World News

PNB Scam:CBI files second chargesheet

PNB Scam:CBI files second chargesheet

The share prices of Punjab National Bank (PNB) dropped by around 10 per cent in Wednesday's early morning trade.

"Without qualifying our opinion, we draw attention to Note No.11 regarding provision at 50% amounting to Rs. 7,178.42 crores as against the total amount of Rs 14,356.84 crore in respect of fraud involving certain accounts under Gems & Jewellery sector as per the dispensation given by the Reserve Bank of India", the auditors said.

The CBI on Monday filed its first chargesheet in the PNB fraud case detailing the roles of Nirav Modi, his brother Nishal Modi and Subhash Parab, an executive in Nirav Modi's company.

Apart from Usha Ananthasubramanian, former MD and CEO of PNB bank and current CEO of Allahabad Bank, two Executive Directors of PNB, KV Brahmaji Rao and Sanjeev Saran and a General Manager Nehal Ahad, the CBI chargesheet has named three firms owned by Choksi namely - Gitanjali Gems Limited, Gilli India Limited and Nakshatra Brand Limited.

The investigation has revealed that, during 2015 to 2017, the accused PNB officials fraudulently issued LoUs for obtaining buyer'scredit and FLCs to overseas banks in favour of the said three companies without any sanctioned limit or cash margin and without making entries in the CBS system of the bank.

PNB Scam:CBI files second chargesheet
PNB Scam:CBI files second chargesheet

"Their capital is very low, and a bank needs it to sustain growth", said Yuvraj Choudhary, an analyst at Mumbai brokerage Anand Rathi, who said PNB's reported loss was more than triple his estimate, calling it a "major concern". At that time, Ms Ananthasubramian sent a report saying there was no such fraud taking place at PNB, leading to suspicion against her.

PNB shares may take support around Rs 69 per share in the near term, said Deepak Jasani, Head of Retail Research, HDFC Securities.

The PSU lender said it made provisions and contingencies worth Rs 20353.10 crore for the quarter ended March. Out of this, the much talked about Nirav Modi scam accounted for about Rs 7580 crore, meaning the bank's lending moves left a lot to be desired.

It had reported standalone profit of Rs 261.90 crore in the fourth quarter of 2016-17.

To ensure proper checks and balances, PNB has gone for a four-way split for loan operations and created a focused off-site centre for monitoring all foreign exchange businesses.

More news: ABC Doesn't Have 'Any Plans' to End Agents of SHIELD Next Season


  • Samantha Markle allegedly hospitalised with a broken ankle

    Samantha Markle allegedly hospitalised with a broken ankle

    Mark stated Samantha , who has MS, hit the windscreen and fell into the footwell however was unable to life herself again up. She continued, "So I said, really you need to show the world that you're getting in shape and doing great healthy things".
    Allan McGregor: I'm back at Rangers to win

    Allan McGregor: I'm back at Rangers to win

    Now, the Liverpool legend is turning his attention to the defence and is keen on bringing the 21-year-old centre back to Ibrox. He netted his first Premier League goal for Liverpool last weekend but could move in search of more regular football.
    Former Man Utd manager Moyes leaves West Ham

    Former Man Utd manager Moyes leaves West Ham

    Moyes's assistants Alan Irvine , Stuart Pearce and Billy McKinlay have also left the London Stadium. Moyes departed just hours after Sunday's season-closing win over Everton when his contract ended.
  • US, Gulf states slap new sanctions on Hezbollah leadership

    US, Gulf states slap new sanctions on Hezbollah leadership

    It also plans to reinstate all the sanctions that had been lifted under the nuclear deal. These countries also designated eight other Hezbollah-linked people and entities.
    Rant against NYC restaurant workers speaking Spanish goes viral

    Rant against NYC restaurant workers speaking Spanish goes viral

    The eatery has been identified on social media as Fresh Kitchen on Madison Avenue, near 39th Street. Speaking about the Fresh Kitchen staff he goes on to say he guesses they're not documented.
    Eden Hazard wants Chelsea to sign more players this summer

    Eden Hazard wants Chelsea to sign more players this summer

    Eden Hazard has thrown down the gauntlet to Chelsea's owners after another disappointing season to 'spend big or he's gone'. The forward, one of the world's best players, would not commit to a time-frame for making a decision on his future.
  • EU Chief Tusk Slams Trump Over Trade, Iran

    EU Chief Tusk Slams Trump Over Trade, Iran

    The EU is hoping that Iran abide by the agreement as long Tehran receives the economic benefits promised in the deal. It has also said it would respond to tariffs with its own duties on US products, including motor bikes and whisky.
    U.S.  senate committee agrees Russian Federation  backed Donald Trump against Hillary Clinton

    U.S. senate committee agrees Russian Federation backed Donald Trump against Hillary Clinton

    The meeting provided no meaningful information and turned out to be not about what was represented. Details of the meeting were first reported by the New York Times in July 2017.
    Second British rugby player dies on tour in Sri Lanka

    Second British rugby player dies on tour in Sri Lanka

    After the match, the team visited a night club and returned to their hotel in small groups early Sunday, police said. Clems Pirates are described as a veterans' team who raise money for charities in the United Kingdom and overseas .
  • Chrissy Teigen And John Legend Announce Birth Of Second Baby

    Chrissy Teigen And John Legend Announce Birth Of Second Baby

    Chrissy who already has a 2-year-old daughter with her husband John took to her social media to make the exciting announcement. And Chrissy had previously admitted her second pregnancy has been a lot harder than the first time around.
    10 kids were choked, shot with crossbow, waterboarded

    10 kids were choked, shot with crossbow, waterboarded

    He is in custody, while Ms Rogers, his wife, was arrested on allegations of child neglect but was released on bail last month. Jonathan Allen, her husband, is expected to face charges including multiple counts of felony torture and felony child abuse.
    Jimmy Fallon, Ariana Grande Sing with Nintendo Labo

    Jimmy Fallon, Ariana Grande Sing with Nintendo Labo

    This time, however, she did so accompanied by Jimmy Fallon and The Roots on Nintendo Labo's line of cardboard instruments. It's usually both cute and fun, which is something that Fallon's Tonight Show so often goes for and so rarely achieves.