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How did the ₹3,700 crore Rotomac fraud take place?
short by Krishna Veera Vanamali / on 20 Feb 2018,Tuesday
The CBI on Monday booked Rotomac owner Vikram Kothari and his kin for allegedly siphoning off loans worth ₹3,700 crore. Loans sanctioned for exports were used for other purposes and money was round-tripped to Rotomac's accounts, a consortium of seven banks alleged. The company allegedly submitted forged documents to get loans and created shell firms to carry out illegal activities.
short by Krishna Veera Vanamali / 05:44 pm on 20 Feb
PNB closed all recovery options by going public: Nirav Modi
short by Ayushi Ahluwalia / on 19 Feb 2018,Monday
In a letter that jeweller Nirav Modi wrote to Punjab National Bank, he alleged that they closed all options of recovery by going public and destroyed his brand. Dismissing claims of ₹11,000 crore in unpaid dues, Modi said what his company owed the bank was below ₹5,000 crore. Earlier, the Enforcement Directorate seized jewellery, gold and diamonds worth ₹5,100 crore.
short by Ayushi Ahluwalia / 11:12 pm on 19 Feb
Rotomac owes 7 state-owned banks ₹3,695 crore: CBI
short by Krishna Veera Vanamali / on 19 Feb 2018,Monday
CBI has said Rotomac Global owes ₹3,695 crore including interest to seven state-owned banks, according to a complaint filed by Bank of Baroda. The CBI has registered a case against Rotomac Global, its promoter Vikram Kothari, company directors, and unknown bank officials. The complaint alleged that conspirators cheated a consortium of banks by siphoning off bank loans worth ₹2,919 crore.
short by Krishna Veera Vanamali / 06:24 pm on 19 Feb
Govt allows private firms to mine coal for commercial use
short by Ayushi Ahluwalia / on 20 Feb 2018,Tuesday
The central government has cleared a proposal to allow private firms to mine coal for commercial use, ending the monopoly of state-owned Coal India. It is the most ambitious coal sector reform since the nationalisation of this sector in 1973, Union Minister Piyush Goyal said. Till now, the private sector was allowed to mine coal only for their own consumption.
short by Ayushi Ahluwalia / 08:30 pm on 20 Feb
Choksi threatened to trap me in fraud case: Ex-Gitanjali MD
short by Manaya Bagga / on 20 Feb 2018,Tuesday
Former Gitanjali Gems Managing Director Santosh Srivastava has said that the company's Chairman Mehul Choksi threatened to trap him in a fraud case in the year 2012-13. Santosh alleged that the company pressured him to fabricate fraudulent accounting book and "to not make much fuss". Notably, Choksi and jeweller Nirav Modi are accused of defrauding PNB of $1.77 billion.
short by Manaya Bagga / 06:31 pm on 20 Feb
Fitch places PNB's viability on 'Rating Watch Negative'
short by Krishna Veera Vanamali / on 20 Feb 2018,Tuesday
Global rating agency Fitch on Tuesday placed PNB's Viability Rating on 'Rating Watch Negative' following the $1.77-billion fraud detection. The move reflects possible downgrade of the bank's Viability Rating, which measures the likelihood of the bank to fail. Fitch said the fraud raised questions on the bank management's quality of supervision considering that it went undetected for several years.
short by Krishna Veera Vanamali / 05:58 pm on 20 Feb
CBI claims wrong, all transactions recorded: Nirav's Lawyer
short by Krishna Veera Vanamali / on 20 Feb 2018,Tuesday
PNB fraud accused Nirav Modi's lawyer Vijay Aggarwal has said that all bank transactions and allegations made by the CBI were completely wrong. When asked about legal strategy, he said, "When there is a chargesheet, there will be a strategy." "Agencies are making all these noises in the media...Nirav will not be found guilty. I'm certain," he added.
short by Krishna Veera Vanamali / 08:31 pm on 20 Feb
Govt denies reports of banks taking $3 bn hit on PNB fraud
short by Krishna Veera Vanamali / on 19 Feb 2018,Monday
The Finance Ministry has denied reports which said that Indian banks could take a hit of more than $3 billion due to the PNB fraud. Calling the reports false and factually incorrect, the Ministry added that the I-T Department has not made any such prediction. PNB had detected a $1.77-billion fraud linked to jewellers Nirav Modi and Mehul Choksi.
