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PNB fraud: ED expands probe; writes to 16 more banks

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PNB fraud: ED expands probe; writes to 16 more banks

If the ED finds out ‘bending of norms’ in cases of other banks, the quantum of losses to banks caused by Modi & Choksi will swell up to nearly Rs 20,000 crore

Expanding its probe in the Rs 11,400-crore Punjab National Bank (PNB) fraud against diamantaires Nirav Modi and Mehul Choksi, the Enforcement Directorate (ED) has now raised questions over the credibility about these public sector banks to keep the public money safe.

Reportedly, the ED has written to 16 banks, other than PNB, seeking information of all loans offered to the two businessmen – including present status of the loans, the form & nature of the loans, and collateral offered against these loans. According to sources, if  ED finds out ‘bending of norms’ in cases of other banks too, the quantum of alleged losses caused by them to banks will swell up to nearly Rs 20,000 crore.

Stating that ED Director Karnal Singh has written to the banks for details of the loans, an official said, “We are at present seeking information from banks which have given bigger loans. We have learnt that these loans have been granted at collaterals which are just 12 per cent of the total value of the loans. We want to see on what basis these loans were granted and whether these are still recoverable. However, we have not asked any bank to file a complaint with us.”

Sources have further stated that the CBI and ED probe into the case of fraud – which was perpetrated by Modi and Choksi on PNB – shows that more than two dozen banks may have been exposed to loans ranging between Rs 5,000 crore and Rs 10,000 crore.

While the two prime accused have left the country just before PNB lodged a complaint against them, both Modi and Choksi haven’t yet replied to any official summons – whereas the two defaulters are unlikely to be in a position to pay back the loans, with the authorities having attached their properties.

Earlier on February 16, seeking response within a week on to why their passports should not be impounded or revoked, the Ministry of External Affairs suspended the validity of Modi and Choksi’s passports with immediate effect for a period of four weeks.

According to sources, Mehul Choksi and his companies Geetanjali Gems, Gili India and Nakshatra Brand owed close to Rs 3,000 crore in the form of 37 bank loans till March 31, 2007. On the other hand, the total outstanding loans taken by Nirav Modi’s firms amounts to Rs 3000 crore from 17 banks – Central Bank of India (Rs 194 crore), Dena Bank (Rs 153.25 crore), Vijaya Bank (Rs 150.15 crore), Bank of India (Rs 127 crore), Syndicate Bank (Rs 125 crore), Oriental Bank of Commerce (Rs 120 crore), Union Bank of India (Rs 110 crore), IDBI Bank and Allahabad Bank (Rs 100 crore each).

A former Price Waterhouse Coopers auditor said, “It is perplexing how banks kept advancing loans on such low profits and without probing who these sundry debtors were. It is normal practice to check each and every sundry debtor, particularly in this case where the amounts were so huge, before advancing fresh loans.”

Cricket news

IPL 2024: CSK’s Pathirana returns to Sri Lanka due to hamstring injury

The right-arm pacer played six matches in IPL 2024 picking up 13 wickets at an economy of 7.68 for CSK

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Fast bowler Matheesha Pathirana of the Chennai Super Kings suffered a serious setback on Sunday before of their IPL 2024 encounter against Punjab Kings. Pathirana, who suffered hamstring injury, will have to head back home to to Sri Lanka for a proper treatment and recovery.

The right-arm bowler, who took 13 wickets at an economy of 7.68 in six IPL 2024 matches, has been a star performer for CSK during an otherwise uneven season. Whether he will return later in the season is yet unknown to the team.

This incident coincides with worries about Deepak Chahar’s health. Earlier this week, he bowled just two deliveries in the match against Punjab Kings at the Chepauk before he strained his hamstring. The CEO of the Chennai Super Kings, Kasi Viswanathan, believes it is extremely improbable that Chahar will play for the rest of the season. The status of Deepak’s injury is not favorable. He had said on Friday that he won’t say Chahar  is ruled out of the season, but it is doubtful.

Meanwhile, Bangladesh’s star cricketer Mustafizur Rahman left the Chennai Super Kings camp to play for his country in the upcoming series against Zimbabwe. With 14 wickets in just nine matches, the left-arm bowler was the leading wicket-taker for CSK this season.

