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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...



pnb's fy17 fund-based exposure to jewellery sector at 0.6% of loan book




punjab national bank (pnb) that has been at the centre of the rs 114 billion fraud perpetrated by nirav modi had a fund and non-fund based exposure (as a percentage of loan book) at 0.6% and 0.1% respectively in fy17, suggests a recent edelweiss securities report on the sector co-authored by kunal s...



pnb names nirav modi and gitanjali gems in the mega rs 114-bn fraud




in what may turn out to be one of the biggest scams in the country’s corporate history, delhi-based punjab national bank (pnb) said on wednesday it has been defrauded about rs 114 billion by jeweller nirav modi, his maternal uncle mehul chinubhai choksi and other relatives through a clutch of comp...



pnb fraud case: lenders seek forensic audit of gitanjali group's books




lenders to the mehul choksi-led gitanjali group have ordered a forensic audit of the jewellery firm after punjab national bank (pnb) named him in a complaint filed with the central bureau of investigation (cbi) against jeweller nirav modi and his relatives through a clutch of companies they own. wit...



brad sherwin admits $10m fraud charges




bradley thomas sherwin pleaded guilty to 24 counts of fraud with a circumstance of aggravation.



greek bank pancretan eliminates central bank ela exposure | business




greek cooperative bank pancretan said on monday that a rise in deposits had allowed it to stop borrowing from the central bank’s emergency liquidity assistance (ela) facility.greek lenders, which were forced to rely on central bank borrowing to deal with a liquidity squeeze after a flight of depos...



street swags founder fraud case adjourned to gather 'outstanding material'




street swags founder jean madden has had her matter adjourned in a brisbane court on monday to allow prosecution more time to gather evidence over several fraud-related charges.the former young australian of the year has maintained her innocence since she was charged in july last year with dishone...



banks fear additional rs 40,000-cr npas as rbi reclassifies axis' accounts




the banking sector fears accretion of more than rs 40,000 crore of bad loans to its books following recent classification of eight consortium accounts of axis bank as non-performing assets (npas) by the reserve bank of india (rbi).the reserve bank has directed certain reclassifications in the privat...



nirav modi punches rs 113-bn hole in pnb through fraudulent transactions




in what may turn out to be one of the biggest scams in the country’s corporate history, delhi-based punjab national bank (pnb) said on wednesday it has been defrauded about rs 113 billion by globally renowned jeweller nirav modi and his relatives through a clutch of companies they own. the second-...



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...



pnb scam: bankers huddle to reconcile lou claims and decide on liabilities




bankers on saturday went into a huddle to reconcile claims after the letters of undertaking (lous) scam hit punjab national bank (pnb). pnb has put the value of outstanding claims in the fraud involving billionaire jeweller nirav modi at over rs 110 billion ($1.77 billion). bankers declined to speak...



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 ...



titan to raise 250 mln euros from new issue to refinance debt | business




greek cement maker titan plans to raise 250 million euros ($290.05 million) from issuing new notes to refinance debt and pay back bank and other commercial loans, the company said on monday.the bond will be issued by titan global finance and will have a seven-year maturity, ifr reported on monday. h...



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 puts 32 npas with outstanding loan of rs 1,176 cr on block




state-owned punjab national bank (pnb) has put assets of as many as 32 bad loans with outstanding loan exposure of rs 1,176 crore on the block in an effort to bring down its npas. these non-performing assets (npa), include hanung toys and textile, harbs india, united foods, and harman textile.pnb ha...



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...



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...



caltex announces $20m compensation fund but admits no liability for underpaid wo




oil giant caltex will establish a $20 million assistance fund for workers who were underpaid at its franchised service stations.the company made the sharemarket announcement this morning, following months of attacks from its franchisees who say caltex's franchise model is unprofitable, and claims ...



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...



pnb officials met representatives of nirav modi, gitanjali for dues payment




punjab national bank (pnb) officials had met representatives of nirav modi and gitanjali groups to impress upon them to pay outstanding amounts, the bank said in a clarification to the stock exchanges. "a series of meetings were held with representatives of nirav modi group and gitanjali group at de...



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...



bank photos of fraud suspect circulated by longmont police




longmont police are asking for the public's help in identifying a woman suspected of check fraud (longmont police department / courtesy photo)longmont police are asking for the public's help in identifying a woman suspected in a series of check frauds.cmdr. joel post said detectives believe at least...



rs 114-bn pnb fraud happened due to failure of internal controls: rbi




the reserve bank today said it has already undertaken an assessment of control systems at scam-hit punjab national bank and will take "appropriate supervisory action". the country's second largest state-run lender has been rocked by a rs 11,400-crore fraud allegedly involving billionaire diamantaire...