PNB officials reportedly reverted saying "very well, you need to give us 100% cash margin".
He is the chairman of Firestar International and runs a chain of Nirav Modi diamond jewellery retail stores across the globe including Mumbai, New York and London.
That set the alarm bells ringing. He wanted to become a music conductor as a young man, and going by the recently made allegations (pdf) regarding his involvement in the Punjab National Bank (PNB) fraud, it looks like he made at least some bankers dance to his tunes. The bank alleged that the bank officials had fraudulently issued eight Letters of Understanding (LoUs) totalling United States $ 4.42 crore (equivalent to Rs 280.70 crore) for Hong Kong-based Allahabad Bank and Axis Bank.
Law minister Ravi Shankar Prasadsaid on Thursday that the government has revoked the passport of Nirav Modi, the billionaire jeweller and diamond merchant accused of defrauding Punjab National Bank (PNB) of $1.77 billion. The delay in filing of complaint by the bank left limited options for the agency with one of them being revocation of proceedings, they said.
Are Analysts Bullish Capita plc (LON:CPI) After Last Week?
It turned negative, as 73 investors sold AMZN shares while 549 reduced holdings. 25 funds opened positions while 42 raised stakes. Scopus Asset Mgmt Limited Partnership holds 0.14% or 1.50M shares in its portfolio. (NASDAQ:HAS) or 109,766 shares.
However, there are more questions than answers. In what could be the largest banking fraud in the country's history, Modi allegedly acquired illegal letters of undertaking from PNB through a junior ranking official, who did not route them through the Core Banking System in order to avoid detection. When will they make provisions for this?
Among the places raided today were Nirav Modi'sresidence in Kurla, jewellery boutique in Kala Ghoda area, three company offices in Bandra and Lower Parel in Mumbai, three premises in Gujarat's Surat and Nirav Modi's showrooms in Chanakyapuri and Defence Colony in Delhi.
Modi, who has been enviably taciturn, is now at the centre of a massive Dollars 1.7 billion PNB scam case and wanted by the CBI.
"How did the risk management system of the banking sector not work?" asked Surjewala.?" Nostro account here refers to PNB's foreign currency account held in another bank overseas.
But Narendra Modi and the BJP - who have placed themselves at the pinnacle of propriety and hanged many a corruption accused even before courtroom trials - found it hard to digest the fact that the Prime Minister was probably one of the last Indians to meet Nirav before the scam blew up.
"Everything escaped the eyes of auditors and investigators". The government says that this is a one off case and it will be resolved and there is no need to worry.
Credit Suisse maintained The Walt Disney Company (NYSE:DIS) on Tuesday, November 10 with "Outperform" rating. Roth Capital maintained the shares of PSMT in report on Thursday, September 28 with " Buy " rating.
During an internal investigation conducted by Oxfam, "I admitted having intimate contacts on three occasions in my home". But she said it's "much better" than it was in 2011 and it will continue to rebuild.
The Northwestern Mutual Wealth Management Company holds 606,417 shares with $20.39 million value, up from 576,091 last quarter. KeyCorp set a $49.00 price objective on shares of Cisco Systems and gave the stock a "buy" rating in a report on Thursday.
Pallas Kunaiji-Akpanah led the Lady Wildcas with 21 points while teammate Abbie Wolf added 11 poitns and Abi Scheid, 10 points. The 30-point outing was the fourth of the season for Carr, who was 9-of-15 shooting, including 4 of 8 from 3-point range.
Similarly, the wider Nifty50 of the National Stock Exchange declined by 38.85 points or 0.37 per cent to 10,500.90 points. At 9.29 a.m, the Sensex was trading up 126.85 points or 0.37% at 34,282.80 with 22 components gaining.
Interestingly, weeks laters, Sinclair Broadcast Group announced (long-suspected) a deal to acquire Tribune Media for $3.9 billion. He added that Pai has for years called on the FCC to update its media ownership regulations .
But her love for the sport grew when her family moved to New Hampshire and she joined the ski team at the Burke Mountain Academy. Shiffrin was brilliant, and steadily increased her advantage over Mowinckel through each time split.
Trump's first travel ban was issued nearly a year ago, nearly immediately after he took office, and was aimed at seven countries. Supreme Court has already said it will consider the issue of the ban in April, with a ruling expected by late June.
Medical Marijuana Sales Begin In Pennsylvania
Ten dispensaries and 10 growers have been approved to operate, and more than 17,000 patients have registered to participate. A little under 400 doctors have been certified to prescribe medical marijuana .
Steam's Lunar New Year Sale Now Live
Users can also filter games between those on sale , on discount for 50 percent or more, or with at least a 75 percent price cut. You can also filter by various tiers of price, or filter to only see items you can buy with your current Steam Wallet balance.
The Evil Within 2 gets free, first-person update
If you've yet to buy The Evil Within 2 , Bethesda says that you'll be able to access this feature in the free trial as well. Maybe now we'll see how the game compares to Resident Evil 7 and which one gamers consider to be scarier in first-person.
Senate off to slow start on immigration debate
Trump strongly endorsed Grassley's plan on Wednesday and vowed to oppose any legislation that doesn't implement his four pillars. The moderates' measure does not alter a lottery that distributes about 55,000 visas annually to people from diverse countries.
Trump blames failure to report student accused killing 17
But Broward County School District Superintendent Robert Runcie said he did not know of any threats posed by Cruz to the school. Photos posted in an Instagram account linked to Cruz show half a dozen weapons displayed on a mattress and a box of ammunition.
New details and videos released for Nintendo Labo
But a fan has managed to re-imagine the Nintendo spirit and created a unique set for himself with the Nintendo Labo VR Kit. Both the Nintendo Labo kits launch April 20, exclusively for the Nintendo Switch.