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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Agencies
May 17,2020

New Delhi, May 17: Eight of the 10 most valued domestic firms suffered a combined erosion of Rs 1,37,311.31 crore in market valuation last week, with Reliance Industries (RIL) taking the biggest knock.

Only Bharti Airtel and ITC from the top-10 list managed to close the week with gains.

RIL's market cap plunged Rs 65,232.46 crore to Rs 9,24,855.56 crore.

The market valuation of HDFC Bank declined Rs 22,347.07 crore to Rs 4,87,083.88 crore and that of Hindustan Unilever Limited tanked Rs 13,192.26 crore to Rs 4,77,458.89 crore.

ICICI Bank's market cap dropped Rs 9,770.06 crore to Rs 2,08,900.79 crore.

Infosys witnessed a decline of Rs 9,518.84 crore in valuation to reach Rs 2,77,814.09 crore while that of HDFC tumbled Rs 9,370.38 crore to Rs 2,83,293.70 crore.

The m-cap of Kotak Mahindra Bank slipped by Rs 7,805.2 crore to Rs 2,25,327.22 crore.

Tata Consultancy Services' market valuation dipped Rs 75.04 crore to Rs 7,10,439 crore.

In contrast, Bharti Airtel added Rs 13,147.89 crore to its valuation to stand at Rs 3,02,292.43 crore.

ITC's valuation also rose by Rs 7,744.11 crore to Rs 2,02,330.13 crore.

In the ranking of top-10 firms, RIL retained the number one spot, followed by TCS, HDFC Bank, HUL, Airtel, HDFC, Infosys, Kotak Mahindra Bank, ICICI Bank and ITC.

During the last week, the Sensex declined 544.97 points or 1.72 per cent.

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News Network
February 9,2020

Panaji, Feb 9: RSS general secretary Suresh Bhaiyyaji Joshi on Saturday said that anybody who wants to work (in India) will have to do so with the Hindu community and for their empowerment.

Addressing a lecture on the topic "Vishwaguru Bharat, an RSS perspective" at Dona Paula in Panaji, Mr Joshi referred to his communication with an intellectual who had said that India should become a "supre-rashtra" in the year 2020.

"Anybody who wants to work (in India) will have to work with the Hindu commumnity by taking them along and for their empowerment. Hindus have witnessed the rise and fall of India since the time immemorial. India cannot be separated from (the) Hindu (community). Hindus have always been at the centre of this nation," Mr Joshi said in Marathi.

He also added that since Hindus are not communal or antagonist, "nobody should be reluctant to work for the Hindu community".

The RSS leader further said, "The world says India will become a superpower in 2020, but I remember my conversation with an intellectual who had said that India should become a super-rashtra (super nation) in 2020".

Goa Chief Minister Pramod Sawant was among those who attended the lecture.

"To create awareness and unity amongst Hindus does not amount to (taking) an action against others (community). No one should feel it that way. We can say with utter self confidence before the entire world that Hindus becoming strong won't result in destructive activities, but (such proposition) will work for the society and humanity," he added.

Invoking history, Mr Joshi said Hindus never invaded other countries. "Whatever wars (they had fought) were for self defence. Everyone has the right to self defence," he said.

"It is India's duty to teach the world to walk on the path of ''samanvay'' (coordination). Nobody else other than India and Hindus can do this," Mr Joshi said.

He said some communities in the world keep preaching that only their path is "great".

"But we are from the (Hindu) community which says that we have our own path so as you. When the world will accept this ideology, then all the issues would get solved. It is the duty of India to take the world on that path," he added.

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News Network
April 13,2020

New Delhi, Apr 13: India's tally of positive COVID-19 cases rose to 9,152 following an increase of 796 cases in the last 24 hours, the Union Ministry of Health and Family Welfare said on Monday.

Out of the total number of cases, 7,987 patients are active cases while 857 cases have been cured/discharged and migrated.

With 35 deaths in the last 24 hours, the death toll mounted to 308.

According to the ministry, Maharashtra remained at the top with the total cases at 1,985, including 217 patients who have recovered/discharged and 149 patients died.

Delhi's tally of positive COVID-19 cases rose to 1,154 cases, including 27 recovered and 24 patients succumbing to the virus.

Tamil Nadu too reported 1,075 cases, including 50 recovered and 11 patients dead.

Meanwhile, four states have crossed the 500 mark with regards to the total number of cases as Rajasthan recorded 804 cases, Madhya Pradesh with 532 cases, Gujarat with 516 cases and Telangana with 504 cases, as per the ministry.

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