Chennai has five wins and an equal number of losses in 10 matches in the on-going season, and they are now ranked fifth in the points table. In to compete again against Punjab Kings at the Himachal Pradesh Cricket Association Stadium in Dharamsala, the five-time champions hope to strengthen their case for playoff qualifying. In the match at Chepauk, PBKS had beaten the team Ruturaj Gaikwad-led team by seven games.

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India News

Wrestler Bajrang Punia suspended by National Anti Doping Body after failing to give urine sample

Bajrang Punia, who won the country a bronze medal at the Tokyo Olympics, is likely to be barred from participation in the selection trials that are scheduled for later this month. No Indian has yet won an Olympic quota in the 65kg category.

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Wrestler Bajrang Punia was suspended indefinitely by the National Anti-Doping Agency (NADA), which could have an impact on his eligibility to compete in the upcoming Paris Olympics. Sources claim that on March 10, Punia neglected to submit a urine sample for the Sonepat selection trials, which is why NADA issued the order barring him from taking part in any events going forward.

With subject to paragraph 4:1:2 below and in accordance with article 7.4 of the NADR 2021, Bajrang Punia has been immediately provisionally suspended from participation in any competition or activity prior to the final decision reached at a hearing in this matter, according to an official release from NADA dated April 23.

Punia was in the forefront of accusations of sexual harassment made against former BJP MP and president of the Wrestling Federation of India (WFI) Brij Bhushan Sharan Singh, along with a number of other elite wrestlers, such as Olympians Sakshi Malik and Vinesh.

The star wrestler, who earned the country’s bronze medal in the Olympics in Tokyo, will probably not be allowed to take part in the selection trials later this month due to his suspension in light of the allegations. In the 65kg division, no Indian has yet to win an Olympic quota.

India’s Sujeet Kalkal will compete in the World Qualifiers, which begin on May 9 in Istanbul.

The notice of suspension was sent not to the federation recognized by United World Wrestling (UWW), but to the now-defunct ad hoc committee of the Wrestling Federation of India (WFI).

Punia rejected the directive of the drug control officer, alleging that NADA officials had not yet addressed his concerns. A few months before, Punia had uploaded a video purporting to have expired dope-collecting equipment.

The dope-collecting officer’s report states that he was told that his refusal would result in a warning for violating anti-doping regulations, but he still left.

Punia was asked to provide a written explanation by May 7th for his denial of providing a urine sample and supporting evidence.

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Entertainment

Kareena Kapoor appointed UNICEF India national ambassador, says it’s an emotional day for her

Kareena Kapoor expressed her happiness after she was appointed UNICEF India National Ambassador.

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Bollywood actor Kareena Kapoor, has been named the National Ambassador of Unicef India. In 2014, she became the organization’s first Celebrity Advocate. Kareena was driven to tears during her address onstage at her recent appointment ceremony. Adding yet another significant success to Kapoor’s already impressive resume is this new responsibility.

Kareena showed her appreciation and joy at being named the National Ambassador for Unicef India in an Instagram post on May 4. She underlined how committed she is to protecting children’s rights and making sure every child has an equitable future. Kareena thought back on her ten years of working with Unicef India, calling it enlightening and brightening.

Taking to Instagram, Kareena wrote, it is an emotional day for her. Being named the National Ambassador for UNICEF India is an honour for her, she added. The actor mentioned in her note that over the past ten years, working with UNICEF India has been incredibly instructive and enriching. She said she is happy of the work they’ve accomplished and she is reaffirming my commitment to speak out in favor of children’s rights and an equal future for all of them, she added.

The Crew  actor emphasized the value of defending children’s rights upon her appointment, pointing out that they are the next generation. She committed to utilizing her position to speak up for children who are at risk, concentrating on matters such as gender equality, education, and early childhood development. Kareena restated her conviction that every child is entitled to an equal opportunity and a promising future.

Regarding work front, Kareena is now enjoying the success of Crew, in which she starred alongside Tabu and Kriti Sanon.

Under the direction of Rajesh A. Krishnan, Crew centers on the journeys of three employed women against the backdrop of the aviation sector. In addition, Diljit Dosanjh, Kapil Sharma, Rajesh Sharma, Saswata Chatterjee, and Kulbhushan Kharbanda feature in the film.

She will be next seen in Hansal Mehta’s The Buckingham Murders in the upcoming months. She will be also seen in Rohit Shetty’s Singham Again.

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