PMC suspended chief in police custody till 9th
ED which has registered a money laundering case in this matter and will soon write to the Maldives to attach a yacht owned by the promotors of HDIL group.
CBI files 6 charge sheets against Zoom Developers in Rs 558-crore bank frauds
The company diverted loan funds and did not complete projects f...
PMC case: RBI files affidavit in Bombay HC, states restrictions to safeguard depositors
The Reserve Bank of India (RBI) on Tuesday filed a de...
Banks will have to reclassify loans given to HDIL as fraud
Real estate developer HDIL is currently in default to various banks and has been admitted for proceedings under the Insolvency and Bankruptcy Code.
ED arrests HDIL promoters on money laundering charges
HDIL promoters Rakesh and Sarang Wadhawan were arrested on Friday after PMLA court sent them to Enforcement Directorate custody till October 22. The Economic Offence Wing tracked the prima facie execution of illegal transactions by the said persons.
PNB fraud: PMLA court declares Nirav Modi as fugitive economic offender
Nirav is the second businessman after Vijay Mallya to be declared a fugitive economic offender under provisions of the new Fugitive Economic Offenders Act, which came into existence in August last year. Nirav and his uncle Mehul Choksi are the prime accused in PNB fraud case, related to alleged fraudulent issuance of LoU that caused a loss of over $2 bn to the PSB.
Will discuss PMC Bank issue with PM: Devendra Fadnavis tells depositors
Aggrieved depositors put forth their woes to the CM, who gave them a patient hearing, but said he could not give them any assurance as the model code of conduct was in force.
EOW arrests two auditors in connection with PMC Bank scam
The Economic Offences Wing (EOW) on Monday arrested two auditors in connection with PMC Bank scam and will produce them in Court today seeking their police remand.
Lenders put cash flows of about 500 stressed companies’ under lens
In the last three months, lenders have hired agencies in Gammon, Altico, JBF Industries, Suzlon and HCC to track end use of funds. Lead banks are hiring monitoring agencies in accounts having exposure of more than Rs 250 crore.
PNB fraud case: Nirav Modi to appear via videolink at UK court
He had moved yet another bail application last month with an “unprecedented” house arrest guarantee, akin to those imposed on terrorist suspects, as well as citing mental health issues from being behind bars at Wandsworth Prison since his arrest in March.
Regulator, auditor should be held responsible for frauds in banks: Anurag Thakur
The comment came on the line of the recent fraud in PMC Bank. He said it is the job of the regulator first to look into those issues and subsequently the RBI has allowed withdrawal of Rs 40,000, which covers around 77% of the affected people.
How one family rode the housing boom to dizzying heights and now stands accused of a range of financial crimes
DHFL’s troubles started after a Cobrapost sting operation alleged in January that it had siphoned off money.
In big relief to depositors, RBI enhances PMC Bank withdrawal limit to Rs 50,000
Following a review of the crisis-ridden Punjab and Maharashtra Cooperative Bank's (PMC's) liquidity position, the Reserve Bank of India (RBI...
In huge relief to PMC Bank depositors, RBI increases withdrawal limit to Rs 50,000
The Reserve Bank of India has increased the withdrawal limit to Rs 50,000.
Co-op banks’ body proposes Rs 5 lakh cover for deposits, risk-based premium
In a letter to FM Nirmala Sitharaman, representatives of Sahakar Bharati, which is associated with more than 20,000 co-operatives across India, have suggested raising the deposit insurance limit for individual account holders to Rs 5 lakh from Rs 1 lakh while that for institutional customers to Rs 25 lakh.
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