedly defrauded state-run Punjab National Bank of over Rs 14,000 crore, is currently lodged in a British jail. In an order, Sebi said it is imposing a fine totalling Rs 5 crore on Choksi, Gitanjali Gems and its Executive Director Dhanesh Sheth. "... the default is grave and the gravity of this matter cannot be ignored," Sebi said. "I am of the considered opinion that the deliberate defiance of the mandatory obligations and hiding the crucial and material information from investors, regulators and stock exchange, as found in this case should be dealt with sternly and the penalty in such cases should serve as effective deterrence," Sebi Adjudicating Officer Santosh Shukla said in a 28-page order. RAM SRS ABMABM

Sebi imposes Rs 5 cr fine on Mehul Choksi, Gitanjali Gems, another individual

Nirav Modi was arrested a short while ago in London. 13 months ago, it came to light that celebrity diamantaire Nirav Modi and his uncle Mehul Choksi had defrauded <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> (PNB), India’s second-largest state-owned bank, of more than <a href="https://www.businessinsider.in/here-are-the-main-findings-from-punjab-national-banks-internal-investigation-into-the-2-billion-nirav-modi-scam/articleshow/64681851.cms">₹143 billion ($2.1 billion)</a>. By using illegal letters of guarantee procured through PNB’s Brady House branch in Mumbai, the pair and their affiliates had taken loans from the overseas branches of a number of Indian banks since 2011 and had subsequently defaulted on them. A warrant for Modi’s arrest was issued by a Westminister Court on March 18th. The warrant came a week after he was spotted on the streets of London with a full beard. Here is how the events leading up to his arrest unfolded. Early January 2018: Nirav Modi reportedly <a href="https://www.tribuneindia.com/news/nation/nirav-modi-fled-india-on-jan-1/544819.html">leaves India</a>. January 29th, 2018: Punjab National Bank filed a complaint with the CBI alleging that Nirav Modi, his uncle Mehul Choksi and their associates had swindled the bank through transactions at its Brady House branch in Mumbai. February 15th, 2018: India’s Enforcement Directorate registers a money laundering case against Nirav Modi and his associates under the Prevention of Money Laundering Act. Early March 2018: The UK’s Serious Fraud Office <a href="https://www.ndtv.com/india-news/why-nirav-modi-wanted-in-india-is-roaming-the-streets-of-london-2006007">confirms</a> to India in early March that Nirav Modi is in London. April 5th, 2018: Regulators in Belgium <a href="https://www.thehindu.com/news/national/pnb-fraud-case-belgium-freezes-two-nirav-modi-accounts-on-ed-request/article23440305.ece?utm_source=pushnotifications&amp;utm_campaign=pushnotifications)">freeze </a>the two bank accounts of Modi after a request from the ED to do so. April 8th, 2018: A court in Mumbai issues <a href="https://www.ndtv.com/india-news/non-bailable-warrant-issued-against-nirav-modi-mehul-choksi-in-pnb-scam-1834399">non-bailable arrest warrants</a> for Modi and Choksi at the CBI’s request. June 13th, 2018: The CBI approached Interpol to issue a red notice against Modi and Choksi. A red notice is a request to locate and arrest a criminal on the run, but not an international arrest warrant. June 29th, 2018: Interpol issues <a href="https://indianexpress.com/article/india/nirav-modi-pnb-fraud-case-arrest-close-as-cbi-sends-extradition-plea-to-uk-5316602/">a red corner notice</a> against Modi, thereby enabling the cooperation of international police. August 20th 2018: The extradition process against Nirav Modi <a href="https://www.businessinsider.in/billionaire-fugitive-nirav-modi-could-be-arrested-in-the-uk-as-soon-as-this-week/articleshow/65483882.cms">is initiated</a>. An application is lodged with the UK Home Office. However, the application is reportedly missing certain documents, which causes <a href="https://www.ndtv.com/india-news/waiting-for-uk-to-respond-to-extradition-request-says-india-after-nirav-modi-seen-in-london-2005117">proceedings</a> to be delayed. October 1st, 2018: The ED seizes around <a href="https://www.indiatoday.in/business/story/assets-of-nirav-modi-worth-rs-637-crore-seized-by-ed-1353236-2018-10-01">₹6.4 billion </a>of Nirav Modi’s assets. This includes properties in India and abroad as well as jewelry and bank deposits. March 8th, 2019: The UK Home Office certified India’s extradition request, deeming Nirav Modi’s case “fit for extradition”. The case was then transferred to the District Court in Westminister, which had to issue the summons. March 9th, 2019: The Telegraph, a UK daily, <a href="https://www.telegraph.co.uk/news/2019/03/08/exclusive-indias-wanted-man-nirav-modi-accused-15bn-fraud/">broke the news </a>that Nirav Modi was living in London. The newspaper said it had tracked Modi down to his £8 million (₹726 million) flat in London’s West End. SEE ALSO: <a href="https://www.businessinsider.in/billionaire-fugitive-nirav-modi-could-be-arrested-in-the-uk-as-soon-as-this-week/articleshow/65483882.cms">Billionaire fugitive Nirav Modi could be arrested in the UK as soon as this week</a> <a href="https://www.businessinsider.in/india-presses-new-charges-against-diamond-merchant-nirav-modi-and-wife-ami-in-alleged-money-laundering-case/articleshow/68367950.cms">India presses new charges against diamond merchant Nirav Modi and wife Ami in alleged money laundering case</a> <a href="https://www.businessinsider.in/here-are-the-main-findings-from-punjab-national-banks-internal-investigation-into-the-2-billion-nirav-modi-scam/articleshow/64681851.cms">Here are the main findings from Punjab National Bank’s internal investigation into the $2 billion Nirav Modi scam</a>

