PNB scam: Bank says fraud amount could be Rs 1,323 cr more

Agencies
February 27, 2018

New Delhi, Feb 27: Amid the multi-agency probe into the PNB scam, the state-run bank said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore.

The latest announcement from the public sector lender assumes significance against the backdrop of the probe going on into the Rs 11,400 crore scam, which is already one of the biggest in the Indian banking sector. On February 14, the bank had detected the fraud wherein billionaire jeweller Nirav Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders.

In a filing to the BSE late last night, the bank said the amount of unauthorised transactions could go up by more than Rs 1,300 crore. "...We have to inform that quantum of reported unauthorised transactions can increase by USD 204.25 million (approximately)," the filing said.

At the current exchange rate, the amount comes to around Rs 1,323 crore. The bank also referred to its filing made on February 14 when it first disclosed the fraud and at that time, the "fraudulent and unauthorised transactions" was estimated at USD 1.77 billion (about Rs 11,400 crore). The scam was perpetrated by way of fraudulent Letters of Undertaking (LoUs) generated in the name of Punjab National Bank.

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News Network
March 23,2020

New Delhi, Mar 23: The central government has asked state governments to take strict action against violators of the coronavirus lockdown being enforced in 80 districts across the country.

An official statement released on Monday said there will be a total lockdown in 80 districts where coronavirus cases have been reported. The shutdown will end on March 31.

Delhi's borders will remain sealed during the lockdown, but essential services related to health, food, water and power supply will continue, and 25 per cent of the DTC buses will run to transport people associated with essential services.

Prime Minister Narendra Modi earlier on Monday appealed to state governments to ensure that rules and regulations of the coronavirus lockdown are enforced as he noted that many people were not taking the measure seriously.

"Many people are still not taking the lockdown seriously. Please save yourself, save your family, follow the instructions seriously. I request state governments to ensure rules and laws are followed," he said in a tweet in Hindi.

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News Network
July 1,2020

Washington, Jul 1: The United States has approved four coronavirus vaccine candidates for clinical trials, Food and Drug Administration (FDA) head Stephen Hahn told reporters.

"Four vaccines have been approved for moving into clinical trials... and another six are in the pipeline for us to review," Hahn said during a press briefing on Tuesday.

The US Administration launched in May Operation Warp Speed, a joint project of Health and Defense Departments, which aims to deliver 300 million doses of a vaccine for COVID-19 by January 2021.

The country's top pandemics expert Anthony Fauci warned on Tuesday, however, that there is no certainty the United States will be able to develop a vaccine against COVID-19 that works and will be safe.

Data on vaccine effectiveness, he added, may be available in the winter or early next year.

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News Network
April 16,2020

New Delhi, Apr 16: The number of COVID-19 cases in India has reached 12,759, the Health Ministry said on Thursday.

According to the official data, India has 10,824 active cases and 1514 discharged and cured cases. Meanwhile, 420 people have died from the disease which originated in China.

Maharashtra has reported the highest number of cases in the country which stands at 2919, including 295 cured and discharged and 187 deaths.

With 1578 coronavirus cases, Delhi is in the second position of India's tally of corona infected people; followed by Tamil Nadu (1242) and Rajasthan (1023).

Kerala, which reported India's first coronavirus case, has 388 confirmed cases, including 295 cured and discharged and 187 deaths.

On the other hand, Uttar Pradesh and Haryana, that border the national capital, have 773 and 205 cases, respectively.

Chhattisgarh, Chandigarh and Pudducherry have reported 33, 21 and 7 cases respectively. While West Bengal has 231 coronavirus infected people, Odisha has confirmed 60 cases.

The newly carved union territories -- Ladakh and Jammu and Kashmir--- have 17 and 300 cases, respectively.

In the Northeast, 33 people were detected positive for COVID-19 in Assam, which is the worst-affected states in the region. Six corona cases were confirmed from Meghalaya, two each from Manipur and Tripura and one from Arunachal Pradesh. Nagaland remains free from coronavirus till date, said the Ministry.

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