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

A special court here on Thursday declared diamond businessman <keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, the key accused in the USD 2 billion Punjab National Bank (PNB) fraud case, a fugitive economic offender, on a plea of the Enforcement Directorate. He is the second businessman after liquor tycoon <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> to be declared a fugitive economic offender under provisions of the Fugitive Economic Offenders (FEO) Act which came into existence in August last year. Special PMLA court Judge V C Barde declared Nirav Modi a fugitive economic offender after hearing extensive arguments of lawyers of the diamantaire and the Enforcement Directorate (ED). Nirav Modi had earlier urged the court here to set aside the ED's plea to declare him an FEO. Modi and his uncle Mehul Choksi are the main accused in the <keyword id="6242396" type="UNKNOWN" weightage="20" keywordseo="PNB-scam">PNB scam</keyword> and they both left India before details of the fraud came to light in January 2018. Nirav Modi was arrested in London in March this year and his extradition process is pending. In July 2018, the central agency filed an application under the newly-promulgated FEO Act to declare him a fugitive economic offender. His lawyer earlier claimed that the ED was relying on evidence and statements recorded under the Prevention of Money Laundering (PMLA) Act to seek a remedy under the FEO Act. This was not permissible under the FEO Act, he said. As per the investigating agency, Nirav Modi and his uncle Choksi, in connivance with certain bank officials, allegedly cheated the PNB to the tune of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs). These LoUs were allegedly issued in a fraudulent manner by a <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword> branch of the PNB to the group of companies belonging to Nirav Modi since March 2011, till the case came to light. Under the FEO Act, a person can be declared a fugitive economic offender if a warrant has been issued against him for an offence involving an amount of Rs 100 crore or more and he has left the country and refuses to return.

Nirav Modi declared fugitive economic offender by a Mumbai court

New Delhi, Apr 28 () Outstanding loans amounting to Rs 68,607 crore of top 50 wilful bank loan defaulters in the country including firms of Mehul Choksi and Vijay Mallya have been technically written off till September 30, 2019, the Reserve Bank of India said in a RTI reply.Absconding dimantaire Choksi's company Gitanjali Gems tops the list of these defaulters with a whopping amount of Rs 5,492 crore, according to the list.This is followed by REI Agro with Rs 4,314 crore and Winsome Diamonds with Rs 4,076 crore.Rotomac Global Private Limited has funded advances of Rs 2,850 crore which have been technically written off and Kudos Chemie Ltd with Rs 2,326 crore, Ruchi Soya Industries Limited, now owned by Ramdev's Patanjali, with Rs 2,212 crore and Zoom Developers Pvt Ltd with Rs 2,012 crore being the other companies.Mallya's Kingfisher Airlines figures in the list at number 9, with outstanding of Rs 1943 crore which have been technically written off by the banks.Forever Precious Jewellery and Diamonds Private Limited has loans of Rs 1,962 crore written off while Deccan Chronicle Holdings Limited have Rs 1915 crore written off loans.Choksi's other firms Gili India and Nakshatra Brands also have loans of Rs 1,447 and Rs 1109 crore respectively written off.REI Agro of Jhunjhunwala brothers is already under the scanner of ED. The CBI and ED are also probing alleged fraud by the owners of Winsome Diamonds.Vikram Kothari's Rotomac is the fourth in the list. He and his son Rahul Kothari were arrested by the CBI for bank loan default. In the last Parliament session, Rahul Gandhi had asked the government to provide a list of top 50 bank loans defaulters in the country, leading to sharp exchanges and uproar in the Lok Sabha."The information on top 50 wilful defaulters and their sum of funded amount outstanding and amount technically/prudentially written off as on September 30, 2019 reported in CRILC by banks, is provided," the RBI said in its written response dated April 24.In his application, RTI activist Saket Gokhale had sought the list of defaulters as on February 16, but the RBI said the requested information is not available.The RBI said that according to section 8 (1)(a) of RTI Act 2005 read with para 77 of Supreme Court judgement of December 16, 2015 in Jayantilal N Mistry case, information on overseas borrowers is exempted from public disclosure."Data is as reported by banks and RBI will not be held responsibly or accountable for any misreporting and/or incorrect reporting by the reporting entities," the RBI said in the written reply to the RTI query. SKC ZMN

