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fir against rotomac promoter for rs 800 cr bank fraud - Search

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fir against rotomac promoter for rs 800 cr bank fraud




the cbi has registered an fir against rotomac pen promoter vikram kothari on the basis of a complaint from bank of baroda for reportedly swindling over rs 800 crore, officials said here on monday.the agency started searching his residence and offices in kanpur from early in the morning, they said.th...



trouble for vikram kothari, cbi registers fir against rotomac promoter




the cbi has registered an fir against rotomac pen promoter vikram kothari on the basis of a complaint from bank of baroda for allegedly swindling over rs 800 crore, officials said here today. the agency started searching his residence and offices in kanpur from early in the morning, they said. there...



rotomac owner kothari denies rumours: i am in india and not running away




nirav modi, the 47-year-old billionaire jewellery designer has been the centre of the news for rs 114-billion banking fraud at punjab national bank. modi left the country on january 1 even before a case was registered against him. following nirav modi's footsteps, another defaulter vikram kothari, t...



another nirav modi in making? rotomac pen's rs 8 bn defaulter flees country




after billionaire diamantaire nirav modi, another defaulter vikram kothari, the promoter of rotomac pens, has also allegedly gone abroad after swindling rs 8 billion from various public sector banks, including allahabad bank, bank of india, and union bank of india, sources said. the kanpur-based com...



another nirav modi in making? rotomac pen's rs 8 bn defaulter flees country




after billionaire diamantaire nirav modi, another defaulter vikram kothari, the promoter of rotomac pen, has also allegedly gone abroad after swindling rs 8 billion from various public sector banks including allahabad bank, bank of india and union bank of india, sources said. the kanpur-based compan...



news digest: pnb scam, bid for monnet ispat, national highways, and more




nirav modi team had a free run at pnb; cbi quizzes firestar's vipul ambani the two detained punjab national bank (pnb) officials under the central bureau of investigation’s (cbi’s) custody said nirav modi’s team was given “unauthorised access” to pnb’s computer systems for a “commissio...



bring out white paper on banking system: congress to nda




the congress on sunday claimed "fraudsters" were linked to the "highest echelons" of the bjp-led nda and urged the government to bring out a white paper on the banking system which it said had witnessed scams involving over rs 61,000 crore in the last five years."bank frauds are tumbling out of the ...



'fraudsters' were linked to the 'highest echelons' of nda, alleges congress




the congress today alleged, "fraudsters" were linked to the "highest echelons" of the bjp-led nda and urged the government to bring out a white paper on the banking system which it said had witnessed scams involving over rs 610 billion in the last five years. "bank frauds are tumbling out of the clo...



ed arrests director in bank loan pmla case




the ed has arrested the director and promoter of a mumbai-based firm in connection with its money laundering probe in a bank loan fraud case involving over rs 2,600 crore. this case is being described as one of the biggest bank fraud cases being investigated by probe agencies in the country.official...



pnb fraud started under upa, grew during nda: ex allahabad bank official




a former top bank official on friday said punjab national bank (pnb) fraud case started during united progressive alliance (upa) government and continued in the national democratic alliance (nda) government. talking to ani, former allahabad bank director dinesh dubey said, "i had sent a dissent note...



fraud-hit pnb looking to sell real estate assets worth rs 50 bn: source




fraud-hit punjab national bank is considering monetising its real estate assets, including a giant office space in new delhi worth an estimated rs 50 billion ($778.63 million), a bank source with direct knowledge of the matter told reuters. the bank was looking to expedite the process after it said ...



false claims: letter to bs on pnb fraud exposes failure of systems




apropos your editorial “bank vulnerabilities” (february 16), it is just not possible that a fraud of rs 114 billion would take place just because a junior employee in one of the branches somehow managed to issue false letters of undertaking (lous) to overseas branches of several banks. it would ...



