Enough assets to meet any liability, says scam-hit PNB
Posted on 22nd February 2018 |
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MUMBAI: State-owned PNB on Thursday said it has followed lawful avenues to recover its dues following Rs 11,400 crore swindling of funds allegedly by jewellery designer Nirav Modi and associates. The country's second largest public sector lender also reaffirmed that it has enough assets to meet any liability. |
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Rs 114-bn PNB scam: Auditor Deloitte seeks answers from Nirav Modi company
Posted on 20th February 2018 |
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Deloitte Touche Tohmatsu India LLP, the auditor to Nirav Modi’s holding firm Firestar International Pvt Ltd (FIPL), has sought more information from the company after it came to light that Modi companies had defrauded Punjab National Bank of Rs 114 billion. According to a source close to the development, Deloitte was the auditor to FIPL for two years and signed off the accounts for financial years ended March 2016 and March 2017. |
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Probe into PNB scam starts in full swing; 200 shell firms under scanner
Posted on 19th February 2018 |
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The CBI is examining the balance sheets of 18 India-based subsidiaries of the Gitanjali group of firms, promoted by Mehul Choksi, to get a grip on the trail of funds the group took from banks on the basis of guarantees furnished by Punjab National Bank (PNB). The agency on Sunday evening did searches at the Brady Road branch of PNB in Mumbai, and the operation is likely to continue till morning. CBI officials said the agency was questioning Gokulnath Shetty, a retired PNB official; Manoj Kharat, a serving one; and a signatory of a company run by Nirav Modi, the co-accused, apart from other officials of PNB. |
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Rs 114-billion fraud: Other banks did not raise an alarm, says PNB
Posted on 17th February 2018 |
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Punjab National Bank (PNB) has told the Central Bureau of Investigation (CBI) that the Rs 114 billion scam could have been averted had officials of overseas branches of domestic banks raised the red flag. Significantly, the Delhi-based public sector bank has not found any role of chartered accountants, statutory auditors, and empanelled valuers in the alleged scam in its in-house investigation, according to the bank’s submission to the CBI. |
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PNB extends fall post Rs 114-bn fraud detection; Gitanjali hits 52-week low
Posted on 15th February 2018 |
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Punjab National Bank (PNB) has dipped 9% to Rs 133 in early morning trade on Thursday, extending its previous day’s 10% decline on BSE, after the state-owned bank said on Wednesday it had been defrauded of about Rs 114 billion by jeweller Nirav Modi, his maternal uncle Mehul Chinubhai Choksi, and other relatives through a clutch of companies they own. |
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PNB detects $1.77 bn fraud: Money siphoned off overseas from Mumbai branch
Posted on 14th February 2018 |
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India's Punjab National Bank said on Wednesday it had detected "fraudulent and unauthorised" transactions worth about $1.77 billion at one of its branches in Mumbai. The bank said in a statement the transactions were "for the benefit of a few select account holders with their apparent connivance" and that "based on these transactions other banks appear to have advanced money to these customers abroad." |
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Punjab National Bank Q3 net profit up 11.1% at Rs 2.3 bn, bad loans decline
Posted on 7th February 2018 |
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Punjab National Bank’s net profit rose 11.1 per cent to Rs 2.3 billion in the third quarter of the financial year due to higher provisioning for bad loans. PNB had earned a net profit of Rs 2.1 billion in the year-ago quarter and Rs 5.6 billion in the quarter ended September 2017, when the growth rate stood at 2 per cent. |
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RBI registers FIR against Punjab National Bank for depositing fake notes
Posted on 9th January 2018 |
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The Ghaziabad police have registered a first information report against Punjab National Bank's Modi Nagar branch for allegedly depositing fake currency notes during the note ban. Police have registered a case on the basis of a complaint filed by the Reserve Bank of India, Kanpur. According to the police, after Prime Minister Narendra Modi had announced that the Rs 500 and Rs 1,000 notes will be withdrawn from the financial system in 2016. |
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PNB floats Rs 5,000-cr QIP, sees 14% equity dilution
Posted on 13th December 2017 |
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State-run lender Punjab National Bank launched a Rs 5,000-crore fund-raising programme late on Monday evening through qualified institutional placement (QIP) of shares at a likely price of Rs 168 per share in a move that will shore up the bank’s capital adequacy ratio (CAR). The base size of the QIP is Rs 3,000 crore or 17.9 crore shares, with an option to retain an additional Rs 2,000 crore through issue of another 11.9 crore shares. |
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