Over Rs 68,600 cr loans of wilful defaulters, including Choksi, Mallya firms, written off: RBI in RTI reply

Mumbai, Jun 9 () At a time when the financial sector is passing through a rough patch and looking at ways to conserve capital, country's second largest lender Punjab National Bank (PNB) has bought three Audi cars to ferry its top management. According to sources, the PNB took the delivery of these high-end luxury cars worth approximately Rs 1.34 crore last month, unmindful of the coronavirus outbreak, subsequent nation-wide lockdown and its crippling effect on the financial sector as well as the economy. The annual depreciation on this purchase will be around about Rs 20 lakh, sources said. These luxury cars, sources said, will be used by the managing director (MD) and two senior executive directors. Besides the MD, there are four executive directors given the size and scale of operation of the bank. These cars were purchased after the approval from the board and within the sanctioned limit for the whole-time directors, sources said, adding, this is a part of routine replacement and the unutilised Budget of the last year was carried forward for the purchase. Interestingly, the secretaries in the union government and even Cabinet ministers use Maruti Suzuki Ciaz, much less expensive than German car Audi purchased by the PNB. In protocol, the managing director of a public sector bank is equivalent to an additional secretary in the central government. Even the chairman of the country's largest lender State Bank of India who is considered a notch above the managing director of any nationalised bank uses Toyota Corolla Altis when in capital. 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. Also, schemes that are already approved for the current financial year will remain suspended till March 31 next year or further orders. This would also include those schemes for which in-principle approval has been given by the respective departments. According to an office memorandum of the department of expenditure in the finance ministry, the changes have been made as there is a need to use resources prudently in accordance with emerging and changing priorities. It is to be noted that Punjab National Bank suffered heavily due to the Rs 14,000 crore Nirav Modi scam, which was unearthed in 2018. Nirav Modi and his uncle Mehul Choksi duped PNB of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs), in connivance with certain bank officials. For the third quarter ended January 2020, the bank reported a loss of Rs 501.93 crore due to substantial increase in bad loan provisioning. The bank had posted a net profit of Rs 249.75 crore for the same period a year ago. The bank made a provisioning of Rs 4,445.36 crore for bad loans during the quarter under review as against Rs 2,565.77 crore parked aside for the year-ago period. DP HV CS MKJ

