Mumbai: The fraud-hit Punjab National Bank (PNB) has reported an additional Rs 1,300 crore unauthorised transactions, taking the estimated quantum to Rs 12,600 crore in the scam related to diamond trader Nirav Modi and owner of Gitanjali Gems, Mehul Choksi. In a 11.22 p.m., late night filing with the stock exchanges[Read More…]
Tag: Gitanjali Gems
False allegations levelled against me but truth will prevail: Choksi to employees
New Delhi: One of the accused in the $1.8 billion Punjab National Bank (PNB) fraud, Gitanjali Gem’s owner Mehul Choksi has written to a letter to his employees claiming his innocence stating that the company cannot pay the employees their dues at present. “I am constrained to write the present[Read More…]
PNB fraud favouring Nirav Modi started in 2008, arrested bank officials tell CBI
New Delhi: The practice of illegally issuing Letters of Understanding (LoUs) and Foreign Letter of Credits (FLCs) and then rolling them over to favour Nirav Modi and Mehul Choksi groups started in 2008 and continued till these were discovered in January this year, according to CBI officials. The illicit activities resulting[Read More…]
Arrested PNB officials illegally accessed Level-5 SWIFT password, shared it with firm
New Delhi: The arrested deputy manager of Punjab National Bank (PNB) has told investigators that he had unauthorisedly obtained Level-5 password to the SWIFT system to authorise issuance of money through Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs). Shetty made the startling revelations when sleuths of Central[Read More…]
Two Gitanjali officials named in CBI FIR resign
Mumbai: Following the unravelling of the $1.8 billion Punjab National Bank (PNB) fraud, two senior officials of Gitanjali Gems — Chandrakant Karkare and Pankhuri Warange — resigned from the company, according to a regulatory filing with the stock exchanges on Monday. Industry chambers condemn $1.8 bn fraud, rap functioning of[Read More…]
Three Indian companies feature as top luxury brands globally
Three Indian companies have been featured in the fourth annual Global Powers of Luxury Goods report for this year. The companies are –Gitanjali Gems, Titan and PC Jeweller, and the list is topped by the French company Louis Vuitton. Gitanjali Gems Ltd was ranked 30th, followed by Titan Company (31st)[Read More…]