Here’s how the 13-month chase for Nirav Modi came to an end

New Delhi, Feb 27 () Sebi on Thursday slapped a total fine of Rs 5 crore on fugitive Mehul Choksi, Gitanjali Gems and another individual for violating various regulations, including listing norms, in connection with a massive fraud on state-run lender PNB. Choksi, promoter and managing director of Gitanjali Gems, is the maternal uncle of Nirav Modi, who is also facing charges for defrauding state-run Punjab National Bank (PNB) of over Rs 14,000 crore. Both Choksi and Modi fled India after the PNB scam came to light in early 2018. While Choksi is said to be in Antigua, Modi is lodged in a British jail and has challenged India's extradition request. In its order, Sebi said it is imposing a fine totalling Rs 5 crore on Choksi, Gitanjali Gems and Dhanesh Sheth, the executive director of Gitanjali. "... the default is grave and the gravity of this matter cannot be ignored," Sebi said. It quoted a communication from PNB that it had reported to the RBI total fraud of over Rs 11,394 crore in case of unauthorized issuance of LOUs, foreign letters of credit and inland letter of guarantees in the group accounts of Nirav Modi Group and Gitanjali Group and in the account of one Chandri Paper &amp; Allied Products Pvt Ltd. The overall fraud size is said to be even larger at over Rs 14,000 crore. "I am of the considered opinion that the deliberate defiance of the mandatory obligations and hiding the crucial and material information from investors, regulators and stock exchange, as found in this case should be dealt with sternly and the penalty in such cases should serve as effective deterrence," Sebi Adjudicating Officer Santosh Shukla said in a 28-page order. Sebi has penalised the entities for failing to make various requisite disclosures. Gitanjali has not made disclosures regarding withdrawal of credit limits by PNB in view of the alleged fraud by the firm and its subsidiaries, the sudden obligation to repay Rs 1,045.88 crore within 10 days and subsequent developments in the matter. The firm also failed to make disclosures on various litigations and actions by enforcement agencies against it, its managing director and other senior managerial personnel to the stock exchanges and also failed to reply on various clarifications sought by the exchanges till date, Sebi said. In addition, no disclosure was made on resignation of director, company secretary and chief finance officer to the stock exchanges. No disclosures with respect to delay in payment of interest and principal amount for a period of more than three months from the due date and default in payment of interest and principal to LIC on NCDs was made. Sebi noted that LIC has exposure to the firm under secured non-convertible debentures (NCDs) for Rs 125 crore. Gitanjali had issued post-dated cheques which were payable up to July 2019. However, the company stopped making repayments from October 2017. The firm has "prima facie" defaulted on debt obligations to LIC since October 2017, Sebi said. "Noticees actively and deliberately concealed the important information and did not disclose at all by the noticees, to the stock exchanges," it added. Highlighting Choksi's and Sheth's responsibility in making disclosures, Sebi said "instead of fulfilling their responsibilities, based on various media reports, it has been noted that the noticee no. 2 (Choksi) abdicated his responsibilities by leaving the country in the first week of January 2018, days before the alleged fraud came to light. Further, there is no information available with respect to the noticee no. 3 (Sheth)." "In this case, the Noticees have committed repeated and serious defaults by not disclosing subsequent material events / information with regard to material events as found hereinabove. The defaults by the Noticees are blameworthy and serious considering the degree of responsibility bestowed upon them by the statute," Sebi noted. Regarding Choksi and Sheth, Sebi said "the conduct of these directors is apparently mala fide." SRS BJ ABMABM