PNB buys 3 Audi cars for top management amid COVID-led financial downturn

<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

<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

Indian banks have technically written off a staggering amount of Rs 68,607 crore due from 50 top wilful defaulters, including absconding diamantaire Mehul Choksi, according to a reply under RTI from the Reserve Bank of India (RBI). Prominent RTI activist Saket Gokhale had filed an RTI query with the RBI seeking details of the 50 top wilful defaulters and their current loan status till February 16. "I filed this RTI because Finance Minister Nirmala Sitharaman and Minister of State for Finance Anurag Thakur had refused to reply to this starred question asked in the Parliament by Congress MP Rahul Gandhi in the last Budget Session on February 16," Gokhale told IANS. Disclosing what the government didn't, the RBI's Central Public Information Officer <keyword id="135505" type="PERSON" weightage="20" keywordseo="Abhay-Kumar">Abhay Kumar</keyword> provided the replies on Saturday (April 24), with several startling revelations in the 'diamond-studded list', said Gokhale. The RBI said that this amount (Rs 68,607 crore) comprising outstanding and the amounts technically/prudentially written off till September 30, 2019. An inadvertent error had crept in a previous version of the report, which has now been now corrected. "The apex bank also declined to provide the relevant information on overseas borrowers citing a Supreme Court judgement of December 16, 2015," Gokhale told IANS. Topping the list is Choksi's scam-hit company, Gitanjali Gems Limited, which owed Rs.5,492 crore, besides other group companies, Gili India Ltd and Nakshatra Brands Ltd, which had taken loans of Rs 1,447 crore and Rs 1,109 crore, respectively. Choksi is currently a citizen of Antigua &amp; Barbados Isles, while his nephew and another absconder diamond trader <keyword id="740578" type="DOMAIN" weightage="20" keywordseo="Nirav">Nirav</keyword> Modi is in London. The second in the list is REI Agro Ltd., with an amount of Rs 4,314 crore, and its directors <keyword id="9131601" type="PERSON" weightage="20" keywordseo="sandip-jhujhunwala">Sandip Jhujhunwala</keyword> and <keyword id="984138" type="PERSON" weightage="20" keywordseo="Sanjay-Jhunjhunwala">Sanjay Jhunjhunwala</keyword> who are already under the scanner of the Enforcement Directorate (ED) since over a year. The next on the list in the Rs 4,000-crore bracket is absconding diamantaire Jatin Mehta's Winsome Diamonds &amp; Jewellery owing Rs 4,076 crore and which is being probed by the Central Bureau of Investigation for various bank frands. In the Rs 2,000-crore category, there is the Kanpur-based writing instruments giant, Rotomac Global Pvt. Ltd., part of the famed Kothari group, which owed Rs 2,850 crore. The others in this category include: Kudos Chemie, Punjab (Rs.2,326 crore), Baba Ramdev and Balkrishna's group company Ruchi Soya Industries Ltd., Indore (Rs.2,212 crore), and <keyword id="265518" type="COMPANY" weightage="20" keywordseo="Zoom-Developers">Zoom Developers</keyword> Pvt. Ltd., Gwalior (Rs.2,012 crore). There are 18 companies in the Rs.1K-segment with some prominent names like Harish R. Mehta's Ahmedabad-based Forever Precious Jewellery &amp; Diamonds Pvt. Ltd. (Rs.,1962 crore), and absconder liquor baron Vijay Mallya's defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword> Ltd. (Rs 1,943 crore). Another 25 companies fall in the sub-1K-crore category with outstandings ranging from Rs 605 crore to Rs 984 crore, either individually or as group companies. Six among the 50 top wilful defaulters are connected with the glittering diamond and/or gold jewellery industries. "A majority of them have defaulted prominent nationalist banks over the past several years and many of them are either absconding or facing action by various probe agencies and some are under litigation," Gokhale said. No industry is sacrosanct as the top 50 willful defaulters are spread across various sectors of the economy including IT, infrastructure, power, gold-diamond jewellery, pharma, etc. --IANS qn/in/arm

Indian banks might never recover ₹68,607 crore of bad loans says RTI data

<ul><li>As many as 30 million Indian textile workers have already lost their jobs </li><li>More than 60,000 workers are jobless in the diamond polishing sector since 2018. </li><li>Rains have played havoc with sculptors whose stock was washed away in the rains. </li></ul> Much has written and spoken the job losses in the textile and <a href="https://www.businessinsider.in/indian-auto-manufacturers-have-laid-off-350000-jobs-in-four-months/articleshow/70563890.cms">automobile sector</a>. Millions of blue collar employees have lost their livelihood as plants shutdowns or production cuts. But just as many if not more artists and artisans are caught in the economic spiral with less or no spotlight. And it is not merely slowdown, but weather and other social factors are adding to the plight of the millions of India’s unorganised workers. These artists who are hurt the most are those who make ₹10,000 per month or less. And a few desperate of them have resorted to suicides, since few artists have prospects outside their chosen area. Rains sweep away profits from sculptors Ideally, this month Indian idol makers should be rolling in cash as Ganapati idol sales hit a high. But, they are now lamenting over losses and pain, as heavy in Maharashtra in Sangli and Kolhapur districts have<a href="https://indianexpress.com/article/cities/mumbai/maharashtra-ganpati-idolmakers-reel-under-heavy-losses-after-rain-flooding-5908852/"> swept away their</a> raw material, and annual earnings. Due to rains, the stock of idols made of plaster of paris has also deteriorated. Some have developed cracks while others rotting bases and others are bare damp leaving those who have worked all around the year, penniless. Lenders’ fury hits diamond polishers The story of artisans who shine diamonds is even worse. As US markets have lost sheen, the Indian industry is depressed. Multiple<a href="https://www.businessinsider.in/nirav-modi-arrested-in-london/articleshow/68496650.cms"> scams in the sector</a> right from Nirav Modi to Mehul Choksi has also resulted in shutdowns. Moreso, the banking sector which is hurt by diamond merchants is also refusing a lifeline, deepening the crisis. As many as 60,000 workers are jobless since 2018. According to Gujarat<a href="https://www.businessinsider.in/gujarats-diamond-industry-loses-sheen-as-60000-turn-jobless-and-a-few-resort-to-suicides/articleshow/70888125.cms"> Diamond Workers Union</a>, as many as ten artisans have already committed suicide. More are in trouble as a large number of units in this small and medium sized industries, are working on a single shift. Spoke in the spinning wheel As many as 30 million Indian weavers and powerloom workers have already lost their jobs, thanks to government policies and the effect of slowdown. This constitutes to a third<a href="https://www.businessinsider.in/a-third-of-indias-textile-workers-30-million-lost-their-jobs-and-more-could-go/articleshow/70781257.cms"> of all textile workers</a> in India. Over 600 spinning wheels have shut down leaving 200,000 unemployed. Half of these shutdown took place in the textile hub of Coimbatore in Tamil Nadu, which paint a grim picture of the economy. These job losses will affect many families as a large chunk of Indian textile workers are women. Their earnings support families, which now have nothing to fall back on.

