PNB fraud CBI files second chargesheet naming Choksi firms
17 May, 2018, 04:37
Mumbai: The Central Bureau of Investigation (CBI) has filed a chargesheet against five more people, including jeweller Mehul Choksi, as part of a probe into the alleged $2 billion PNB fraud case, said two people aware of the matter.
In case of default, the bank issuing the LoU has to pay the liability to the credit-giving bank.
On Monday, the CBI had chargesheeted Nirav Modi and 24 others in connection with fraud of Rs 6,498 crore.
The first chargesheet, filed in a special court in Mumbai, also names several other top officials of the bank. Ever since the PNB has been hit by these two massive scams, the law enforcement authorities have been raiding Nirav Modi's properties and assets in the nation to recover as much amount to minimise the impact of the fraud. It is alleged that the accused in this case had hatched a criminal conspiracy and had defrauded the bank to the tune of Rs7,000 crore.
The agency has alleged that Rs 7,080.86 crore were siphoned off by Choksi and his companies using 142 letters of undertaking and 58 foreign letters of credit, the officials said. This CBI said this was done without any sanctioned limit or cash margin and without making entries in the Core Banking System. It further said approximately 2,400 documents have been seized. In a document dated May 10, Kartik Radia, Partner & Head - Business Advisory Services at BDO, declared that the three companies Firestar Diamond Inc, A. Jaffe Inc and Fantasy Inc that have filed for bankruptcy in NY received at least around $46 million (Rs 312.4 crore) in remittances from PNB since 2011, the time when Modi's fraudulent activities are believed to have commenced. They were all arrested along with Gokulnath Shetty in this case and are now in judicial custody.
The firms, Gitanjali Gems Ltd, Gili India Ltd, Nakshtra Brand Ltd, have been named along with 15 individuals of these companies in the chargesheet.
The agency mentions that Mr. Shetty allegedly received over ₹1.02 crore as quid pro quo from Gitanjali Gems group in return for the favour of issuing fraudulent LoUs and FLCs. A large number of witnesses were examined and voluminous documents collected.
Following the CBI move, the PNB board has divested Rao and Sharan of their functional responsibilities in the bank.
The present and historical market data justifies both, the existing market condition assessment and the forecast. And development policies and plans are discussed as well as manufacturing processes and cost structures.
Pink , who is no stranger to the concept of trolls or sticking up for herself, shot down that nonsense as soon as she saw it. I'll call it "the wrinkles and rolls tour",' she wrote for the benefit of her 33.1million followers.
Lexington Realty Trust (LXP) has been given an average price target of $8.59 from analysts, according to data collected by Finviz. The firm is primarily engaged in ownership, operation, development, and redevelopment of properties.now it has negative earnings.
A separate tab will house Walmart's Everyday Brands, which will be "part of Walmart.com's broader fashion destination". Like many other USA department stores, Lord & Taylor is trying to cut physical costs while expanding online revenue.
In case you need help with challenges for previous weeks, we have guides for Week 2 and Week 1 as well. These are pretty simple, usually they're about going to a location hinted at in the challenge itself.
Neighbors said the grandmother is very loving, taking the children to school and on errands since both parents are in jail. Peggy Allen, the mother of Jonathan Allen, said she had talked to Rogers about the importance of keeping a clean house.
Asked why she is separating families, Nielsen said her decision "has been that anyone who breaks the law will be prosecuted". Rather, Nielsen said, if a person crosses the border illegally: "We will refer you for prosecution.
They include a new heavy intercontinental ballistic missile, a nuclear-powered cruise missile with global range, and an underwater drone created to strike coastal facilities with a heavy nuclear weapon.
Since January 13, 2018, it had 2 insider purchases, and 8 insider sales for $20.12 million activity. 7,280 JPMorgan Chase & Co. Thomson Horstmann & Bryant Inc holds 0.61% of its portfolio in Citizens Community Bancorp, Inc. for 341,568 shares.
Only Hours Left For Voters To Cast Their Primary Ballots
Voters at a Primary Election vote by official ballot to nominate their party's candidates for federal, state, and county offices. That year saw 12,188 Democrats, 5,479 Republicans and no Libertarians, as the third party was not certified for the primary.
Blame Hamas For Gaza Bloodshed
Addressing the opening ceremony of the new American Embassy in Jerusalem, Benjamin Netanyahu called it a "glorious" day. Israeli forces have used tear gas against the demonstrators and there have also been reports of sniper fire .
Cespedes Placed on 10-Day DL, Evans Recalled
Through the opening 21 games of the year, Cespedes batted just.195 with five home runs, 21 RBI and 39 strikeouts. His preparation and the way he went about his business is definitely not the reason this happened.
Incumbents have their way in Nebraska's primary
Ashford had the backing of national Democratic leaders, including his former colleagues in Congress who donated to his campaign. First District Republican Congressman Don Bacon will face Democratic primary victor Kara Eastman in the general election.
Deadpool 2 Review: 8 Ups & 3 Downs
This sequel is filled with references to comic book superheroes and pop culture in general that will make you choke in your seats. All three actors tick the necessary boxes and we move on to see what Deadpool does next.