PNB fraud: Sebi imposes Rs 5-cr fine on Mehul Choksi, others

New Delhi, Feb 27 () Following are the top business stories at 1850 hours: DCM47 BIZ-VODA IDEA-MINIMUM-PACKAGR-hit Voda Idea wants govt to put in place floor data, call tariffsNew Delhi: Vodafone Idea has demanded fixing minimum tariffs for mobile data at Rs 35 per GB, around 7-8 times of current prices, and for calls at 6 paise per minute along with monthly charges from April 1 to enable it pay statutory dues and make its business sustainable. DCM25 BIZ-RBI-CRR-CREDIT-EXEMONCRR-exempted loans: RBI says deduction only on incremental lendingMumbai: Following some banks seeking clarity on the computation of CRR to be exempted for incremental lending to three specified retail loans, the Reserve Bank has said that the deduction is available only on the equivalent incremental credit to these segments. DEL85 BIZ-LD STOCKSMarkets slump for fifth day on coronavirus woes, F&amp;O expiryMumbai: Equity indices reeled for the fifth straight session on Thursday, pressured by a sell-off in bank, IT and energy counters, as the global markets grappled with fears of the coronavirus outbreak turning into a pandemic. DCM46 BIZ-SEBI-GITANJALISebi imposes Rs 5 cr fine on Mehul Choksi, Gitanjali Gems, another individualNew Delhi: Regulator Sebi on Thursday slapped a total fine of Rs 5 crore on fugitive businessman Mehul Choksi, Gitanjali Gems and another individual for violating various regulations, including listing norms.DCM17 BIZ-VODAIDEA-GOVTNot in sound financial state; can meet liabilities only with govt support: Voda Idea New Delhi: Troubled Vodafone Idea has written to the telecom department expressing its inability to pay full AGR dues unless the government takes urgent measures, including allowing staggered payment, reduction in levies and implementation of floor prices in the crisis-ridden sector. DCM28 BIZ-CORONAVIRUS-CHICKENSALES'Chicken sales down 50%, prices by 70% in India on coronavirus rumour'New Delhi: Chicken sales in India have come down over 50 per cent and prices by 70 per cent in the last one month as speculation swirled on social media that chicken causes coronavirus disease, denting both demand and prices, a top Godrej Agrovet official said on Thursday. DEL90 BIZ-RUPEE-CLOSERupee settles 6 paise higher at 71.59 against US dollarMumbai: The Indian rupee finished 6 paise higher at 71.59 (provisional) against the US dollar on Thursday amid easing crude oil prices and weakening of the greenback overseas. DCM18 BIZ-ECONOMY-ANIL AGARWALLight at end of tunnel, Indian economy will bounce back, says Anil AgarwalNew Delhi: Indian economy will soon bounce back from its worst showing in 11 years as a steep cut in taxes will help attract investments and the massive infrastructure spending revives economic activity, mining baron Anil Agarwal said.DCM5 BIZ-NCLAT-FLIPKARTNCLAT sets asides insolvency proceedings against FlipkartNew Delhi: The National Company Law Appellate Tribunal (NCLAT) has set aside the order of the NCLT to initiate insolvency proceedings against e-commerce major Flipkart. DCM16 BIZ-NEW ZEALAND-INDIANew Zealand for bilateral trade pact with India if New Delhi does not join RCEPNew Delhi: New Zealand on Thursday said it will look forward to a bilateral trade agreement with India in case New Delhi does not join the China-backed mega trade deal RCEP. DCM48 BIZ-LD HPCL-ONGC-ACQUISITIONONGC, HPCL buy out bankers in Petronet MHB for Rs 371 crNew Delhi: State-owned Oil and Natural Gas Corp (ONGC) and its subsidiary Hindustan Petroleum Corp Ltd (HPCL) have bought out lenders in Petronet MHB Ltd, the firm that owns a petroleum product pipeline in Mangalore, for about Rs 371 crore. SHWSHW

Business highlights

A recent <keyword id="6354721" type="General" weightage="80" keywordseo="parliament" source="Orion">Parliament</keyword> reply disclosed that scheduled commercial banks have written off loans worth about Rs 10 lakh crore in the last five financial years. According to a reply by the <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword>, during 2021-22, the write-off amount came down to Rs 1,57,096 crore compared to Rs 2,02,781 crore in 2020-21. As per the written reply by Minister of State for <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword>, <keyword id="14681017" type="General" weightage="20" keywordseo="bhagwat-k-karad" source="Orion">Bhagwat K. Karad</keyword> in Rajya Sabha, during 2019-20, the write-off was worth Rs 2,34,170 crore, down from Rs 2,36,265 crore, the highest in five years recorded in 2018-19. During 2017-18, the write-off by banks stood at Rs 1,61,328 crore. In all, bank loans to the tune of Rs 9,91,640 crore have been written off in the last five years -- 2017-18 to 2021-22. He also said that "scheduled commercial banks (SCBs) and all Indian financial institutions report certain credit information of all borrowers having aggregate credit exposure of Rs 5 crore and above to <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> under its <keyword id="3193833" type="General" weightage="80" keywordseo="central-repository-of-information-on-large-credits" source="Orion">Central Repository of Information on Large Credits</keyword> database. As per the data, the highest number of 2,840 wilful defaulters reported during 2020-21 was followed by 2,700 in 2021-22. The number of wilful defaulters stood at 2,207 at the end of March 2019 that rose to 2,469 in 2019-20. Gitanjali Gems topped the list of 25 wilful defaulters followed by <keyword id="102029" type="General" weightage="80" keywordseo="era-infra-engineering" source="Orion">Era Infra Engineering</keyword>, Concast Steel and <keyword id="44011" type="General" weightage="80" keywordseo="power" source="Orion">Power</keyword>, <keyword id="69372" type="General" weightage="80" keywordseo="rei-agro-ltd" source="Orion">REI Agro Ltd</keyword> and ABG Shipyard Ltd. Similarly, <keyword id="2763" type="General" weightage="80" keywordseo="mehul-choksi" source="Orion">Mehul Choksi</keyword>'s company Gitanjali Gems owes banks a whopping Rs 7,110 crore while Era Infra Engineering owes Rs 5,879 crore and Concast Steel and Power Ltd Rs 4,107 crore. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-issues-more-pilot-licenses-as-its-air-traffic-increases/articleshow/93467321.cms">India issues more pilot licenses as its air traffic increases</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/msme-credit-demand-jumps-60-from-pre-pandemic-levels-in-signs-of-rebound-in-economic-activity/articleshow/93457388.cms">MSME credit demand jumps 60% from pre-pandemic levels – a sign of rebound in economic activity</a>