The untold crisis to befall India’s artists, artisans and weavers

<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

The jewelry sector is happy with the government’s decision to ban Rs 500 and Rs 1,000 notes as they feel that this will make an increment in <keyword id="18712" type="ENTERTAINMENT" weightage="100" keywordseo="Gold">gold</keyword> demand as people will have more faith in gold rather than the currency. 
 "It will create havoc for a little while and the economy will also destablise. But overall, it is going to be good for the country. In fact, the jewelry industry will thrive as people will have more trust on jewelry than currency notes," <keyword id="31843" type="COMPANY" weightage="20" keywordseo="Gitanjali">Gitanjali</keyword> Gems Chairman and Managing Director Mehul Choksi told PTI. 
 "This is a very good decision for long term especially for the organised sector. There could be impact on pure gold demand, which is good for jewelers,” PC Jewelers Managing Director <keyword id="275437" type="PERSON" weightage="20" keywordseo="Balram-Garg">Balram Garg</keyword> told PTI. 
 Echoing these views, <keyword id="3828768" type="UNKNOWN" weightage="20" keywordseo="all-india-gems-and-jewelry-trade-federation">All India Gems and Jewelry Trade Federation</keyword> (GJF) Chairman <keyword id="3828769" type="UNKNOWN" weightage="20" keywordseo="sreedhar-g-v">Sreedhar G V</keyword> said: "This affects all industries, it will also affect the jewelry industry. We are in favour of the decision announced by the Prime Minister. There may be some problems for unorganized jewelers, but this will help them organized." 
 
About 70-75 per cent of jewelers in the country are unorganized. But 25 per cent of the organised jewelers are contributing more than 80 per cent business, he added. 
(image: IndiaTimes)

