SME Times is powered by   
Search News
Just in:   • Need to increase India's share in global exports to 3.4 pc: Modi   • Sans MSME participation ignition of new India not possible: Prabhu  • Rajnath at launch ceremony of Indian-funded oil refinery in Mongolia  • JSW Steel proposes to invest $500 mn in US-based steel plant  • Delhi facing all time high peak power demand 
Last updated: 14 Mar, 2018  

PNB.9.Thmb2.jpg PNB discloses Rs 942 cr additional exposure to Gitanjali group

PNB.9.jpg
   Top Stories
» Need to increase India's share in global exports to 3.4 pc: Modi
» Sans MSME participation ignition of new India not possible: Prabhu
» Multi-pronged strategy needed to make agriculture viable: Naidu
» 35 pc youth in corporate sector prefers Yoga: Survey
» IGST, ITC refunds: FIEO hails Centre's proactive approach
SME Times News Bureau | 14 Mar, 2018
The Punjab National Bank (PNB) has filed a fresh complaint to the CBI alleging it has uncovered additional exposure of about Rs 942.18 crore defraud by Gitanjali Group of companies in connection with a multi-crore fraud.

The PNB, the country's second-biggest state-run lender, filed a supplementary complaint to the Central Bureau of Investigation (CBI) on March 4 against Gitanjali Gems Ltd, Gill India Ltd, Nakshatra Brand Ltd and Asmi Jewellery India Ltd for the additional fraud amount.

It said a total amount therefore allegedly defrauded by the accused till date is about Rs 7,080.86 crore during 2013-17, according to a document submitted in special CBI court in Mumbai on Tuesday.

The court filing said that the Gitanjali group of companies controlled by jeweller Mehul Choksi allegedly defrauded PNB of Rs 4,8886.72 crore regarding which the CBI filed a case on February 15.

On February 22, the PNB gave an additional complaint whereby the fraud in respect of Foreign Letter of Credits increased by another Rs 1,251.56 crore.

The new disclosure takes PNB's overall exposure in the still unravelling fraud case to well over the $2 billion mark.

Choksi, the chairman of the Gitanjali Group, was so far accused along with his nephew Nirav Modi in over Rs 12,630 crore PNB bank fraud. The CBI has registered separate FIRs in connection with the case.

Billionaire diamond trader Nirav Modi, his wife Ami and brother Nishal Modi also named in the fraud.

Choksi, Nirav Modi and his family fled to abroad in January around a month before the PNB filed first complaint against them about the fraud and they are still at large.

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 24 Jun, 2018
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(21)
» Lend more to MSMEs, RBI urges NBFCs(2)
» Modi interacts with Digital India beneficiaries(1)
» Indian cement industry – opportunities and challenges(1)
» Twitter blocked sharing of link to Trump advisor's phone number(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter