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On 8 June 2020, The Prevention of Money Laundering Act (PMLA) Court has ordered a confiscated of nearly Rs 1,400 crores worth property of Nirav Modi. [27] In May 2020, the UK court adjourned the Nirav Modi trial until September 2020, on the Five-day extradition trial hearing.
Nov 9, 2022 · Nirav Modi fled India in 2018 to evade the law days before a case was registered against him and his associates. PNB unearthed the scam on January 25, 2018, and submitted a fraud report to the Reserve Bank of India (RBI) on January 29.
Oct 26, 2020 · Nirav Modi has been charged by the Government of India and Interpol for criminal conspiracy, fraud, money laundering, dishonesty, and embezzlement of contract since 2018. Punjab National Bank's name comes hand in hand whenever this scam is being discussed.
Dec 31, 2020 · In the case of PNB, the LOU’s were issued in favour of Nirav Modi bypassing the bank’s reporting system using SWIFT messages to overseas banks without authorization. Nirav Modi, with the assistance of senior PNB officials, was able to obtain LOUs without submitting any securities.
In a complaint to the Central Bureau of Investigation, the lender named firms and people associated with billionaire jeweller Nirav Modi to connived with some of its officials to defraud the...
Feb 15, 2018 · PNB FRAUD. Billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders. The Enforcement...
Dec 1, 2021 · The scam, which involves diamantaire Nirav Modi's eponymous range of jewelry stores, accounts for nearly a quarter of PNB's consolidated net worth of Rs.43,164 crores, as filed by the bank,...
Feb 15, 2018 · What was the scam? According to Punjab National Bank’s note, a junior level branch official “unauthorisedly and fraudulently” issued Letters of Undertakings on behalf of companies connected to...
Feb 15, 2018 · Preliminary investigation into the alleged fraudulent transactions worth ₹11,500 crore has revealed a complete breakdown of supervision and auditing mechanism in Punjab National Bank’s Mumbai ...
Nov 9, 2022 · Nirav Modi and his uncle Mehul Choksi are accused of routing transactions of about Rs 13,600 crore through fraudulent Letters of Undertaking (LoUs) of Punjab National Bank (PNB). Both of them left India in the first week of January 2018, weeks before the scam was revealed.