Ban on Rs 500 and Rs 1,000 note will push many towards gold

<ul><li>The Ministry of Home Affairs has empowered the <keyword id="107956" type="ORGANIZATION" weightage="20" keywordseo="Serious-Fraud-Investigation-Office">Serious Fraud Investigation Office</keyword> (SFIO) to request the issuance of look-out-circulars (<keyword id="6355098" type="UNKNOWN" weightage="20" keywordseo="LoC">LOC</keyword>) against people who are suspected of defaulting on large loans. </li><li>Last week, the same power was also granted to the CEOs of India’s public-sector banks, which have largely been the major casualties of these frauds and loan defaults. </li><li>Prior to these changes, the ability to request for LOCs was mainly extended to police authorities, the CBI, Enforcement Directorate, the home and external affairs ministries as well as regional passport offices and customs and tax officials. </li></ul>In the wake of a series of high profile banking scams and loan defaults this year, the most notable of which is <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">the Nirav Modi case</a>, the Indian government is trying to make it easier to prevent fraudsters from escaping the country and taking up residence elsewhere. To this effect, the Ministry of Home Affairs has empowered the Serious Fraud Investigation Office (SFIO), which is housed under the corporate affairs ministry, to request the issuance of <a href="https://indianexpress.com/article/india/centre-gives-sfio-powers-to-stop-defaulters-from-fleeing-the-country-5468015/">look-out-circulars </a>(LOC) against people who are suspected of defaulting on large loans. Last week, the same power was also granted to the<a href="https://www.livemint.com/Politics/lAjlD5SnzGYkS87SyKxVJI/Govt-authorises-public-sector-bank-CEOs-to-request-for-look.html"> CEOs of India’s public-sector banks</a>, which have largely been the major casualties of these frauds and loan defaults. However, as these public-sector banks aren’t official investigation agencies, the LOCs requested by them can be challenged in court. That is not the case with the SFIO. Prior to these changes, the ability to request for LOCs was mainly extended to police authorities, the CBI, Enforcement Directorate, the home and external affairs ministries as well as regional passport offices and customs and tax officials. A major reason why wilful defaulters like <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, <keyword id="571991" type="COMPANY" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword> and Mehul Choksi were able to flee India for safer havens was because the agencies or entities that caught wind of their crimes did not have the authority to prevent them from fleeing and had to follow protocols and notify higher powers with said authority. By the time formal channels of communication were activated, it was too late. This is reportedly what happened in the case of Vijay Mallya, who fled India in March 2016. The CBI actually <a href="https://www.hindustantimes.com/india/cbi-ignored-immigration-alert-on-mallya-leaving-india-on-march-2/story-hW83mkAc6qVe14VyFVOIFJ.html">watered-down the LOC</a> it had filed against the liquor baron in October 2015 from “detain” to “inform” after citing a lack of evidence and Mallya’s supposed intention to cooperate, which eventually allowed him to leave the country. The CBI had actually taken over the case from the SFIO, which had been looking into the diversion of funds at Mallya’s companies in September 2015. By broadening the number of stakeholders that can ask for the arrest of a <keyword id="2168141" type="PERSON" weightage="20" keywordseo="Wilful-defaulter">wilful defaulter</keyword>, the move could decrease the chances of this happening again in the future, especially in instances where investigations by the police and CBI are hamstrung by “conflicts of interest” or they don’t follow through with arrests. A few months ago, the central government also passed the <a href="https://www.businessinsider.in/india-takes-its-first-big-step-towards-avoiding-future-nirav-modi-vijay-mallya-like-scams/articleshow/65069668.cms">Fugitive Economic Offenders Act</a>. The law allows the Enforcement Directorate to seize the domestic as well as foreign assets of “economic offenders” who have left the country so their creditors may recover their dues. The crimes involve amounts of ₹1 billion or more. SEE ALSO: <a href="https://www.businessinsider.in/india-takes-its-first-big-step-towards-avoiding-future-nirav-modi-vijay-mallya-like-scams/articleshow/65069668.cms">India takes its first big step towards avoiding future Nirav Modi, Vijay Mallya-like scams</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> <a href="https://www.businessinsider.in/liquor-baron-vijay-mallya-will-be-the-first-to-be-tried-under-indias-new-fugitive-economic-offenders-ordinance/articleshow/64635569.cms">Liquor baron Vijay Mallya will be the first to be tried under India’s new Fugitive Economic Offenders Ordinance</a>

India’s corporate fraud investigation agency and the CEOs of state-owned banks can now directly prevent scamsters from leaving the country