₹10 lakh crore - that's how much banks wrote off in the last 5 years

Ride-hailing major <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> has started to lay off 200 employees from its <keyword id="6362049" type="General" weightage="50" keywordseo="ola-cabs" source="Orion">Ola Cabs</keyword>, Ola Electric and <keyword id="7306214" type="General" weightage="50" keywordseo="ola-financial-services" source="Orion">Ola Financial Services</keyword> verticals as part of the "restructuring" exercise. The layoffs, which were first announced in September last year, happened across the teams. The company told IANS that it is "centralising operations and is undertaking a restructuring exercise to minimise redundancy and build a strong lateral structure that strengthens relevant roles and functions". The layoffs constitute 10 per cent of its 2,000-strong engineer workforce "as part of a larger restructuring exercise towards its electric dream". "Currently, the company has around 2,000 engineers and aims to increase its engineering talent pool to 5,000 over the next 18 months," according to the ride-hailing company. The Bhavish Aggarwal-run company has nearly 1,100 employees in its core ride-hailing business. Earlier, restructuring exercises impacted employees across product, marketing, sales, supply, tech, business, and operations verticals at the company, affecting nearly 500 employees that "were a result of restructuring in the cars and dash businesses". The ride-hailing major last year shut down its used vehicle business <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword>, as well as its quick-commerce business, <keyword id="13052888" type="General" weightage="50" keywordseo="ola-dash" source="Orion">Ola Dash</keyword>, as the company shifted to focus on its electric two-wheeler and car verticals. Ola said it plans to hire 5,000 engineers as it doubles down on new engineering verticals and strengthens capabilities across the vehicle, cell, battery, manufacturing and autonomous streams. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/fugitive-diamantaire-mehul-choksi-buying-protection-by-bribing-antigua-officials-says-an-expos-on-blogger/articleshow/96956166.cms">Fugitive diamantaire Mehul Choksi buying protection by bribing Antigua officials, says an exposé on Blogger</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/oneplus-11-5g-launch-event-how-to-buy-event-tickets-price-benefits-and-more/articleshow/96956696.cms">OnePlus 11 5G launch event – how to buy event tickets, price, benefits, and more</a>

Layoffs begin at Ola, 200 employees to be impacted by restructuring exercise

<ul><li>Skeletons keep tumbling out of the Punjab National Bank's closet and the stock is down nearly 10% on Monday.</li><li>One of India's marquee government banks, PNB, revealed that it had lost another half a billion dollars to a loan fraud, this time, at <keyword id="1943934" type="COMPANY" weightage="20" keywordseo="Bhushan-Power-and-Steel">Bhushan Power and Steel</keyword>.</li><li>Bhushan Power and Steel is awaiting resolution at the National Company Law Tribunal.</li></ul>Skeletons keep tumbling out of the Punjab National Bank's (PNB) closet and the share price was down 10% on Monday (July 8). One of India's marquee government banks, PNB, revealed that it had lost another half a billion dollars to a loan fraud, this time, at Bhushan Power and Steel. Bhushan Power and Steel is awaiting resolution at the National Company Law Tribunal. PNB informed the stock exchanges on Saturday that it had written to RBI sharing its findings from a forensic report-- nearly ₹3,805.15 crore had been swindled away by the now-insolvent Bhushan Power and Steel Ltd (BPSL). The company has already set aside half of the amount from its profits to cover for the loss, if any, as per the prescribed prudential norms. However, the share price has lost nearly the entire amount in market capitalisation as investors rued the lack of adequate checks and balances. The company had "misappropriated funds and manipulated books of accounts to raise funds from consortium lender banks", PNB said. In February 2018, the ₹13,500-crore scam involving diamantaires Nirav Modi and Mehul Choksi had come to light at the PNB. It is one of the first 12 accounts identified by the RBI for insolvency proceedings. The Central Bureau of Investigation (CBI), India's premier investigative agency, is already probing Bhushan Power and Steel for alleged lapses in governance. "At present, the case is in advance stage at the National Company Law Tribunal (NCLT) and the bank expects good recovery in the account," PNB said. With inputs from IANS SEE ALSO <a href="https://www.businessinsider.in/url-budget-2019-proposals-to-improve-market-liquidity-in-banks-nbfcs/articleshow/70090570.cms" data-type="tilCustomLink" target="_blank">Indian banks will now have more cash to lend for more reasons than one</a>

The stock of Punjab National Bank has lost half a billion dollars after a loan fraud of the same amount came to light

