PNB scam effect: Priyanka Chopra terminates contract with Nirav Modi brand

The big unknown is whether RBI’s new guidelines will lead to the declaration of more bad loans and hence more provisioning and higher losses

The big unknown is whether RBI’s new guidelines will lead to the declaration of more bad loans and hence more provisioning and higher losses

Modi and Choksi are facing multiple investigations into one of the biggest frauds in the country's banking history and are accused of defrauding India's second biggest lender, Punjab National Bank, of an estimated Rs 11400 crore with the help of a couple of bank employees.

"Shockingly, instead of registering an FIR and arresting Nirav Modi, Mehul Choksi and others, Bhavnagar Police kept the matter pending and finally referred it by recording that it should be investigated by CID Crime, Gandhinagar", he said.

"There are reports in the media that Virat Kohli, Bank's brand ambassador is going to discontinue his endorsement with Punjab National Bank". He claimed that the misdeeds of the previous Congress-led UPA government had come out in the open during the current BJP-led NDA government's tenure, and the opposition can not run away from facts.

It is alleged that Rs 11,400 crore of LoUs were fraudulently issued to the firms of Nirav Modi and Choksi.

Those responsible for application of guidelines and policies in banks, specifically those who have actually been delegated with the job of tracking, ought to perform their deal with total commitment, the PM stated.

About the Digital India Mission, Modi said that the trinity of 100 crore bank accounts, 100 crore Aadhaar cards and 100 crore mobile phones, would create a unique ecosystem, not seen anywhere else in the world.

According to him, the fraud-hit Brady branch of PNB is a Category A foreign exchange bank branch and the RBI failed to monitor it resulting in the massive scam/fraud.

The agency's action comes in the wake of its ongoing probe - along with the Central Bureau of Investigation (CBI) - against the two and many others including directors of their companies and bank officials into the alleged bank fraud.

CBI spokesperson Abhishek Dayal said a dedicated CBI team is now in the process of wrapping up questioning part by completing documentation of statements already recorded by the arrested persons and those quizzed so far. The accused allegedly put three properties in Delhi and Haryana as collateral. When the bank sold it off to recover its dues, it fetched only Rs 73 lakh. Ltd and seized a stock worth over Rs900 crore.

The panel will look into the reasons for high divergence observed in asset classification and provisioning by banks vis-a-vis the RBI's supervisory assessment, and the steps needed to prevent it. Before the bank filed a complaint, which triggered the inquiry. "However, she is now seeking legal opinion with respect to terminating her contract with the brand in light of allegations of financial fraud against Nirav Modi", read an earlier statement issued by the actress' spokesperson.

Recommended News

  • Two South Korean speedskaters come under fire

    Two South Korean speedskaters come under fire

    Korea's didn't, and the result is overwhelming backlash, an online petition, and accusations of bullying and shaming. The Netherlands lowered the world record mark of 4:04.222 set by South Korea in Salt Lake City in November 2016.
    Hero German shepherd beaten, shot while protecting teen during home invasion

    Hero German shepherd beaten, shot while protecting teen during home invasion

    Javier says he heard gunfire and Rex started yelping. "He's my four-legged angel that we had at our house". When officers went to rescue the boy, they saw the German Shepherd and assumed he was dead.
    Marco Rubio Right Now Is Defending Assault Weapons on Twitter

    Marco Rubio Right Now Is Defending Assault Weapons on Twitter

    Marco Rubio , a Republican, told the crowd. "I still want to know what can be done to keep the kids more safe in schools". Your comments this week and those of our President have been pathetically weak ", he said to lasting applause and cheers.
  • Florida seeks $1M in federal aid after shooting

    Florida seeks $1M in federal aid after shooting

    It's a clear signal of how much the debate has moved since a 2012 shooting in Newtown, Connecticut . Marco Rubio over his strong affiliation with the NRA .
    Trump Announces 'Heaviest Ever' North Korea Sanctions

    Trump Announces 'Heaviest Ever' North Korea Sanctions

    Both as a candidate and as president, Trump repeatedly has made headlines about Pyongyang . But the White House said no meeting between USA and North Korean envoys was on the agenda.
    Rite Aid (RAD) Bonds Drop 2% During Trading

    Rite Aid (RAD) Bonds Drop 2% During Trading

    Rite Aid Corporation (RAD ) has been given an average price target of $2.07 from analysts, according to data collected by Finviz. Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock.
  • New H1B visa policy will protect workers, prevent any fraud: USCIS

    New H1B visa policy will protect workers, prevent any fraud: USCIS

    A number of American banking, travel and commercial services depend on on-site IT workers from India to get their job done. Further, the employer has to declare that they will have a strict employer-employee relationship with the visa-holder.
    Tiger Shroff's Baaghi 2's Trailer Garners Over 60 Million Views

    Tiger Shroff's Baaghi 2's Trailer Garners Over 60 Million Views

    Full of daring stunts and death-defying acts, the trailer was released today by the film's team at a formal event in Mumbai . Baaghi 2 is said to be a remake of the Telugu film Kshanam , but the trailer didn't have any mention of it in its credits.

    US Women Who Made History at the 2018 Winter Olympic Games

    He added that the South Korean players could learn from the Norwegians and improve their individual capabilities. Kelsey Serwa beat teammate Brittany Phelan in the final for gold, while Switzerland's Fanny Smith took bronze.
  • February  22 Olympics: US snowboarders go for gold in big air

    February 22 Olympics: US snowboarders go for gold in big air

    American Redmond Gerard, the slopestyle gold medallist, finished fifth behind compatriot Chris Corning. Toutant's gold was the fourth snowboard medal of Pyeongchang 2018 for the Canadians.
    Mohamed Salah credits Klopp for goal scoring prowess

    Mohamed Salah credits Klopp for goal scoring prowess

    Salah has been in remarkable form in his first season at Liverpool , scoring 30 goals in all competitions since arriving from Roma.

    Investors Real Estate Trust (IRET) Shares Bought by Capital Analysts LLC

    Highbridge Management Ltd Limited Liability Company stated it has 0.06% in Pennsylvania Real Estate Investment Trust (NYSE:PEI). It is negative, as 43 investors sold RHT shares while 154 reduced holdings. 26 funds opened positions while 60 raised stakes.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.