short by Krishna Veera Vanamali / 09:24 pm on 19 Feb
Nirav Modi illegally sold diamonds worth ₹1,200 cr: I-T
short by Krishna Veera Vanamali / on 20 Feb 2018,Tuesday
The Income Tax Department has found that Nirav Modi's firms illegally diverted ₹1,216 crore worth diamonds intended for exports to the domestic market for huge profits in FY17. The firms, which had units at Surat Special Economic Zone (SEZ), allegedly exported low-quality diamonds abroad to keep up appearances. The department found the companies claimed illegal tax deductions on export profits.
short by Krishna Veera Vanamali / 06:33 pm on 20 Feb
You have destroyed my brand and business: Nirav Modi to PNB
short by Manaya Bagga / on 20 Feb 2018,Tuesday
Billionaire jeweller Nirav Modi, who is an accused in the $1.77-billion PNB fraud, has said the bank's actions have destroyed his brand and business. Nirav said that PNB's "anxiety" to recover the dues "immediately" has closed all his options to pay back. "The matter is being described as India's largest banking fraud. This is far from the truth," he added.
short by Manaya Bagga / 04:38 pm on 20 Feb
What is SWIFT technology & how is it connected to PNB scam?
short by Krishna Veera Vanamali / on 19 Feb 2018,Monday
SWIFT is a messaging network used by financial institutions to securely transmit information and instructions using a system of codes. It is only a messaging system and does not hold funds or manage client accounts. PNB officials allegedly issued fraudulent Letters of Undertaking (LoUs) to overseas branches of Indian banks through SWIFT on behalf of Nirav Modi and Mehul Choksi.
short by Krishna Veera Vanamali / 10:03 pm on 19 Feb
Choksi sold overpriced and fake diamonds: Ex-Gitanjali MD
short by Krishna Veera Vanamali / on 19 Feb 2018,Monday
Former Gitanjali Gems MD Santosh Srivastava has claimed that fraud accused Mehul Choksi sold his customers overpriced and fake diamonds. He also accused Choksi of manipulating company accounts where the inventory would show less stock than what was being declared. "I raised these with Mehul Choksi but I was told to shut up and do my job," he added.
short by Krishna Veera Vanamali / 09:48 pm on 19 Feb
7 BTech graduates had accused Choksi of ₹1.5cr fraud in 2017
short by Krishna Veera Vanamali / on 19 Feb 2018,Monday
A group of seven BTech graduates had moved a Delhi court accusing Gitanjali Gems MD Mehul Choksi of ₹1.5-crore fraud in 2017. They had planned to open a Gitanjali Jewels retail franchise and were allegedly given damaged diamonds and gems against a security deposit of ₹1.5 crore. Notably, Choksi is one of the prime accused in the $1.77-billion PNB scam.
short by Krishna Veera Vanamali / 08:55 pm on 19 Feb
What does 'negative watch' on Viability Rating mean for PNB?
short by Krishna Veera Vanamali / on 20 Feb 2018,Tuesday
Following the $1.77-billion fraud, PNB's Viability Rating of 'bb' was put on 'Rating Watch Negative' by Fitch on Tuesday. The Viability Rating measures the creditworthiness of a financial institution and reflects the likelihood of the entity to fail. A 'negative watch' status is given when the rating agency is deciding if the company's Viability Rating will be lowered.
short by Krishna Veera Vanamali / 05:58 pm on 20 Feb
My brother, wife wrongly named in PNB FIR: Nirav Modi
short by Manaya Bagga / on 20 Feb 2018,Tuesday
Billionaire jeweller Nirav Modi, who has been accused in PNB's $1.77-billion scam, has claimed that his brother and wife have been "wrongly named" in the bank's FIR. He said that both of them aren't connected with any business operations. Nirav added that his uncle Mehul Choksi too has been wrongly named as he has an "independent and unconnected business".
short by Manaya Bagga / 07:12 pm on 20 Feb
PNB case will collapse like 2G scam, Bofors: Nirav's lawyer
short by Manaya Bagga / on 20 Feb 2018,Tuesday
Jeweller Nirav Modi's lawyer Vijay Aggarwal has said PNB's $1.77-billion fraud case against his client will collapse just like the 2G scam and Bofors scandal. Aggarwal said the probing agencies won't be able to prove the charges. He added that if Nirav wanted to commit a fraud and run away, then like Vijay Mallya, he would have taken everything abroad.
short by Manaya Bagga / 04:12 pm on 20 Feb
Gitanjali Gems' CFO, VP, director quit after $1.7bn PNB scam
short by Krishna Veera Vanamali / on 19 Feb 2018,Monday
Mehul Choksi-owned Gitanjali Gems, which is involved in the $1.77 billion PNB scam, has said its CFO, VP (Compliance and Company Secretary) and a board member have resigned. Shares of Gitanjali plunged by around 50% since February 14 when PNB disclosed that it had detected the fraud. Over ₹340 crore was wiped out from Gitanjali Gems' market capitalisation.
