What happened in the PNB scam?

What has happened? Choksi is accused of defrauding PNB of almost Rs 13,600 crore, went missing for the last three days from Antigua and Barbuda, of which he has been a citizen since early 2018. Investigators indicated that Choksi had escaped to Dominica on a boat probably en route to Cuba.

Did people lose money in PNB scam?

NEW DELHI: About 40 per cent of the money lost by banks in the PNB scam and the fraud linked to fugitive businessman Vijay Mallya’s defunct Kingfisher Airlines has been realised by way of sale of shares seized under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate said on Wednesday.

How many rupees did Nirav Modi scam?

The central agency gave the low-down on these two cases — the estimated Rs 13,000 crore fraud allegedly carried out by diamond trader Nirav Modi, his uncle Mehul Choksi and others in the Brady House branch of PNB in Mumbai and the about Rs 9,000 crore Kingfisher Airlines fraud triggered by Mallya — in a statement …

What happened to PNB after the merger?

PNB swallowed Oriental Bank of Commerce and United Bank of India and the merger took effect on 1 April 2021.

Which is the biggest financial scam in India?

2018. Rotomac bank fraud: According to an 18 February 2010 Central Bureau of Investigation first information report, Rotomac allegedly defaulted on loans worth ₹3,695 crore (₹36.95 billion). The FIR said that Rotomac diverted the loans to a fictitious company, which routed the money back to Rotomac.

How much money recovered PNB scam?

This was after her name was cleared in the PNB fraud case. The Enforcement Directorate (ED) has recovered Rs 17.25 crore as proceeds of crime from fugitive businessman Nirav Modi with the help of his sister Purva Modi.

Who is Neelam Modi?

Nirav Deepak Modi (born 27 February 1971) is an Indian fugitive and businessman who was charged by Interpol and the Government of India for criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corruption, money laundering, fraud, embezzlement and breach of contract in …

What was Kingfisher scam?

Agencies Mallya, who fled to the UK in March 2016, is wanted in India over a default of Rs 9,000 crore that was loaned to Kingfisher Airlines (KFA) by several banks. NSE -11.11 \%, fugitive businessman Vijay Mallya on Thursday mocked banks for saying he still owed them money.

Which bank recently merged with PNB?

PNB swallowed Oriental Bank of Commerce and United Bank of India and the merger took effect on 1 April 2021. The merger triggered rationalization of the branch network in addition to combining various verticals of the three lenders.

What happens to stock when banks merge?

After a merge officially takes effect, the stock price of the newly-formed entity usually exceeds the value of each underlying company during its pre-merge stage. In the absence of unfavorable economic conditions, shareholders of the merged company usually experience favorable long-term performance and dividends.

How many black money are there in India?

In March 2018, it was revealed that the amount of Indian black money currently present in Swiss and other offshore banks is estimated to be ₹300 lakh crores or US$1.5 trillion.

Will PNB ever recover?

On the recovery side, he said, the bank expects Rs 5,000-5,200 crore from NCLT cases by March 2022. This will help reduce bad debt or non-performing assets by about Rs 12,000 crore.

What is the PNB fraud?

PNB fraud: Punjab National Bank, India`s second-biggest state-run lender, stunned the country`s financial sector this month when it announced it had discovered an alleged fraud worth Rs 11, 400 crore ($1.8 billion) at a single branch in Mumbai.

What is thepnb case all about?

PNB says that on Jan 16 a representative of one of the accused firms presented a set of import documents to the Mumbai branch and requested buyers` credit to pay overseas suppliers.

What is the Nirav Modi PNB case?

On Jan 29, PNB filed a criminal complaint with India`s federal investigative agency against three companies and four people, including billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the managing director of Gitanjali Gems, saying they had defrauded PNB and caused a loss of 2.8 billion rupees ($43 million).