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sagar diamonds share market news Nirav Modi's alleged fraud came to light only after he failed to secure fresh loans to service his existing debt. And, the news of the purported crime committed by Modi and Gitanjali Gems groups has once again brought the issue of illegitimate havala channels and round tripping of diamonds centre stage. Diamond business is predominantly involved in imports and then exports. Round Tripping is the practice of traders exporting the same stock of polished diamonds multiple times to borrow from banks against the receivables at a lower interest rate. India is the biggest processor of rough diamonds globally. In 2017-18 till January, according to the Gem & Jewellery Export Promotion Council (GJEPC) data, India exported rough diamonds worth $1.175 bn against last full year’s $1.5 bn. India’s import of polished diamonds was also $1.88 bn in the 10 months this year. Even the proportion of return consignment doubled in the last two years and re...

Nirav Modi in his letter to the PNB had said that the over-zealousness of the bank to deal with the issue destroyed his jewellery brand sagar diamonds share market news scam-hit Punjab country wide financial institution (PNB) on Thursday asked billionaire diamond jeweller Nirav Modi to give you a concrete and implementable plan to settle the loss prompted to it by using the fraudulent issuance of Letter of Undertakings (LoU) via one in every of its branches. PNB stated this in its reaction to a mail written by way of Nirav Modi, who allegedly cheated the financial institution of Rs 114 billion in connivance with a few bank officials. "You have been getting LoUs issued illegally and in an unauthorized manner via few financial institution officers. At no degree such facilities were extended with the aid of our bank on your three companion corporations," resources said mentioning mail response sent by PNB trendy supervisor (global banking division) Ashwini Vats ...

Nirav Modi and Choksi have been asked to respond within one week as to why their passports should not be impounded or revoked LATEST NEWS :  On the advice of the Enforcement Directorate, the Passport issuing authority in the Ministry of External Affairs on Friday suspended the validity of passports of diamond merchant Nirav Deepak Modi and Gitanjali Gems CMD Mehul Chinubhai Choksi with immediate effect for a period of four weeks u/s 10(A) of the Passports Act 1967. Nirav Modi and Choksi have been asked to respond within one week as to why their passports should not be impounded or revoked under Section 10 (3) (c) of the Passports Act 1967. If they fail to respond within the stipulated time it will be assumed that they do not have a response to offer and the MEA will go ahead with the revocation. Earlier in the day the Central Bureau of Investigation (CBI), which registered a case against jewelry retailer Gitanjali in a $1.77 billion fraud at state-run Punjab Nation...

Earlier in the day, the state-owned lender said that they had cracked a case of swindling, which was contingent in nature LATEST NEWS  :  The Punjab National Bank (PNB) on Wednesday suspended its ten officials, including a branch Deputy Manager, in a fraudulent transaction case that also involved noted jewellery designer Nirav Modi. The suspension comes following the bank uncovering fraudulent and unauthorised transactions worth $1771.69 million (Rs 110 billion) from its branch in Mumbai. Earlier in the day, the state-owned lender said that they had cracked a case of swindling, which was contingent in nature. "The bank has detected some fraudulent and unauthorised transactions in one of its branches in Mumbai for the benefit for a few select account holders with their apparent connivance. Based on these transactions, other banks appear to have advanced money to these customers abroad," an official statement read. Few days ago, the Central Bureau of ...

The scam could turn out to be the biggest scam in Indian corporate history LATEST NEWS    :  In what may turn out to be one of the biggest scams in Indian corporate history, Punjab National Bank has detected fraudulent transactions worth around Rs 110 billion from one of its Mumbai branch allegedly by diamond merchant Nirav Modi, his relatives and business partner Mehul Choksi during this year. PNB share prices fell around 7% in the early trade on Wednesday morning after the bank reported fraudulent transactions worth $1.77 billion to Bombay Stock Exchange. “The bank has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions other banks appear to have advanced money to these customers abroad," Delhi-based public sector bank said in its BSE filing. The bank said that the transactions are contingent in nature and...

The bank did not name the people involved but said it had reported the deals to law enforcement agencies LATEST NEWS :  India's Punjab National Bank said on Wednesday it had detected "fraudulent and unauthorised" transactions worth about $1.77 billion at one of its branches in Mumbai. The bank said in a statement the transactions were "for the benefit of a few select account holders with their apparent connivance" and that "based on these transactions other banks appear to have advanced money to these customers abroad." The bank did not name the people involved but said it had reported the deals to law enforcement agencies and would decide whether it faces any liability arising out of the transactions later. PNB shares fell as much as 5.7 per cent in early trading on Wednesday. ALSO READ THIS :  DAC Clears Proposal Worth Rs 15,935 Crore