short by Krishna Veera Vanamali / 09:40 pm on 19 Feb
KFC runs out of chicken, closes several UK outlets
short by Aarushi Maheshwari / on 19 Feb 2018,Monday
KFC has run out of chicken and been forced to close several outlets across the UK. The fast food chain tweeted, "The Colonel is working on it," while adding that its new delivery partner had been facing "teething problems". Meanwhile, social media users tweeted, "#KFC no chicken?!!! Whatever next!!!" and "The end is near."
short by Aarushi Maheshwari / 05:15 pm on 19 Feb
It's a loan default case, not fraud: Rotomac owner's lawyer
short by Krishna Veera Vanamali / on 19 Feb 2018,Monday
Amid allegations that Rotomac Pens' owner Vikram Kothari defrauded state-owned banks of more than ₹800 crore, his lawyer has said it is a case of loan default. The CBI has registered a case of wilful loan default involving Vikram Kothari and others based on a complaint by Bank of Baroda. Following this, the CBI raided Kothari's homes and offices.
short by Krishna Veera Vanamali / 09:27 pm on 19 Feb
Indian banks lose $11 billion market value since PNB fraud
short by Krishna Veera Vanamali / on 19 Feb 2018,Monday
Listed Indian banks have lost nearly $11 billion in market capitalisation after the $1.77-billion fraud at PNB came to light. Stocks of state-owned banks continued to decline after more lenders reported exposure to the fraud. UCO Bank said it has an exposure of $411 million while SBI and Allahabad Bank disclosed exposure of $212 million and $366 million, respectively.
short by Krishna Veera Vanamali / 06:12 pm on 19 Feb
Unknown person now Bitcoin billionaire post $344M investment
short by Manaya Bagga / on 20 Feb 2018,Tuesday
An unknown investor, who bought Bitcoin worth $344 million earlier this month, has now become a Bitcoin billionaire. The investor had purchased 41,000 Bitcoins at an average of $8,400, taking his total count to 96,000 Bitcoins. Since then, Bitcoin price has surged by nearly 37% to over $11,500, taking the total net worth of all his Bitcoins to $1.1 billion.
short by Manaya Bagga / 05:09 pm on 20 Feb
PNB officials may have made over ₹800cr in PNB scam: Reports
short by Krishna Veera Vanamali / on 19 Feb 2018,Monday
PNB officials at Mumbai's Brady House branch may have reportedly made over ₹800 crore as kickbacks for issuing fraudulent Letters of Undertaking (LoUs) to jeweller Nirav Modi's firms. They were allegedly given 2% commission on each LoU per year for several years. Companies linked to Nirav and Mehul Choksi used these fraudulent LoUs to get overseas credit worth $1.77 billion.
short by Krishna Veera Vanamali / 05:23 pm on 19 Feb
Cryptocurrencies could drop to near-zero: Ethereum founder
short by Krishna Veera Vanamali / on 20 Feb 2018,Tuesday
The Co-founder of Ethereum platform and cryptocurrency, Vitalik Buterin, has warned that cryptocurrencies "could drop to near-zero at any time" as they are "a new and hyper-volatile asset class". "Don't put in more money than you can afford to lose," he added. He further said that traditional assets are still the "safest best" to store one's life savings.
short by Krishna Veera Vanamali / 06:41 pm on 20 Feb
Serious fraud body to probe 50 firms linked to Nirav, Choksi
short by Krishna Veera Vanamali / on 20 Feb 2018,Tuesday
The government has reportedly directed the Serious Fraud Investigation Office (SFIO) to probe over 50 firms linked to jewellers Nirav Modi and Mehul Choksi. The investigation is in connection with the $1.77-billion fraud detected at Punjab National Bank. The 50 firms are different from the 200 shell firms being probed by the Enforcement Directorate and Income Tax Department.
short by Krishna Veera Vanamali / 09:22 pm on 20 Feb
Bitcoin pretty much failed as a currency: Bank of England
short by Manaya Bagga / on 20 Feb 2018,Tuesday
Bank of England Governor Mark Carney said Bitcoin has "pretty much failed" as a currency. He said, "It (Bitcoin) is not a store of value because it is all over the map. Nobody uses it as a medium of exchange." However, the cryptocurrency's underlying technology may still prove useful in verifying financial transactions in a decentralised way, he added.
short by Manaya Bagga / 06:37 pm on 20 Feb
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