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FRAUDULENT LETTERS OF CREDIT
Suzlon Energy shares crack 5% after Rs 29 crore Sebi fine for misleading financials; company clarifiesSuzlon Energy shares 5% dipped after Sebi imposed nearly Rs 29 crore in penalties on the company and former executives for misrepresenting ...- Sebi fines Suzlon Energy Rs 29 crore for misleading financial statements; promoters, executives also penalisedSEBI has fined Suzlon Energy Rs 29 crore and several former executives for misrepresenting financial statements, inflating profits via circ...
- 161,000 affected in Krispy Kreme data breach settlement: Eligibility, payout details, and claim rules explainedThe Krispy Kreme Data Breach Settlement has drawn attention after reports confirmed a 2024 data breach affecting about 161,000 individuals ...
- Nippon Life's India asset manager to settle Yes Bank investment case, document showsNippon Life India Asset Management will pay over 96 crore rupees to settle SEBI charges. The company allegedly invested customer funds in h...
- Mobile phone retailers call out rampant fraud, press no on easy EMIs for phonesMobile phone retailers are calling for an end to financing schemes after reporting 10-12 per cent fraudulent purchases. They are advocating...
- Lenders asked to step up vigil on advance payments, LCs for importsUnder existing regulations, if a bank is satisfied with the track record and bona fides of the importer, it can frame its own internal boar...
- Choksi pledged 'lab diamonds' with inflated valuation to get Rs 25 crore loan from IFCI: CBIThe fresh valuations showed that diamonds were of low quality lab prepared chemical vapour diamonds and other inferior colour stones and no...
- Will extend all necessary help to UK for extradition of Nirav Modi: CBIModi fled the country after allegedly siphoning off about Rs 13,000 crore from Punjab National Bank using Letters of Undertaking in collusi...
- No plans to close operations at Brady House branch in Mumbai: PNBPNB's Brady House branch in Mumbai had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011.
- Nirav Modi firms availed loans from PNB's Hong Kong, Dubai branches too: ReportNirav Modi group companies Firestar Diamond Ltd Hong Kong and Firestar Diamond FZE Dubai availed some credit facilities from the Hong Kong ...
- PNB's capital adequacy falls below regulatory requirement due to Nirav scamAt the end of March, 2018, total capital ratio as per the Basel- III requirement declined to 9.20 per cent as against 11.66 per cent at the...
- CBI seeks Red Corner Notice against Nirav ModiThis mean the member countries of Interpol can arrest and extradite Nirav Modi who fled the country in the first week of January.
- Moody's slashes PNB ratings by one level to junkThe state-owned lender last week reported its highest ever quarterly loss of Rs 13,416.9 crore.
- Sebi to consider penal action against PNB, Gitanjali GemsSebi last week issued a warning letter to PNB for delaying disclosures to exchanges.
- Sebi warns PNB for late disclosures regarding Nirav Modi scamThe PNB was defrauded of $2 billion allegedly by diamond trader Nirav Modii and his associates.
- PNB scam: CBI questions 2 DGM-level officers of SBIThe officials were asked why several discrepancies in the LoUs issued by PNB were not considered by the banks extending credit facilities t...
- Fraud-hit PNB revamps credit approval processPNB has decided to honour all LoUs and foreign letters of credit (FLCs) when they come up for maturity. The bank had issued around 1,590 Lo...
- PNB fraud: Mehul Choksi, other accused may face life term if found guiltyGokulnath Shetty, former PNB staffer, and Mehul Choksi, the absconding promoter of Gitanjali Gems, could be in prison for life if found gui...
- CBI’s 3rd FIR says fraud started before 2017The first FIR, based on PNB’s complaint and registered on January 31, said that eight of the socalled letters of undertaking (Lo-Us) or gua...
- Jewellery sector foresees 'ripple effects' post PNB fraud caseNot only bankers, insurance companies, too, could possibly be cautious in extending their services to jewellery exporters after this fraud,...
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