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letter of credit

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PNB fraud accused Gokulnath Shetty was arrested for allegedly aiding Mehul Choksi siphon off money overseas(Reuters Photo)

Rs 14,000 crore PNB fraud case: Man accused of aiding Mehul Choksi refuses to take lie-detector tests

Hindustan Times, Mumbai | By Charul Shah
UPDATED ON AUG 21, 2019 05:00 PM IST
PNB fraud accused Gokulnath Shetty opposed CBI’s plea for his polygraph and narco-analysis test in order to find out about alleged pecuniary benefits received by him in return for fraudulent approvals.
The discoms will also be liable to pay compensation to the generation companies if the RLDC/SLDC is not able to schedule and dispatch power due to a discom not opening and maintaining the LC with adequate credit.(Representative image)
The discoms will also be liable to pay compensation to the generation companies if the RLDC/SLDC is not able to schedule and dispatch power due to a discom not opening and maintaining the LC with adequate credit.(Representative image)

UP: Discoms told to maintain letter of credit

Hindustan Times, Lucknow | By Brajendra K Parashar
PUBLISHED ON JUL 01, 2019 04:38 PM IST
The Central government has made it compulsory for power distribution companies to open and maintain a Letter of Credit (LC) as a mechanism to ensure timely clearance of bills of power generating companies.
Choksi’s actions show that he had planned in advance his escape and subsequent life knowing that the scam would blow up after the retirement of PNB employee Gokulnath Shetty who was helping him with renewals of Letter of Undertakings, sources said.(Priyanka Parashar/HT Photo)
Choksi’s actions show that he had planned in advance his escape and subsequent life knowing that the scam would blow up after the retirement of PNB employee Gokulnath Shetty who was helping him with renewals of Letter of Undertakings, sources said.(Priyanka Parashar/HT Photo)

CBI asks Antigua about Mehul Choksi’s whereabouts

New Delhi | By Press Trust of India
UPDATED ON JUL 25, 2018 04:08 PM IST
Choksi had taken citizenship of Antigua in November 2017, and an oath of allegiance on January 15 this year, according to a local newspaper Antigua Observer.
SBI was defrauded to the extent of Rs 136.93 crore, CBI said.(Reuters)
SBI was defrauded to the extent of Rs 136.93 crore, CBI said.(Reuters)

CBI books 3 Mumbai firms for cheating SBI using letters of credit

Mumbai/New Delhi | By Indo Asian News Service
PUBLISHED ON JUL 10, 2018 10:18 PM IST
A CBI official said the private companies enjoyed bill discounting facilities against the Letters of Credit (LoC) issued by SBI’s D.N. Road branch and PM Road Branch, Fort, Mumbai
Markets regulator Sebi has warned PNB to promptly comply with mandatory norms on fraudulent transactions related to Nirav Modi and Gitanjali Group of companies.(Reuters File Photo)
Markets regulator Sebi has warned PNB to promptly comply with mandatory norms on fraudulent transactions related to Nirav Modi and Gitanjali Group of companies.(Reuters File Photo)

Sebi warns PNB for late disclosures regarding Nirav Modi scam

Press Trust of India, Mumbai | By Press Trust of India
UPDATED ON MAY 17, 2018 04:43 PM IST
Sebi observed that there were delays of 1-6 days by PNB in making disclosures to the stock exchanges pertaining to the filing of reports/complaints with Reserve Bank of India and CBI.
Canara Bank Connaught Circus Branch in New Delhi.(Pradeep Gaur/ Mint File Photo)
Canara Bank Connaught Circus Branch in New Delhi.(Pradeep Gaur/ Mint File Photo)

Bank loan fraud: ED attaches Rs 375-cr assets of Surat firm

Press Trust of India, New Delhi | By Press Trust of India
UPDATED ON APR 13, 2018 11:41 PM IST
The central probe agency said it has attached the plant and machinery of the firm -- Ms Nakoda Limited -- in Surat district of Gujarat under the Prevention of Money Laundering Act (PMLA
A Nirav Modi showroom is pictured in New Delhi on February 15, 2018.(Reuters)
A Nirav Modi showroom is pictured in New Delhi on February 15, 2018.(Reuters)

Nirav Modi laundered Rs 6,000 crore in just one year, chargesheet soon: ED

New Delhi, Hindustan Times | By P Suchetana Ray
UPDATED ON APR 05, 2018 04:51 PM IST
The Punjab National Bank has accused Nirav Modi and Mehul Choksi of committing a fraud of around Rs 13,000 crore in the issuance of letters of undertaking and foreign letters of credit from Mumbai’s Brady House branch between 2011 and 2017.
People walk past as CBI team seals Punjab National Bank’s South Mumbai branch at Brady House in Mumbai.(PTI File Photo)
People walk past as CBI team seals Punjab National Bank’s South Mumbai branch at Brady House in Mumbai.(PTI File Photo)

PNB to honour LoUs worth Rs 6,500 cr due to 7 lenders

PTI, New Delhi | By PTI
UPDATED ON MAR 28, 2018 09:41 PM IST
PNB’s board has decided to honour payments on about 350 of the letters of undertaking and foreign letters of credit.
Nirav Modi’s firms allegedly defrauded the Punjab National Bank of over Rs 6,500 crore, while Mehul Choksi’s firms of Rs 7,080 crore.(Reuters File Photo)
Nirav Modi’s firms allegedly defrauded the Punjab National Bank of over Rs 6,500 crore, while Mehul Choksi’s firms of Rs 7,080 crore.(Reuters File Photo)

PNB fraud: 11 accused remanded to judicial custody till March 28

Press Trust of India, Mumbai | By Press Trust of India
UPDATED ON MAR 17, 2018 07:53 PM IST
Key accused Gokulnath Shetty, Manoj Kharat, Hemant Bhat and Bechhu Tiwari, were produced in the court of Special CBI judge SR Tamboli on Saturday.
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