PNB fraud: Court allows ED plea for LRs to probe Nirav assets

A special court today allowed an Enforcement Directorate (ED) plea seeking issuance of Letters Rogatory (LRs) to six countires for obtaining information about the overseas businesses and assets of diamantaire Nirav Modi in the over Rs 11,000-crore PNB fraud case.

Nirav Modi is a key accused in the PNB fraud case being investigated by the ED and other agencies.

The central agency approached a special court set up under the Prevention of Money Laundering Act (PMLA) this morning with the plea seeking issuance of LRs in the case.

No one asked why Gitanjali had biz with 32 banks: Ex Sebi official

Former executive director of Sebi, JN Gupta, has said that he would not place the blame on auditors alone in the PNB loan scam.

“This fraud could not have happened without the entire eco-system of banks supporting it, unless one comes up with a theory that these two or three officers were running a parallel banking system within the bank. Even that would not be possible as they would not have been able to obtain SWIFT authentication system and open Nostro accounts,” said Gupta while talking to FC.

Co-brandings with e-tailers fail to live up to SBI expectation

The State Bank of India (SBI), the largest lender in the country, has said its tie­ups with various e-comme­rce players, including Sna­pdeal and Flipkart, have not yielded the desired results so far and is thus reworking the strategy to increase the volume. As part of supply chain finance, SBI had tied up wi­th Snapdeal, Flipkart, Amazon and taxi aggregator Ola to offer easy working capital to their vendors.

Market in for volatile trade as foreign funds unwind long bets

Signals from the futures and options (F&O) market indicate a volatile phase for the market even as the India Vix, the fear gauge, surged to a 14-month high following the recent selloff. An analysis shows that there is a huge decline in the March series index futures ‘long short ratio’ from 80 per cent to 49 per cent, indicating a bearish trend.

PNB fraud: BoI has Rs 1,000 crore exposure

State owned Bank of India (BoI) has an exposure of Rs 1,000 crore by way of letter of undertakings (LoU) issued by Punjab National Bank to Nirav Modi (in pic), the billionaire diamond merchant in the centre of a Rs 11,400 crore fraud. The LoU was discounted by BoI’s Antwerp branch in Belgium, banking sources told Financial Chronicle. The exposure includes $40-50 million direct loan extended to Modi’s Firestar Diamonds through the bank's Antwerp branch.

PNB tells Nirav to spell out repayment plan

Responding to diamantaire Nirav Modi’s allegations that the bank has made it impossible for his firms to pay back the due amount by making the issue public, Punjab National Bank on Thursday retorted that it had to file a complaint because the letters of undertaking (LoUs) that Modi’s companies got issued were illegal and in violation of the Foreign Exchange Management Act. This is what prompted the bank to go public about the fraud, calling the whole loan-taking exercise as “money laundering”, PNB has said in response to a letter written by Modi.

Nirav stripped off luxury

The Enforcement Directorate (ED) said on Thursday it has seized a Rolls-Royce Ghost, a Porsche Panamera and some half a dozen more luxury vehicles belonging to billionaire jeweller Nirav Modi and his firms, in a probe into an alleged $1.8 billion fraud against state-run Punjab National Bank.

The seized car brands include a Rolls Royce Ghost, 2 Mercedes Benz GL 350 CDI, a Porsche Panamera, three Honda models, a Toyota Fortuner and an Innova.

Chandra’s 1st year at helm saw Tata stocks surging

Most stocks belonging to Tata stable have sparkled under N Chandrasekran’s regime, which has completed one year. Chandra, as he is referred to in corporate circles, owes a major chunk of this rise in value of group stocks to the market rally. An upturn in the commodity cycle was a big factor too.

Brokerages turn bullish on Infosys

Brokerages are once again bullish on the Infosys stock, as the turbulence in the company’s management settles and a likely revival in the IT sector is seen by industry lobby Nasscom.

On Wednesday ,Infosys and other IT sector heavyweights were much in demand on the bourses, with a weakened rupee making the stocks more alluring.

The BSE IT Index outperformed and closed 2.20 per cent up as index heavyweights notched up sharp gains.