pnb fraud: uco bank admits to having rs 26.36-bn outstanding exposure




state-owned uco bank on saturday said it has exposure of $411.82 million (about rs 26.36 billion) in the rs rs 114-billion pnb fraud committed by billionaire jeweller nirav modi and his associates. in normal course of business, the hong kong branch has been negotiating export documents against lette...



fyre festival promoter billy mcfarland pleads not guilty to wire fraud




the disgraced promoter behind april's disastrous fyre festival, billy mcfarland, 25, pleaded not guilty to fraud charges in a manhattan federal courtroom on monday (oct. 2) as part of the continued fall-out from the promised luxury event in the bahamas that descended into chaos. according to los an...



pnb's twitter handle harps on virat kohli, sidesteps rs 114 bn fraud issue




punjab national bank's twitter account is keeping mum on its twitter handle about the rs 114 billion fraud that hit it. however, it has been running a 'pnb digital quiz' and a game on predicting virat kohli's runs in the sixth odi versus south africa. after the fraud, that is worth a third of its ma...



pnb's $1.8 bn fraud at its mumbai branch can spread to other banks too




india’s second-biggest state-run bank said it has detected a $1.8 billion fraud at a single branch in the nation’s financial hub, the impact of which could extend to other lenders as well.punjab national bank has detected some fraudulent and unauthorized transactions in one of its branches in mu...



officials of other banks under scanner




as investigations into the rs 11,400 crore scam at pnb gathers momentum, officials at overseas branches of other banks, where the fraudulently issued letter of undertakings (lous) were encashed, are under scanner, sources said. officials of hong kong branches of indian lenders including allahabad ba...



sydney man charged with $1.7 million bank fraud




a man has been charged with two fraud offences involving the alleged fraud of almost $1.7 million, following an investigation into a bikie gang.police identified the fraud offences during an investigation by strike force raptor into the activities of the burwood chapter of the rebels omcg, which beg...



danske bank under investigation for russian fraud




danske bank has been placed under investigation in french court due to the alleged participation of its estonian branch in the $230 million “magnitsky” fraud in 2008-2011, the bank said in a statement on oct. 11.the scheme was first uncovered in 2007 by sergei magnitsky, a russian lawyer hired b...



pnb fraud case: ed issues summons to nirav modi, mehul choksi under pmla




the ed on friday issued summons for appearance to billionaire diamond merchant nirav modi and his business partner mehul choksi in connection with its money laundering probe in the rs 114 billion alleged fraud in punjab national bank (pnb), officials said. they said both modi and choksi were summone...



sydney bikie gang member charged with $1.7 million bank fraud




a bikie gang member has been charged over the alleged fraud of almost $1.7 million using falsified bank loan documents.police identified the fraud offences during an investigation by strike force raptor into the activities of the burwood chapter of the rebels gang, which began in november 2015.on mo...



swiss bank ubs to be tried in france over tax fraud: sources




swiss banking giant ubs will go on trial in france for establishing a wide-ranging tax fraud scheme, legal sources said today.ubs will be charged with illegal banking practices and dissimulating tax fraud, the sources said, adding ubs's french subsidiary will also go on trial for complicity.five ubs...



bank union wants cbi probe into pnb fraud, alleges rbi failed as regulator




all india bank employees association (aibea) has demanded a cbi probe into the pnb fraud case and hasalso sought a parliamentary probe to rid banks of ‘nimo’nia ailments in future. it has asked the centre to keep the top management away from pnb until the probe is complete. at a time when banks ...



we need a transparent way of defining a wilful defaulter: k c chakrabarty




k c chakrabarty, former deputy governor, rbi, talks to anup roy on issues in the new bankruptcy law and rules. edited excerpts:the new ordinance gives scope for existing promoters to bid in a resolution process. is that good or bad? earlier, it was that existing promoters cannot bid. now, the ordina...



rs 114-bn pnb fraud case: axis bank says 'sold down' lou transactions




axis bank today said it is an active participant in the secondary market for transactions against letters of undertaking and it "sold down" certain such dealings with punjab national bank. referring to media reports about certain buyer's credit transactions with pnb, which is at the centre of a rs 1...