<ul><li>Number of bad loans alone was close to $149 billion last year.</li><li> <keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword> and his uncle Mehul Choksi allegedly defrauded Punjab National Bank of over <a href="http://www.thehindu.com/business/Industry/all-you-need-to-know-about-nirav-modi-and-the-177-billion-pnb-fraud/article22753973.ece" data-type="tilCustomLink">₹1.77 billion</a>. </li><li>According to proxy advisory firm Institutional Investor Advisory Services (IiAS), in 2016-17 alone the Indian banking sector reported 12,553 frauds aggregating to Rs 181.7 billion. </li></ul> India’s already troubled banking sector is being demolished by the surging number of bad loans and/or bank frauds that are coming to light. Though this is not at all a new phenomenon, the Nirav Modi case has opened up a Pandora’s box full of dodgy transactions -- that typically involves cases where the borrower intentionally tries to deceive the lending bank and does not repay the loan -- that run in millions and even billions. As a result of which, the CBI is on an overdrive to nab these offenders. According to data from the Reserve Bank of India (RBI), accessed through a right-to-information request by a <a href="https://in.reuters.com/article/india-banks-fraud/exclusive-unpublished-data-shows-indias-fraud-problems-extend-far-beyond-pnb-idINKCN1G00SJ">Reuters</a> reporter, in the five financial years leading up to 31 March 2017 showed that state-run banks reported 8,670 “loan fraud” cases totalling ₹612.6 billion. And the number of bad loans alone was close to a whopping <a href="https://www.ndtv.com/india-news/unpublished-data-shows-indias-fraud-problems-extend-far-beyond-pnb-1813569" data-type="tilCustomLink">$149 billion</a> last year. According to proxy advisory firm Institutional Investor Advisory Services (IiAS), in 2016-17 alone the <a href="https://www.firstpost.com/business/frauds-cost-rs-18170-cr-in-12553-cases-to-banking-sector-in-fy17-advisory-firm-report-4411267.html">Indian banking sector reported 12,553 frauds aggregating to Rs 181.7 billion</a>. Here’s are of the biggest frauds that came to light in the past financial year. Kanishk Gold Pvt Ltd./consortium of 14 banks led by <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI): Kanishk Gold Pvt Ltd. has been <a href="https://timesofindia.indiatimes.com/business/india-business/jewellery-chain-kanishk-gold-defrauds-14-banks-to-tune-of-rs-824-15-crore/articleshow/63394221.cms" data-type="tilCustomLink">accused</a> by a consortium of 14 banks led by SBI of defaulting on a loan of ₹8241.5 million. While the principal loan amount is about ₹8241.5 million, adding the interest due would indicate a loss of more than ₹10 billion. In a letter dated 25 January 2018 to the CBI, SBI charged Kanishk with "manipulating records, shutting shop overnight." Nirav Modi / <keyword id="6476298" type="UNKNOWN" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank:</keyword> The all-too-famous case in which companies owned by billionaire jeweller Nirav Modi and his uncle Mehul Choksi allegedly defrauded India's second-biggest state-run bank of over <a href="http://www.thehindu.com/business/Industry/all-you-need-to-know-about-nirav-modi-and-the-177-billion-pnb-fraud/article22753973.ece" data-type="tilCustomLink">₹1.77 billion</a>, making it India's biggest detected loan fraud. Apparently, two junior officers at a single branch had illegally issued fraudulent “letters of undertaking” (a guarantee that a bank is obliged to repay the loan if the actual borrower fails) without any collateral to the accused. When the accused failed to pay up, the bank employees involved issued more LoUs on behalf of PNB, asking other banks to give out fresh loans to the firms. The Central Bureau of Investigation (CBI) registered the case on 31 January 2018. Vikram Kothari / consortium of 7 banks led by Bank of India: The CBI arrested <keyword id="5888255" type="COMPANY" weightage="20" keywordseo="Rotomac">Rotomac</keyword> owner Vikram Kothari and his family in the alleged “willful” loan default to the tune of ₹ 36950 million on 22 Feb 2018. As alleged, the case relates to bank loans <a href="https://thewire.in/banking/banking-sector-hit-second-scam-rs-3695-cr-rotomac-promoters-probed" data-type="tilCustomLink">worth ₹ 29190 million</a> from 2008 onwards taken by Mr Kothari’s companies from a consortium led by Bank of India and comprising Bank of Baroda, Indian Overseas Bank, Union Bank of India, Allahabad Bank, Bank of Maharashtra and Oriental Bank of Commerce. This amount inflated to ₹ 36950 million after including accrued interest, because of repeated defaults on payment. Dwarka Das Seth International Pvt Ltd / Oriental Bank of Commerce: On 24 February 2018, the CBI registered a case against Delhi-based diamond exporter, Dwarka Das Seth International Pvt Ltd, for an alleged <keyword id="77600" type="PERSON" weightage="20" keywordseo="bank-fraud">bank fraud</keyword> to the tune of <a href="https://economictimes.indiatimes.com/news/politics-and-nation/cbi-approaches-interpol-to-locate-promoter-of-dwarka-das-seth-jewellers/articleshow/63129931.cms" data-type="tilCustomLink">₹3898.5 million</a>. The company was supposedly using letters of credit (LoCs) to pay off other creditors against the purchase of gold and other precious stone and transfer gold and funds outside the country using fictitious transactions. The company was also engaging in business transactions with non-existent entities, it said. Totem Infrastructure Ltd / consortium of eight banks led by Union Bank of India: CBI arrested the promoters of Totem Infrastructure Ltd — Tottempudi Salalith and Tottempudi Kavita — on 23 March 2018 in connection with an alleged <a href="https://timesofindia.indiatimes.com/business/india-business/cbi-arrests-promoters-of-totem-infra-in-rs-1394-crore-fraud-case/articleshow/63433753.cms" data-type="tilCustomLink">₹13940 million</a> fraud perpetrated against a consortium of eight banks. They were also accused of using the funds that were loaned to them for purposes other than what they were meant for. Aircel promoter C Sivasankaran and more / IDBI Bank: The CBI on Thursday (26 April 2018) registered a case against 15 former and serving senior IDBI Bank officials along with 24 others including former Aircel promoter C Sivasankaran, the heads of two public sector banks — Melwyn Rego of Syndicate Bank and Kishor Kharat of Indian Bank — and former CMD of IDBI Bank M S Raghavanand in an alleged <a href="http://www.thehindu.com/business/Industry/idbi-bank-fraud-case-cbi-books-indian-bank-and-syndicate-bank-chiefs-aircel-founder/article23684141.ece" data-type="tilCustomLink">₹6-billion</a> bank fraud case. The CBI claims loans worth ₹3220 million and ₹5230 million were given to Sivasankaran’s two offshore companies – Axcel Sunshine Limited (British Virgin Islands) and Finland-based Win Wind Oy respectively – which turned non-performing assets.

