PMLA court issues a Non-bailable warrant against Mehul Choksi.

Judiciary Jul 06, 2018 Lawstreet News Network 0 Shares

The special court for the Prevention of Money Laundering Act in Mumbai has issued a Non-Bailable Warrant (NBW) against Mehul Choksi on the request of Enforcement Directorate.

Also Read - RBI Imposes ₹1 Crore Penalty on Punjab National Bank

Five other people have also received a non-bailable warrant, who was accused along with Mehul Choksi in the Rs 13,600 crore Punjab National Bank loan fraud case.

On Wednesday (June 27th, 2018) Mehul Choksi, the promoter of Gitanjali Gems and one of the key accused in the multi-crore Punjab National Bank (PNB) scam case, moved before a special court in Mumbai to seek cancellation of a non-bailable warrant (NBW) issued against him.

Also Read - PNB shares plunge by 7% after reporting Rs 3,688.58 crores DHFL loans as fraud

The issuance of Non-Bailable Warrant (NBW) would now help the agency to take action against Choksi under the Fugitive Economic Offenders Ordinance, 2018.

The next step of the Enforcement Directorate would be to seek Fugitive Economic Offender tag against Mehul Choksi and Nirav Modiunder the new legislation, next week.

RBI Imposes ₹1 Crore Penalty on Punjab National Bank

Executive Nov 17, 2020 Twinkle Agarwal ( Editor: Ekta Joshi ) 10 Shares

Punjab National Bank, which is a State-run bank, works under the authorization of the Reserve Bank of India. But recently, it observed that it was operating a bilateral ATM sharing arrangement with its international subsidiary that is Druk Punjab National Bank Ltd, Bhutan since 2010 without taking any approval from the Reserve Bank.The bank was found to be violating Section 26(6) of the Payment and Settlement Systems Act, 2007 and thus the Reserve Bank imposed a fine of Rs 1 crore on...

Read full post

PNB shares plunge by 7% after reporting Rs 3,688.58 crores DHFL loans as fraud

Business Jul 10, 2020 Shreedhara Purohit ( Editor: Ekta Joshi ) 16 Shares

The share price of Punjab National Bank slumped nearly 7 percent on Friday ( July 10, 2020) after the bank reported a fraud of Rs 3,688.58 crore in the non-performing asset account of Dewan Housing Finance (DHFL) to the RBI. The stock plunged 6.73 percent to Rs 34.60 on the BSE. On the NSE, it tanked 6.73 percent to Rs 34.60. It pared losses later, trading 5.53 percent lower at Rs 35 per share, at 11:50 am."A fraud of Rs 3,688.58 crore is being reported by Bank to RBI in the...

Read full post