Court issues NBW against Modi, Choksi

RBI cracks down against Axis Bank Indian Overseas Bank imposes hefty monetary penalty

RBI cracks down against Axis Bank Indian Overseas Bank imposes hefty monetary penalty

Nirav Modi and his uncle Choksi and others are being investigated by the ED, CBI and other probe agencies after the bank fraud recently came to light, following a complaint by the PNB that they allegedly cheated the nationalised bank to the tune of over Rs12,000 crore, with the purported involvement of a few employees of the bank.

The CBI and the ED have registered two FIRs each to probe the case.

ED counsel Hiten Venegaonkar on Thursday argued before the court that three summons had been issued to Modi. The agency had told the court that it had issued three summonses to Modi to appear before it.

In two Mumbai raids carried out by the CBI, the agency found that Modi and Choksi were using chawls as their office premises to hide the illegal documents.

Vivo APEX is a concept smartphone half screen fingerprint sensor
Vivo thinks this feature could allow two different people lock something on the phone for added security. It argues that it should save on power, reduce sound leakage and offer a superior audio experience.

Earlier in the day, special CBI judge S R Tamboli remanded Shetty, Manoj Kharat, a single window operator of PNB; Hemant Bhatt, authorised signatory of Nirav Modi; Bechhu Tiwari, then chief manager in the Forex department of PNB; Yashwant Joshi, scale II manager in PNB's Forex department, and Praful Sawant, scale-I officer handling the bank's exports section, in judicial custody till March 17 in the Nirav Modi case. The accused, Bishnubrata Mishra, Chief Manager, internal chief auditor (retired), was responsible for the concurrent audit at Punjab National Bank's Brady House branch in South Mumbai between 2011 and 2015. The probe agency officials have said the quantum of the alleged fraud perpetrated in the bank by billionaire jewellers Modi and Choksi stands close to Dollars 2 billion after the teams of the CBI and PNB found fresh LoUs and LCs worth Rs 1,251 crore related to Choksi's Gitanjali group of companies. The LOUs opened by PNB favouring overseas branches of Indian banks which would pay the diamantaires' overseas suppliers of pearls and rough diamonds were not backed by any margin or collateral.

"We are considering to challenge the order in HC on behalf of Nirav Modi". The ED lawyer said Nirav Modi did not appear before the agency for questioning and hence it has sought issuance of an NBW was against him. The court also allowed CBI to book Shetty in a second case in connection with the PNB fraud.

Nirav along with his wife Ami, brother Neeshal and Choksi left India in the first week of January before PNB disclosed the fraud.

Recommended News

  • Police target PNB Mumbai branch auditors in $2 billion fraud probe

    Police target PNB Mumbai branch auditors in $2 billion fraud probe

    Officials said of the attached properties in Mumbai , Prasad Chambers at Opera House was bought by the Choksi family in 1960s. The official said that the arrested auditor has been identified as M K Sharma, chief manager rank of PNB.
    Convicts or community members: Immigration war escalates in California

    Convicts or community members: Immigration war escalates in California

    FILE - In this May 13, 2016 file photo, Oakland Mayor Libby Schaaf , speaks at a news conference in Oakland, Calif . Schaaf said Wednesday afternoon she would take the same action again, despite the backlash.
    IOF Kills Palestinian Fisherman off Gaza

    IOF Kills Palestinian Fisherman off Gaza

    The IDF said that the troops "followed standard procedure and sent a search dog to locate people inside the establishment". Gaza officials urged Cairo to investigate the fatal incident.
  • PSU advances in the Big Ten tournament

    PSU advances in the Big Ten tournament

    He made both of his shots from the field, finishing with a solid stat-line: Five points, five rebounds, a block and a steal. Penn State kept its NCAA tournament hopes alive with its win over Ohio State at the Big Ten tournament on Friday night.
    Billy Graham honored at funeral: 'He's in the presence of God'

    Billy Graham honored at funeral: 'He's in the presence of God'

    Graham's life will also be memorialized by his pastor, Don Wilton, before being buried next to his wife Ruth on library grounds. My hope is that there are enough leaders here across the board that President Trump won't suck the oxygen out of the room.
    ZTE launches full-screen Blade V9 smartphone

    ZTE launches full-screen Blade V9 smartphone

    Our mobile phones and other devices incorporate US-made chipsets, US-made operating systems and other components. There's also a 3200mAh battery, but it charges over microUSB which, mind you, is totally outdated at this point.
  • Louis Oosthuizen leads as Chris Paisley impresses at WGC-Mexico

    Louis Oosthuizen leads as Chris Paisley impresses at WGC-Mexico

    Ten players, including Phil Mickelson , Bubba Watson and defending champion Dustin Johnson , are five back of the lead at 2-under. Spain's Rafael Cabrera-Bello and Kiradech Aphibarnrat of Thailand, at 5-under, sit just two off the lead heading into Friday .
    Oil up for week on Libya woes, falling U.S.  supply

    Oil up for week on Libya woes, falling U.S. supply

    Most of this liquidation seems to be attributable to profit-taking after the big rally in oil prices over the last seven months. So, the price of North sea Brent crude oil on Monday morning, February 26, overcame a mark of 67 dollars per barrel.
    Turkey requests extradition of Syrian Kurdish leader from Czech Republic

    Turkey requests extradition of Syrian Kurdish leader from Czech Republic

    The PYD, which Turkey considers a "terrorist group", is the main political Kurdish force in the north of Syria . Most of the larger towns in Afrin region, including Afrin town itself, remain under YPG control.
  • Ukraine welcomes Stockholm court ruling on gas transit dispute with Russian Federation

    Ukraine welcomes Stockholm court ruling on gas transit dispute with Russian Federation

    According to Reuters , Naftogaz will go to court again to claim compensation for Gazprom's latest failure to deliver gas . Naftogaz declined immediate comment on the decision.
    Flights cancelled or delayed due to heavy snow

    Flights cancelled or delayed due to heavy snow

    Customers who are scheduled to travel through those airports through Friday can rebook through March 21, subject to availability. A statement from Heathrow Airport says: "Extreme wintry conditions are expected across the United Kingdom and Europe today".
    Neymar stretchered off in tears in Paris

    Neymar stretchered off in tears in Paris

    Neymar will certainly miss the second leg of their clash with Real Madrid in which they need to recover a 3-1 deficit. PSG broke soccer's transfer record past year by paying Barcelona 222 million euros ($260 million) to buy Neymar .

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.