Here are the biggest bank frauds that happened in India the previous financial year

<ul><li>They said the 'red notice' has been issued by the global police body on the request of the Enforcement Directorate (ED). </li><li>Once such a notice issued against a fugitive, the Interpol asks its 192-member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin. </li><li><keyword id="6243034" type="PERSON" weightage="20" keywordseo="ami-modi">Ami Modi</keyword> is stated to have left country soon after the alleged bank fraud case came into light in 2018. </li></ul>An Interpol global arrest warrant has been issued against Ami Modi, wife of <keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, prime accused in the over USD 2 billion <keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword> bank fraud case, on charges of money laundering, officials said on Tuesday. They said the 'red notice' has been issued by the global police body on the request of the Enforcement Directorate (ED). Once such a notice issued against a fugitive, the Interpol asks its 192-member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin. Ami Modi is stated to have left country soon after the alleged bank fraud case came into light in 2018. The ED has charged Ami Modi for conspiring and money laundering with her husband and jeweller Nirav Modi apart from his uncle Mehul Choksi and others under the Prevention of Money Laundering Act (PMLA). Nirav Modi (49), is currently lodged in a UK jail after being arrested in London in March, 2019 and is currently fighting extradition to India. He has been declared a fugitive economic offender by a Mumbai court early this year and the court had also ordered confiscation of his assets. The ED has already confiscated about Rs 329 crore of his linked properties. The businessman, Choksi and others are being probed by the ED on money laundering charges in connection with an over USD 2 billion alleged bank fraud at a PNB branch in Mumbai. Similar Interpol notices have been earlier been issued against Nirav Modi's younger brother Nehal Modi and sister Purvi Modi.

