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Delivery Boy Robs Rs 1.3 Cr from Amazon; SBI Card Used For Rs 9.1 Cr Fraud! [Updated]
Two very interesting cases of fraud have been unearthed, in the last 24 hours. While the villain of one of the cases is a class 10th dropout, a delivery boy who scammed Rs 1.3 crore from Amazon India; the other case involves an SBI Card, which was used to ...
 Trak.in2 days ago
Kin of Rs 9 cr fraud accused disowned him over gambling
Father of Sandip Poojary, who is currently in news for defrauding State Bank of India (SBI) of Rs 9.1 crore, has disowned his son because of his gambling habits. The father claimed Poojary was so addicted to gambling that when he was not at home, people from ...
 DNA3 days ago
Finally, Urijit Patel opens up on banking frauds, crony capitalism and the RBI's limited authority
The over $ 2-billion-dollar Punjab and National Bank (PNB) scam involving Nirav Modi and Mehul Choksi had led to many questioning the Reserve Bank of India's failure to stop the misuse of the SWIFT (Society for Worldwide Interbank Financial Telecommunication) ...
 Sify3 days ago
Business Standard
Man hacks his way to Rs 91-mn spending on SBI credit card with Rs 13k limit
It came to the notice that balance in prepaid card system has been altered fraudulently for authorisation of three foreign travel cards belonging to a single individual Press Trust of India | New Delhi Last Updated at March 12, 2018 21:14 IST Cybercriminals ...
 Business Standard4 days ago
PNB fraud: Before alleged scam, PNB lost Rs 2,800 crore to fraud last fiscal year
Punjab National Bank (PNB) lost Rs 2,800 crore to various frauds last fiscal year, the government said on Friday, making it the biggest such loser among all state-owned banks even before it uncovered an alleged Rs 12,600 crore fraud this year. The country's ...
 catchnews.com1 week ago
Business Standard
Despite PNB FIR, Nirav Modi's brother got $350,000 from SBI, says TV report
Alarmingly, the extent of the unravelling fraud at PNB could rise beyond the nearly $2-billion mark so far outlined by the state-owned lender BS Web Team | New Delhi Last Updated at March 7, 2018 21:43 IST The Delhi High Court on Wednesday sought the response ...
 Business Standard1 week ago
Money Control
Have communicated our claim to PNB with regards to Nirav Modi fraud: SBI
The four-day, Kotak Institutional Equities-Chasing Growth Conference is underway in Mumbai. In an interview to CNBC-TV18, Rajnish Kumar, Chairman of State Bank of India (SBI), from the sidelines of the conference, spoke about the latest happenings in SBI and ...
 Money Control2 weeks ago
Business Standard
PNB fraud: Banks for raising insurance cover against fraud by staff
For example, SBI alone in 2016-17 reported frauds of Rs 24.24 billion Press Trust of India | New Delhi Last Updated at February 25, 2018 16:10 IST File photo: Reuters Rattled by a spate of frauds in the banking sector, lenders are now planning to increase ...
 Business Standard2 weeks ago
Bank stocks continue to feel the heat of massive fraud at PNB
Bank stocks are down once again, hurt by the massive Rs 11,400 crore fraudulent transactions involving diamond merchant Nirav Modi and a few officials of Punjab National Bank's foreign exchange department at the Brady House in Fort, Mumbai. A few days ...
 Sify3 weeks ago
Business Standard
PNB sheds Rs 81 bn in market value in 2 days; stock falls 12% on Thursday
Shares of state-owned Punjab National Bank (PNB) dropped 12 per cent on Thursday to Rs 128.4. The lender, in the epicenter of a $1.77-billion scam, has seen market capitalisation erosion of Rs 81 billion in two days. It stock has shed 21 per cent, in its ...
 Business Standard4 weeks ago
RBI's NPA norms, PNB fraud pull down banking stocks
Mumbai : A massive sell off was triggered in bank stocks on Wednesday as new measures announced by the Reserve Bank of India (RBI) to deal with non-performing assets (NPAs) and a $1.8 billion fraud reported by the Punjab National Bank spooked investors. On ...
 Sify1 month ago
PNB reports Rs 11,400 cr fraud involving jeweller Nirav Modi, suspends 10
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.  State-owned Punjab National Bank on Wednesday said it has detected a USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from ...
 Rediff.com1 month ago
PNB fraud: Scam size rises 11% to Rs 12700 crore
HIGHLIGHTS: Size of PNB's, Nirav Modi fraud rises to Rs 12700 crore. CBI and ED making more arrests and raids Total exposure to the banking sector estimated at over Rs 20,000 crores Officials from Punjab National Bank have said that the impact of Nirav Modi's ...
 Sify2 weeks ago
Plans of additional recap for PNB after Nirav Modi fraud; nothing to cheer for banking stocks
Highlights: Talks of increasing recapitalisation for PNB after Nirav Modi's Rs 11,395 crore fraud PNB fraud is nearly 13% of Finance ministry's recent 88,000 crore recapitalisation plan for state-run banks Projected earnings of most state-run bank are being ...
 Sify3 weeks ago
PNB Fraud: Which Mutual Funds Have Exposure To PNB? Know Here...
Posted by Equitymaster Mutual funds are not immune to corporate frauds and have seen their share. Corporate frauds can often go unnoticed for years; thanks to unethical employees and corrupt auditors. However, when these scams are unearthed, investors dump ...
 Equitymaster.com3 weeks ago
PNB likely to face teething problems while upgrading system
Upgradation to the new product (from Infosys) will stabilise by this month-end Hit by a Rs 11,000-crore fraud, government-owned Punjab National Bank (PNB) has finally moved to integrate the SWIFT international financial communication system into its Core Banking Solution (CBS).   Done through upgrading its banking software, Finacle 7, to Finacle 10. While the system to capture SWIFT in CBS has already been done, the upgradation could face teething problems, sources said. Upgradation to ...
 Rediff.com3 weeks ago
PSU banks lost Rs 227 bn to frauds in 5 years
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.  Illustration: Dominic Xavier/ Public sector banks lost a total of Rs 227.43 billion due to banking fraud between 2012 and 2016, notes an IIM-Bangalore study.  Electronics and Information-Technology Minister Ravi Shankar Prasad recently told Parliament, quoting Reserve Bank of India data, there had been over 25,600 cases of banking fraud worth Rs 1.79 billion reported up to ...
 Rediff.com1 month ago
How the Nirav Modi show manages to go on
Modi has been relentless in building his brand regardless of banks having a problem of fraudulent and unauthorised transactions with his companies.  Just about a week ago, diamond jeweller Nirav Modi opened a new store in Macau.  Barely three months ago, he had opened a second store in DLF Emporio’s Chanakya mall in New Delhi, with plans for another one, in Bengaluru, later this year.  Modi has been relentless in building his brand regardless of banks having a problem of ...
 Rediff.com1 month ago


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