<ul><li>Total exposure of Indian banks in the alleged fraud is approximately Rs 20,000 crore</li><li><keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> has an exposure of Rs 20-30 billion, <keyword id="6358005" type="COMPANY" weightage="20" keywordseo="allahabad-bank">Allahabad Bank</keyword> has Rs 40 billion and SBI, Rs 13 billion. </li><li>As a result of the scam, the Reserve Bank of India (RBI) decided to ban LoU-based transactions on March 13.</li></ul> <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> (PNB) has five days to honour its guarantees to the <keyword id="63524" type="CITY" weightage="20" keywordseo="Union-Bank-of-India">Union Bank of India</keyword> to the tune of Rs 10 billion. If it fails to do so, Union Bank, in an unprecedented move, will have no option but to consider PNB a defaulter in its books and may even have to classify the unpaid amount as a non-performing asset (NPA) based on the recommendations of its auditors. Both banks are state-owned and if this default happens, it could shake the foundation of the banking sector leading to both the people and international banking institutions losing faith in the banking system. The only way this can be avoided is if the government or the RBI swoop in and bail PNB out. All this stems from the <keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword> case which involves fraudulent letters of undertaking (<keyword id="368886" type="PERSON" weightage="20" keywordseo="Lou">LoU</keyword>). And though this matter is being investigated by government agencies, Union Bank contests that there is no fraud in its books. Rajkiran Rai, MD of Union Bank told the <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/pnb-may-become-1st-bank-to-be-labelled-as-defaulter/articleshow/63459075.cms">Economic Times</a>, “For us, it is a genuine claim on PNB backed by documents. It is not a fraud in our books... We will take the auditor’s view. However, we don’t want to list PNB as a defaulter. We are expecting some intervention from either the government or RBI so that there is a resolution by March 31.” LoUs are essentially a tool used between Indian banks as guarantees under which customers of one bank can raise money from the other Indian bank's foreign branch in the form of a short-term credit arrangement, typically 90 days long. In the case of Nirav Modi and Mehul Choksi scam, the total exposure of Indian banks in the alleged fraud is approximately Rs. 20, 000 crore--almost twice the initial estimate. According to <a href="http://www.business-standard.com/article/finance/in-5-days-pnb-may-be-first-bank-to-get-defaulter-tag-due-to-nirav-modi-118032600248_1.html" data-type="tilCustomLink">Business Standard</a>, apart for Union Bank of India, <a class="storyTags" href="http://www.business-standard.com/search?type=news&amp;q=axis+bank" target="_blank">Axis Bank </a>has an exposure of Rs 20-30 billion, <a class="storyTags" href="http://www.business-standard.com/search?type=news&amp;q=allahabad+bank" target="_blank">Allahabad Bank </a>has Rs 40 billion and SBI, Rs 13 billion. As a result of the scam, the Reserve Bank of India (RBI) decided to ban LoU-based transactions on March 13. However, this move has raised concerns with a bunch of bankers. Asked if the RBI decision is an overreach action by the <a href="https://economictimes.indiatimes.com/news/economy/policy/policymakers-need-to-be-careful-sanyal-on-lou-ban/articleshow/63302747.cms">Economic Times</a>, the Finance Ministry's Principal Economic Advisor Sanjeev Sanyal said, "I am not in a position to comment on RBI decision they have just introduced… But, the general point remains that you have to take a nuanced view of these things in particular because you are not dealing with a silo system. You are dealing with an inter-connected ecosystem and if you block off oxygen in one part it rapidly spreads to rest of the system.”

