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From the so-called Ketan Parekh (K-10) stocks to Unitech and DB Realty, scam-tainted stocks have fallen by 90 per cent or more from their all-time highs LATEST NEWS:  Nearly a dozen companies that have been named in various scams, frauds or price rigging at the bourses in over two decades have lost over 90 per cent of their market value from their all-time high levels, data show. For instance, sample the stocks related to Ketan Parekh, the former stock broker from Mumbai convicted in 2008 for his involvement in the Indian stock market manipulation scam in late 1998 to 2001. Some of the famous Ketan Parekh (K-10) stocks like Himachal Futuristic Communication (HFCL), GTL and Pentamedia Graphics – and Mukta Arts, Tips industries and Pritish Nandy Communications, in which Ketan Parekh had a huge exposure – are currently trading up to 99 per cent lower than their peak levels recorded in 2000. During the 1998-2001 period, Parekh artificially rigged prices of select stocks (in...

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 ...

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