Pnb Scam

Mehul Choksi's Rs 2,565.9 crore properties set for auction after court nod

A Mumbai court has approved the auction of Mehul Choksi's Rs 2,565.9 crore assets, seized by the ED in the PNB fraud case. The assets, including flats and factories, will now be liquidate

UK court rejects Nirav Modi's bail plea due to 'substantial' flight risk

The court heard that while Modi had lost his legal fight against being extradited, there were "confidential" proceedings ongoing which had been instigated by him

PNB scam: Bank seeks restoration of Nirav Modi's property worth Rs 71 cr

The Punjab National Bank (PNB) on Wednesday moved an application before a special court here seeking restoration of the Rs 71 crore worth property owned by fugitive diamond merchant Nirav Modi, who is accused of duping the bank. The bank urged the court to release the properties seized by the probe agencies to recover a part of its dues. Nirav Modi, who was declared a 'fugitive economic offender' in December 2019, and his uncle Mehul Choksi are accused of committing a Rs 14,000 crore scam by obtaining credit facilities fraudulently from the PNB and several of the former's properties as well as that of his kin were attached by the Enforcement Directorate under the provisions of the Prevention of Money Laundering Act. The plea said that the PNB consortium and UBI consortium have always conducted their business in good faith in the normal course of banking activities and were unaware of the fraud when they disbursed loans to the Nirav Modi companies. At present, only Rs 1,066.41 crore

PNB scam: PMLA court grants bail to Nirav Modi's close aide 'Subash Parab'

A special PMLA court here on Tuesday granted bail to Subash Parab, a close aide of fugitive diamond merchant Nirav Modi, in the multi-crore Punjab National Bank (PNB) scam case. Parab was a deputy general manager (finance) at Firestar Diamond, a firm owned by Modi, and was deported to India from Cairo in Egypt in April 2022. Special PMLA judge S M Menjonge allowed the Parab's bail plea, citing that it appeared from the bail application that the accused was not beneficiary of the proceeds of crime. Modi and his uncle Mehul Choksi are accused of duping PNB, a public sector bank, of Rs 13,000 crore using letters of undertaking (LoUs) and foreign letters of credit (FLCs) by bribing its officials at the Brady House branch in Mumbai. Parab is understood to be a key witness to the letters of undertaking submitted to the bank to siphon off more than Rs 7,000 crore. India had issued an Interpol Red Notice against Parab to track him down and bring him back. In February, he was granted bail

Nirav Modi loses bid to go to UK Supreme Court against extradition to India

Fugitive jeweller and designer had fled India in early 2018, days before the details of his alleged role in large-scale fraud at the Punjab National Bank became public

Latest LIVE: Take back 'Amazon parcel': Thackeray asks Centre to recall Guv

LIVE News: Catch all the updates from around the world here

Dominica drops illegal entry charges against PNB scam accused Mehul Choksi

All the proceedings against Choksi of illegal entry into Dominica were dropped on May 20, the spokesperson said.

Choksi moves Bombay HC seeking to keep in abeyance fugitive proceedings

Mehul Choksi has moved the Bombay High Court seeking that the proceedings initiated against him by ED, which has sought that he be declared a fugitive economic offender, be kept in abeyance.

Nirav Modi UK extradition appeal to be heard on December 14

Nirav Modi, the fugitive diamond merchant wanted in India to face charges of fraud and money laundering in the estimated USD 2-billion Punjab National Bank (PNB) scam case, has lodged his appeal against extradition from the UK and the case will be heard at the High Court in London on December 14. The 50-year-old jeweller, who remains behind bars at Wandsworth Prison in south-west London since his arrest in March 2019, was granted permission to appeal against the Westminster Magistrates' Court extradition order on mental health and human rights grounds. High Court judge Martin Chamberlain had ruled on August 9 that arguments presented by Modi's legal team concerning his severe depression and high risk of suicide were arguable at a substantial hearing. "This case is fixed for a one-day hearing on 14th December, a High Court official said, in reference to the substantial hearing. The UK's Crown Prosecution Service (CPS), which represents the Indian authorities in court, confirmed it w

Nirav Modi's brother-in-law appears before court for money laundering case

Fugitive diamantaire Nirav Modi's brother-in-law Maiank Mehta made his first appearance before the Special Prevention of Money Laundering Act Court in Mumbai on Tuesday in a money laundering case.

Properties worth Rs 500 crore of Nirav Modi firms restored to PNB

A special court here on Friday allowed 'restoration' of properties worth Rs 500 crore of fugitive jeweler Nirav Modi 's firms to Punjab National Bank

PNB scam: Mumbai court grants bail to Dhanesh Sheth, close aide of Choksi

A trial court here has granted bail to Dhanesh Vrajlal Sheth, the managing director of three firms accused in the multi-crore Punjab National Bank (PNB) fraud case

Dominica court grants interim bail to Mehul Choksi on medical grounds

The bail granted by the Dominica Court is strictly for medical treatment in Antigua

Dominica PM refutes claims of his govt involvement in Choksi's abduction

Dominica Prime Minister Roosevelt Skerrit has termed "total nonsense" the claims that his government was involved in alleged abduction of diamantaire Mehul Choksi

Fugitive diamantaire Mehul Choksi: The first glimmers of fraud

The diamantaire's implication in his nephew's defrauding of PNB is well documented. Less well known is the sharp practices he employed in his Indian businesses long before this global scandal erupted

Banks realised 40% loss in Mallya, PNB cases via sale of seized stock: ED

About 40% of the money lost by banks in the PNB scam and the fraud linked to Vijay Mallya's defunct Kingfisher Airlines has been realised by way of sale of shares seized under PMLA, the ED said

Not aware of any conclusive proof regarding Choksi's abduction: Antigua PM

Prime Minister of Antigua and Barbuda Gaston Browne on Tuesday said that he was not aware of any evidence that proves fugitive diamantaire Mehul Choksi was abducted and taken to Dominica

Choksi siphoned off Rs 6,345 crore PNB loan through Hong Kong firms: CBI

Choksi was running a "circular trade" with companies propped up by him as pearl suppliers in Hong Kong, through which he had managed to siphon off over Rs 6,345 crore borrowed from PNB, CBI alleged

PNB scam: CBI files supplementary chargesheet against Gitanjali ex-official

Two officials of the Punjab National Bank (PNB) -- Sagar Sawant and Sanjay Prasad -- and a director of the Gili and the Nakshtra brands under the group, Dhanesh Seth, have also been named as accused

Long wait for the next flight to Dominica

Efforts by India to get back Mr Choksi will depend to a large extent on the response to the request for his repatriation from Dominica