PNB might become first bank to get 'defaulter' tag in 5 days

<ul><li><keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword>, India’s second-largest government-owned bank, reported a loss of ₹134.2 billion for the quarter ended March 31st. </li><li>The bank’s provisions surged nearly five times to ₹203.5 billion because it is liable to pay back a lot of the loans that <keyword id="571991" type="PERSON" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword> has defaulted on. </li><li>Modi and his associates defrauded these banks of ₹130 billion ($1.92 billion) between 2011 and 2017- India’s biggest banking fraud. </li></ul> The name “Nirav Modi” isn’t likely to go out of news cycles anytime soon. This past February, it came to light that Modi, a prominent Indian jeweller and billionaire, had used his clout to allegedly procure fraudulent letters of undertaking from a Mumbai branch of the <keyword id="62034" type="ORGANIZATION" weightage="100" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> (PNB). He then used the letters to get loans from not only PNB, but a number of Indian banks like State Bank of India and <keyword id="6358005" type="ORGANIZATION" weightage="20" keywordseo="allahabad-bank">Allahabad Bank</keyword>, and eventually defaulted on the loans, despite issuing additional letters to pay back these loans. Modi and his associates defrauded these banks of ₹130 billion ($1.92 billion) between 2011 and 2017. This is the biggest banking fraud in India’s history. And now, it’s led to the highest quarterly loss ever by an Indian bank. PNB, India’s second-largest government-owned bank, reported a loss of <a href="https://www.pnbindia.in/downloadprocess.aspx?fid=qTvsjnzvILodoPNEqn9wCQ==">₹134.2 billion</a> for the quarter ended March 31st. Its loss even exceeded its total revenue of ₹129.5 billion. Given that PNB sanctioned the invalid letters of undertaking, it is the main bearer of liability for the loans that Modi and his partner firms have defaulted on. It will have to drum up the payments for these letters of credit itself. Hence, it’s provisions for bad loans and defaulted accounts surged 355% from the previous quarter to a staggering ₹203.5 billion. Around 40% of this figure was accounted for by the Nirav Modi fraud alone. In fact, after staying well under the ₹600 billion mark for all of 2017, the bank’s total amount of bad loans ballooned to ₹866 billion by the end of March 2018. There were around ₹291 billion of fresh bad loans in just the last quarter of fiscal 2018. The bank’s growth will be severely limited for the foreseeable future. All the capital that the managed to raise from institutional investors, <a href="https://www.thehindubusinessline.com/markets/pnb-raises-rs-5000-cr-via-qualified-institutional-placement/article9989982.ece">₹50 billion</a> in December 2017, and the government, <a href="https://www.bloombergquint.com/business/2018/03/08/over-a-dozen-state-owned-banks-to-get-rs-46000-crore-capital-infusion-this-month#gs.3aHyZcg">₹54 billion</a>, was insufficient to cover its provisions, let alone its other growth initiatives and capital expenditure. Given the dire state of PNB’s finances, it is likely to be put under the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword>’s Prompt Corrective Action watchlist (PCA). The operations of 11 of India’s 21 state-owned banks are already being monitored under the PCA programme, which imposes restrictions on fresh loans. PNB is already said to be taking steps to make credit underwriting norms more rigorous and improving its internal auditing process. Meanwhile, the Nirav Modi fraud is still being investigated by India’s Central Bureau of Intelligence and judicial authorities, and names are finally being named. A charge sheet against Modi and his uncle, Mehul Choksi, - both of whom are absconding - was filed by the investigative agency earlier this week. <a href="http://www.business-standard.com/article/current-affairs/pnb-scam-two-bank-execs-removed-allahabad-bank-chief-to-step-down-118051400782_1.html">A number of other people</a>, including senior directors at PNB and Allahabad Bank, were also charged in the filing for various breaches. The senior management of all the banks involved will likely be cleaned out and reshuffled.

How one fraudster drove Punjab National Bank to the highest quarterly loss in the history of Indian banking

55-year old Imran is a watchman in one of the residential buildings in suburban Mumbai. He sleeps on the same chair he sits on to guard the building and uses the common toilet in the parking lot to clean up. He works two shifts a day of 12 hours each, for a total salary of ₹13,500. If he had worked one shift a day, he would have got ₹7,000 a month and would have had to find himself an accommodation. He would rather send nearly all his earnings to his family in a village in Uttar Pradesh than rent a room in Mumbai. Imran was blissfully unaware of the ongoing trend on Twitter where leaders of the Bharatiya Janata Party (BJP), led by Prime Minister Narendra Modi, and their supporters have prefixed the word 'chowkidar' to their profile names. Chowkidar is the Hindi word for watchman or security guard and it has since become a buzzword on social media. When told about his humble job being at the centre of the country's political discourse ahead of the elections, Imran's first reaction was that of amusement. "Wasn't it chaiwala the last time?" he asked with a smirk and thinly veiled sarcasm. 'Chaiwala' is what Indians call the local tea vendor in Hindi. Modi's claim to fame in the run up to the 2014 elections was that he had worked in his father's tea stall in Gujarat as a child. He used his humble origins effectively as he challenged the country's political royalty-- the Gandhi family which has sent three Prime Ministers in the past-- and caught the fancy of an aspiring voter base. At the same time, a series of corruption charges against the Congress-led United Progressive Alliance (UPA) tilted the scale further in Modi's favour and the BJP swept the elections with a majority in Lok Sabha, the lower house of Indian Parliament. This was the first time any party had managed to score a full majority in India's Parliamentary elections since 1984. Modi is banking once again on a strategy that worked for him five years ago. The word 'chowkidar' has been bandied around by BJP leaders pitching Modi as a man of strength but someone who lacks political pedigree. That can hardly be true for a person who has been a politician for over two decades, a chief minister for three terms, and currently, the prime minister seeking re-election. The playbook-- underdog versus the entitled-- is as old as time but no one has claimed the 'underdog' tag effectively after the first surprise. But Modi is giving it another shot And in this battle of catchphrases, Modi may have an upper hand over his rivals. First of all, the move has either distracted or diluted the debate on more pressing issues like the economy, policies, and unemployment. Modi's rivals are essentially talking about things that he wants them to talk about. While charging the government with corruption, senior Congress leaders have tweeted '<keyword id="6895071" type="UNKNOWN" weightage="20" keywordseo="Chowkidar-chor-hai">chowkidar chor hai</keyword>' or 'the watchman is the thief'. However, by referring to Modi as the watchman repeatedly, even in slander, the opposition is unwittingly fortifying the image he wants: a strongman of a humble background who is guarding the country not just from adversaries across the borders but also keeping a watch on home-grown muggers looking for a way out to safety. For example, the opposition is mocking Modi citing the government's failure to stop billionaire fugitives like Vijay Mallya, Nirav Modi, and Mehul Choksi with unpaid loans and alleged bank frauds to their name from leaving the country. However, even if one of the three are nabbed ahead of the elections, it will be forgotten that each of the three businessmen, with close ties to the BJP in the past, did mysteriously escape from the country. The time spent on countering the chowkidar claim could have been used to question the government on its economic blunders like demonetisation, the troubles of the small enterprises, and the rise in unemployment in the last five years. In the run up to the 2014 elections as well as in every state election thereafter wherever the BJP was the challenger, Modi had, in no uncertain terms, demanded an account of the incumbent government's performance. He would set the agenda and let the party in power respond. The strategy has been so successful that BJP is now in power in 17 out 29 Indian states. Instead of holding him to account for the last five years, his rivals are following Modi's lead in political rhetoric. This hollow, partisan, inconsequential, farcical political debate is a lost opportunity for the opposition. Over a 1,300 kilometres away from Mumbai in Gurgaon, Kabir (name changed on request), gets paid ₹15,000 for a 12-hour shift as a watchman. That's more than twice that of Imran, but it's still not enough for him to run a family comfortably. Kabir had seen the rhetoric around watchmen in India on news television and he saw hope. "The PM is one of us and he will improve our working conditions after he wins the elections," he said. In the words of Emily Dickinson, hope is the thing with feathers. SEE ALSO:<a href="https://www.businessinsider.in/elections-2019-latest-opinion-poll-pegs-unemployment-as-the-biggest-issue/articleshow/68475510.cms" data-type="tilCustomLink" target="_blank">Modi may not take the fall for rising unemployment in India, latest opinion poll shows</a> <a href="https://www.businessinsider.in/general-elections-2019-vvpat-how-to-verify-vote/articleshow/68475130.cms">Here’s how you can verify your vote using VVPAT</a> <a href="https://www.businessinsider.in/is-indias-2019-election-really-a-foregone-conclusion/articleshow/68423465.cms">Is India's 2019 election really a foregone conclusion?</a>

You Searched For "mehul choksi" and got 14 results

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

Dilsher Dhillon

Nirav Modi declared fugitive economic offender by a Mumbai court

PTI

Over Rs 68,600 cr loans of wilful defaulters, including Choksi, Mallya firms, written off: RBI in RTI reply

PTI

PNB buys 3 Audi cars for top management amid COVID-led financial downturn

PTI

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

Dilsher Dhillon

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

Indian banks might never recover ₹68,607 crore of bad loans says RTI data

IANS

The untold crisis to befall India’s artists, artisans and weavers

Katya Naidu

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

Kavita Majumdar

Ban on Rs 500 and Rs 1,000 note will push many towards gold

BI India Bureau

India’s corporate fraud investigation agency and the CEOs of state-owned banks can now directly prevent scamsters from leaving the country

Dilsher Dhillon

PNB might become first bank to get 'defaulter' tag in 5 days

Kavita Majumdar

How one fraudster drove Punjab National Bank to the highest quarterly loss in the history of Indian banking

Dilsher Dhillon

The humble security guard at the centre of India’s election debate is a sign that Modi is still setting the agenda

Sriram Iyer