English हिन्दी
Connect with us

India News

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

Published

on

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.”

India News

Man attempting to cross India-Pakistan border in Rajasthan shot dead by BSF personnel

“We are investigating the case under these acts,” he added.

Published

on

Border Security Force (BSF) personnel shot and killed an individual attempting to cross the India-Pakistan border in the Ganganagar district of Rajasthan late on Tuesday, according to police.

Jitendra Kumar, the station house officer at Kesrisinghpur police station, stated that the man was trying to breach the barbed wire fence when he was spotted by BSF personnel. “They advised him to leave the area, but when he continued to advance, the BSF personnel shot him,” said the SHO.

Sriganganagar Superintendent of Police Gaurav Yadav confirmed that the suspect was allegedly trying to enter Indian territory around midnight on December 24, 2024. Despite warnings from the BSF soldiers, he did not heed their calls, which resulted in the shooting.

The incident occurred near a village in the Kesarisinghpur area. Items recovered from the intruder included Pakistani currency notes, a cigarette packet, an identity card, and other belongings. Authorities are currently gathering more information about him.

Ongoing discussions are taking place between the armed forces and police officers regarding the incident. An FIR has been filed that includes charges of trespassing and violations of the Passports Act and the Foreigners Act, according to Kumar. “We are investigating the case under these acts,” he added.

This incident is one of several similar occurrences along the border. In August, the BSF apprehended an intruder named Jagsi Kohli, who had entered about 15 kilometers into Indian territory in Barmer after locals alerted authorities that he was asking for directions to Tharparkar, a district in Pakistan’s Sindh province.

In March of this year, another person attempting to cross the border in Ganganagar was shot by BSF personnel. There have been additional incidents reported in October 2022 and twice in March 2021, all resulting in fatalities among the intruders.

Continue Reading

India News

Amit Shah, JP Nadda, Chandrababu Naidu among leaders at NDA meet in Delhi amid Ambedkar row

The alliance had decided to convene on the birthday of the late BJP leader, noted for successfully leading the first coalition government to complete its term.

Published

on

Union Home Minister Amit Shah, BJP chief J.P. Nadda and Telugu Desam Party (TDP) president and Andhra Pradesh Chief Minister Chandrababu Naidu among leaders of the NDA met in New Delhi on Wednesday to discuss different issues including Shah’s comment on BR Ambedkar days ago in Rajya Sabha.

In attendance, apart from Shah, Nadda and Naidu, JD-U leader and Union minister Rajiv Ranjan Singh, Apna Dal (S) president and Union minister Anupriya Patel, as well as JD (S) leader and Union minister H.D. Kumaraswamy were present.

Also present were Jitan Ram Manjhi, leader of Bihar’s Hindustani Awam Morcha (S) and a minister in the Modi government, Rashtriya Lok Morcha (RLM) president Upendra Kushwaha, a Rajya Sabha MP, and Thushar Vellappally, president of Bharath Dharma Jana Sena.

While the specific agenda of the meeting was not officially disclosed, sources indicated that discussions revolved around good governance and various political issues—principles that were central to Vajpayee’s tenure as Prime Minister. The alliance had decided to convene on the birthday of the late BJP leader, noted for successfully leading the first coalition government to complete its term.

Following the meeting, Nadda shared on X, “Attended the NDA leaders’ meeting in New Delhi today. Under the visionary leadership of PM Narendra Modi, India is achieving unprecedented milestones and has positioned itself as a global superpower. The NDA government remains committed to realizing the vision of ‘Viksit Bharat@2047’, ensuring a brighter and more prosperous future for all.”

Sanjay Nishad, chief of the NISHAD Party in Uttar Pradesh, described the meeting as “informal” and focused on Vajpayee’s legacy. He emphasised the importance of unity among all alliance members heading into future elections, mentioning that they congratulated the BJP leaders for their electoral victories in Haryana and Maharashtra.

Nishad further outlined that the meeting addressed coalition strategies to ensure that Prime Minister Modi’s initiatives effectively reach the populace and that electoral promises are fulfilled. He raised the topic of providing reservations for the fishing community, stating, “I presented evidence on this issue, as it was a poll promise. They will follow up with us next week to discuss it.”

Responding to inquiries about whether Amit Shah’s controversial remarks on Ambedkar were discussed, Nishad said, “We are here for the welfare of the people. Our energy should focus on achieving success in that area, rather than engaging with negativity from opposition parties.”

The NDA meeting underscores the alliance’s commitment to the proposed simultaneous elections, with all members backing the initiative. A Joint Committee of Parliament, established to review two bills related to simultaneous polls, is set to convene on January 8.

Continue Reading

India News

Manipur CM Biren Singh says state needs immediate peace, understanding between two communities

He claimed that the administration is responding quickly to the displaced people’s needs in areas such as education and agriculture.

Published

on

Manipur Chief Minister N Biren Singh on Wednesday emphasised the urgent need for peace in the state, which has faced ethnic violence since May of last year, and called on two communities to reach a mutual understanding.

Speaking at the Good Governance Day event held at the state BJP headquarters, Singh expressed confidence that the BJP could restore stability to the northeastern state, highlighting the party’s commitment to coexisting harmoniously.

“What is happening in Manipur today has multiple causes. Those who seek to divide the state are now questioning the government’s actions… they are driven by a desire for power,” Singh remarked.

He mentioned several initiatives, such as ‘Meeyamgi Numit’ (People’s Day), designed to foster closer relationships between officials and the public. “We do not oppose any specific community. The BJP’s position is clear: we advocate for the idea of living together and have initiated efforts to strengthen ties between the police and the community,” he stated.

Singh added that the state government is diligently addressing the needs of internally displaced persons by establishing committees throughout the administrative framework. He claimed that the administration is responding quickly to the displaced people’s needs in areas such as education and agriculture.

“We have not made any mistakes. Our goal is to ensure the well-being of future generations. It is essential for both communities to remain calm. Rather than dwelling on the past, we should concentrate on the upcoming NRC process, capturing biometrics, and using 1961 as the foundation year for the Inner Line Permit,” Singh said.

He also highlighted the government’s commitment to acting within a democratic and constitutional framework, noting that achieving these goals will take time. “What we require now is immediate peace and a resolution of misunderstandings between the two communities,” he concluded.

The ongoing violence has resulted in the deaths of over 250 individuals and left thousands homeless due to clashes between the Meitei community and Kuki-Zo groups since last May.

“Only the BJP can save Manipur. BJP leaders possess strong values of nationalism and social justice, practicing reality-based politics in the nation’s interest. If I am not nominated for a ticket by the BJP, I will remain loyal to the party,” Mr. Singh added.

He also highlighted several unity-focused projects initiated by the BJP government, mentioning that a Unity Mall featuring stalls from all ethnic groups in the state will be constructed with an investment exceeding ₹140 crores.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com