Interpol issues red notice against Ami Modi, the wife of fugitive Nirav Modi, over $2 billion PNB fraud case

Actress <keyword id="6421" type="General" weightage="80" keywordseo="julia" source="Orion">Julia</keyword> <keyword id="284759" type="General" weightage="100" keywordseo="roberts" source="Orion">Roberts</keyword> was stunned to find out she isn't actually a 'Roberts' after all. The 55-year-old actress has discovered more about her family tree and, through genealogical work and DNA archives, she's learned her surname is totally different because her great-great-grandmother <keyword id="16051040" type="General" weightage="50" keywordseo="rhoda-suttle-roberts" source="Orion">Rhoda Suttle Roberts</keyword> had an affair with a married man following the death of her husband <keyword id="16051039" type="General" weightage="50" keywordseo="willis-roberts" source="Orion">Willis Roberts</keyword>, reports aceshowbiz.com. On Ancestory's "Finding Your Roots", Dr Henry Louis Gates Jr told her, "Digging into Georgia's County archives, we discovered that sometime in the 1850s, Rhoda married a man named Willis Roberts. Julia carries Willis' last name. But Willis passed away in 1864, over a decade before Rhoda gave birth to Julia's great grandfather, John, leading to an inescapable conclusion." Although Willis isn't listed in the 1880 census, her great-grandfather John Pendleton Roberts is in the archives. The historian said, "Willis Roberts could not possibly be your great, great grandfather. He was dead." Julia asked, "But am I not a Roberts?" Dr Henry explained that his team looked into the Georgia archives and couldn't find details of her great-great-grandfather. Next, they used DNA samples from the 'Pretty Woman' actress and a cousin to see if that could help them find a match for their great grandfather's father. He added, "We found a cluster of matches that tie Julia and her cousin to one man... Henry MacDonald Mitchell Jr." Julia was shocked and said: "So we're Mitchells?" The professor confirmed she is actually Julia Mitchell, while the census also revealed Henry was married to a woman called <keyword id="4726" type="General" weightage="50" keywordseo="sarah" source="Orion">Sarah</keyword> and had six children. Rhoda actually lived only four doors away from Henry's mother, and Julia admitted her "mind is blown." She said, "Truly my mind is blown. It is fascinating. And on the other hand, there's you know part of me that you know that when I'm calmer, you know can still wrap my arms around the idea that my family is my family. I do prefer the name Roberts. This was a very unexpected turn." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/fugitive-diamantaire-mehul-choksi-buying-protection-by-bribing-antigua-officials-says-an-expos-on-blogger/articleshow/96956166.cms">Fugitive diamantaire Mehul Choksi buying protection by bribing Antigua officials, says an exposé on Blogger</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/lucknow-cold-wave-hospitals-see-witness-50-60-surge-in-patients-with-respiratory-problems/articleshow/96958619.cms">Lucknow cold wave: Hospitals see witness 50-60% surge in patients with respiratory problems</a>

You Searched For "mehul choksi" and got 12 results

Billionaire fugitive Nirav Modi could be arrested in the UK as soon as this week

Dilsher Dhillon

India takes its first big step towards avoiding future Nirav Modi, Vijay Mallya-like scams

Dilsher Dhillon

Sebi imposes Rs 5 cr fine on Mehul Choksi, Gitanjali Gems, another individual

PTI

Here’s how the 13-month chase for Nirav Modi came to an end

Dilsher Dhillon

PNB fraud: Sebi imposes Rs 5-cr fine on Mehul Choksi, others

PTI

Business highlights

PTI

₹10 lakh crore - that's how much banks wrote off in the last 5 years

IANS

Layoffs begin at Ola, 200 employees to be impacted by restructuring exercise

IANS

The stock of Punjab National Bank has lost half a billion dollars after a loan fraud of the same amount came to light

Sriram Iyer

Here are the biggest bank frauds that happened in India the previous financial year

Kavita Majumdar

Interpol issues red notice against Ami Modi, the wife of fugitive Nirav Modi, over $2 billion PNB fraud case

PTI

Affairs of the past: Julia Roberts not a Roberts after all

IANS

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