Nirav Modi denied bail by UK court
A British court on Wednesday extended, till June 27, the judicial custody of Nirav Modi, while rejecting his bail plea as it suspected that he could "interfere" with witnesses.
 
The Westminster Magistrates' Court ordered the Metropolitan Police to put him under its custody till the next hearing on June 27.
 
The 48-year-old businessman, wanted in India in connection with the multi-crore Punjab National Bank (PNB) fraud case, was arrested from Holborn here on March 19. Since then he has been fighting extradition proceedings. 
 
The court cited alleged efforts to interfere with witness statements and destruction of evidence for extending Nirav Modi's judicial custody.
 
The businessman and his uncle Mehul Choksi are being investigated by the Enforcement Directorate and the Central Bureau of Investigation after the PNB alleged that they cheated it of Rs 13,500 crore with the involvement of a few bank employees. 
 
Nirav Modi also faces charges under the Fugitive Economic Offenders Act. The ED has filed a chargesheet against Choksi in a Prevention of Money Laundering Act Court in Mumbai. 
 
Both fled India before the details of the fraud emerged in January 2018 before the scam was unearthed.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Punjab National Bank admits staggering loan defaults of Rs 25,000-crore
The beleaguered public sector Punjab National Bank (PNB) has admitted to 1,142 big and small defaulters all over India who have defaulted a stupendous Rs 25,090.3 crore.
 
Of these 1,142, the PNB has so far initiated recovery proceedings by filing suits against 1,108 defaulters to recover Rs 23,879.8 crore.
 
However, no suits have been filed against the remaining 34 defaulters who owe the bank Rs 1,210.5 crore.
 
As is mandatory, the RBI has been informed of the status of all these messy accounts -- some of them several years old and recoveries still pending from them -- as on March 31, 2019.
 
The veritable ‘hit-list' prepared by the country's second largest PSB covers all defaulters owing PNB Rs 25 lakh and above, through all its branches in all states, with the highest numbers emerging from Maharashtra, Punjab, Delhi, Chandigarh, Gujarat, Uttar Pradesh and West Bengal.
 
Mysteriously, some companies which availed of loans are shown as registered abroad, while others which are registered in India have taken loans from the PNB from its overseas branches.
 
Interestingly, the list of debt-dodgers goes beyond the duo of absconding diamantaires Nirav D. Modi and Mehul C. Choksi - whose scams worth around Rs 14,000-crore first brought the PNB imbroglio into the limelight in early 2018.
 
Also figuring in the list is another high-profile absconder, Vijay Mallya, who owes Rs 597.4 crore on the defunct Kingfisher Airlines account.
 
The other defaulters include Kudos Chemie Ltd., Chandigarh (Rs 1,301.8 crore), Winsome Diamonds & Jewellery Ltd. Surat (Rs 899.7 crore), Jas Infrastructure & Power Ltd., Kolkata (Rs 410.9 crore), Zoom Developers Pvt. Ltd. Mumbai/Indore (Rs 410.1 crore).
 
A few defaulters like Kingfisher Airlines, Winsome Diamonds & Jewellery Ltd, Kudos Chemie Ltd. and Zoom Developers Pvt. Ltd. are currently being investigated by the Central Bureau of Investigation (CBI).
 
When contacted by IANS, PNB officials declined to comment on the list of defaulters.
 
Recently, the PNB has initiated proceedings to recover around USD 13 million from the Tarapur Textile Park Ltd., Palghar (Maharashtra), which availed the loans from PNB's London branch.
 
According to official sources, now the PNB is planning to hand over the case to both CBI and the Serious Frauds Investigation Office (SFIO) and invoke the guarantees provided by TTPL's Chairman Arunkmar Muchhala, and the directors Ritika Muchhala and Trinkal Muchhala.
 
With reference to this instance, the buzz in banking circles is - how companies registered in India availed massive loans from PNB's foreign branches, and similarly, how companies registered on foreign shores were granted loans from the bank's Indian branches, without the connivance of certain officials.
 
The All India Bank Employees Association General Secretary C. H. Venkatachalam termed as "a very serious matter that one bank has such a massive number of defaulters of public money".
 
"Plus, it is not confined to one bank and all banks have such bad loan accounts. A bulk of defaulters are corporates or big companies and a forensic audit of all should be carried out. Why can't the bank file criminal cases against the big-time willful defaulters instead of merely civil suits which can drag on for years," Venkatachalam told IANS.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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COMMENTS

Sunil shenava

2 weeks ago

Hardly anyone highlights these facts...

what\'s the RBIs control over the banks..

it seems everyone pushes the dirt under the carpet...so much so that it has piled up and now cannot be hidden...

Ramesh Poapt

2 weeks ago

OMG!!!

DHFL clears Rs 961 crore interest on NCDs
Dewan Housing Finance Ltd (DHFL) on Tuesday paid its interest dues worth Rs 961 crore on non-convertible debentures (NCDs), exactly a week after it delayed its interest payment.
 
The delay in interest payment had raised concerns of a liquidity crisis among the non-banking financial companies (NBFC).
 
"The company has made interest payments in lieu of Rs 961 crore as committed to its debenture holders. With this tranche, the company confirms full payment and will seek rating upgrades from agencies," the company said in a regulatory filing.
 
It further said that since September 2018, the company has managed to make liabilities payment of over Rs 36,000 crore without availing any fresh funding from the lenders. 
 
"The company reaffirms that it is committed to meeting all future debt servicing obligations in a timely manner, through further asset monetisation plans as well as onboarding of a strategic partner for its business," DHFL added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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