Indian jeweller's bankrupt U.S. firm gets strong interest from buyers- court papers

Indian jeweller's bankrupt U.S. firm gets strong interest from buyers- court papers

As many as 41 properties of Mehul Choksi of the Gitanjali Group, worth Rs 1,217 crore, have been attached by the Enforcement Directorate (ED) in connection with an ongoing probe into the Rs 12,600 crore Punjab National Bank fraud case.

The Central Bureau of Investigation (CBI) has arrested at least 13 people, seven from the bank and six from Modi and Choksi's companies. Meanwhile, in a terse letter, the CBI "directed" him to approach the Indian mission in the country where he is residing so that immediate arrangement can be made for his travel to India, officials said.

It was found that jewellery designer Nirav Modi and his maternal uncle Mehul Choksi used letters of understanding that were fraudulently issued from PNB's Brady Road branch in Mumbai in favour of Hong Kong branches of Allahabad Bank and Axis Bank.

Billionaire jeweller Nirav Modi has refused to join the CBI investigation in the United States dollars 2 billion fraud in Punjab National Bank citing his business engagements, prompting the agency to issue a stern letter on Wednesday asking him to appear before it next week.

Earlier, the fraud amount was said to be Rs 11,3000 crore, but onn Tuesday, the bank had informed the stock exchanges that additional amount of Rs 1,300 crore had been discovered to be part of the fraud.

PM in Turkmenistan to join TAPI gas pipeline inauguration
Turkmenistan, which sits on the world's fourth-largest gas reserves, started building its section of the pipeline in December 2015.

An ED official said, "A Blue Corner notice is issued to locate, identify or obtain information on a person of interest in a criminal investigation".

Synergies is in turn wholly owned by Firestar Holdings Ltd, a Hong Kong corporation itself wholly owned by Modi's company Firestar International Ltd, according to the court filing.

Stung by criticism of a slippage in the government's oversight of state-run banks, the finance ministry announced a flurry of measures, including setting banks a 15-day deadline to kick off action to improve risk oversight. The term operations covers bank branches, joint ventures, subsidiaries, remittance centres and representative offices.

Nirav Modi had hired PwC India, Moelis & Co., IDFC Bank and Jefferies.

Related News:

  • Wilson Mashes 6 HR in BP, Impresses Yankees

    Wilson Mashes 6 HR in BP, Impresses Yankees

    The only part I would like to see is Wilson playing in a spring training game, but the Yankees said that's not going to happen. He says that Wilson is a victor and whether it is playing baseball or off the field he is smart, cares and studies the game.
    Upcoming iPhone X model rumoured to feature 6.5-inch display, gold colour

    Upcoming iPhone X model rumoured to feature 6.5-inch display, gold colour

    The company is clearly targeting the bigger market size of users who crave for iPhones at an affordable price. MacRumors saved the images and said the screen may be used for an upcoming model, called the iPhone X Plus .
    Lakers rookie set to return Friday after 15-game absence

    Lakers rookie set to return Friday after 15-game absence

    Ball said he did not get paid during the year he spent at UCLA before being drafted No. 2 overall by the Lakers last spring. He really don't [sic] care, so whatever happened was in the past.
  • A Gold Medal & New Faces

    A Gold Medal & New Faces

    A Season 21 episode titled " Boy Meets Curl " resurfaced in the wake of the curling team's win, and the resemblances are uncanny. He responded by losing 35 pounds and starting up his own team, which soon earned the nickname "The Rejects".
    Biennial elections to five Rajya Sabha seats in MP on March 23

    Biennial elections to five Rajya Sabha seats in MP on March 23

    The notification will be issued on 5th of March and if necessary, polling will take place on 23rd of next month. In the recently held bypolls, however, it lost the two Lok Sabha seats of Ajmer and Alwar to the Congress.
    Barnaby Joyce's sexual harassment accuser upset complaint now public

    Barnaby Joyce's sexual harassment accuser upset complaint now public

    The Liberal leader holds government by a single lower house seat so can not govern without the support of the National Party. A spokesman said Mr Joyce had been made aware of the claim indirectly and believed it was " spurious and defamatory ".
  • America's Nightmare Flu Season Is Finally Coming to an End

    America's Nightmare Flu Season Is Finally Coming to an End

    And the proportion of outpatient visits for flu-like illness in Georgia was 11.9 percent, down from 15.2 percent. That can make it hard to determine when the most active part of the season is over.
    China Communist Party proposes constitutional amendment to extend presidential term

    China Communist Party proposes constitutional amendment to extend presidential term

    However, according to the Associated Press , the proposal to end the two-term limit will likely be accepted at that same meeting. If its leader maintains a dictatorial rule for long, the risks of policy rigidities and corruption will grow without a doubt.
    #PyeongChang2018: Russian bobsledder tests positive for banned substance

    #PyeongChang2018: Russian bobsledder tests positive for banned substance

    It also seemed that hope of carrying the Russian flag into the closing ceremony was also fading in the Russian camp. It's a heart medication that was banned by the World Anti-Doping Agency because of its effect on the metabolism.
  • Nicer camera, static design, higher price — New Samsung phone

    Nicer camera, static design, higher price — New Samsung phone

    The Galaxy S9 +, on the other hand, is expected to be priced at Rs 70,000 for the 64GB model, and Rs 79,000 for the 256GB model. For graphics, the Exynos version will use the Mali-G72 MP18 GPU while the Qualcomm versions will get to use the Adreno 630 GPU.
    McMaster May Be Removed as National Security Adviser

    McMaster May Be Removed as National Security Adviser

    McMaster told reporters last month he planned "to go as long and hard as I can in service of the president", per the Hill . Even after Bannon was ejected from the White House, McMaster has struggled to find his footing.
    Tourist ferry explodes at Mexican beach, several injured

    Tourist ferry explodes at Mexican beach, several injured

    The initial investigation has revealed the explosion was caused by a mechanical failure, according to Quintana Roo officials. The injuries were said to be non life-threatening and their conditions were said to be stable. "The priority is people".


Most liked

Turkish deputy FM defends Operation Olive Branch at the UN
A Czech court released Muslim, who was detained at the weekend and is wanted by Turkey on terror charges, his lawyer said. Muslim has said that he has not decided where he will go but has reported that Finland granted him a residence permit.

NBA Will not Discipline Zaza Pachulia
Per ESPN's Royce Young, teammate Paul George added: "You know Zaza, you know his history". "You know nobody pushed him". You still go to jail, I think, when you're texting and you end up killing somebody but may have not meant to do that.

Asus introduces the new ZenFone 5 Lite, ZenFone 5 and ZenFone 5z
This is created to reduce the effect of age on the battery by adjusting the charging rate depending on how you charge your phone . The device also packs in a 3300 mAh battery , which it'll need to keep its massive 6.2-inch full HD display from dying midday.

'Most wanted' Syrian Kurdish leader arrested in Prague at Turkey's request
Bozdag said during a live television interview on Monday that Turkey's Justice Ministry had sent a "file" formally requesting his extradition.

Pakistan's ruling party picks Nawaz Sharif's brother as president
After taking over as lifetime leader of the party, Nawaz proposed Shahbaz's name for acting president of the party. Responding to a question, she said that the party will secure majority in the upcoming Senate elections.

Smith to lead Royals
In 2017, Smith played 15 matches and scored 472 runs at an average of 39.33 while leading the side to runners-up finish. Smith will join Australian spin legend Shane Warne, who was announced as the team's mentor earlier this year.

Namastey England starring Arjun Kapoor, Parineeti Chopra to release on Dec 7
After Ishaqzaade and the upcoming Sandeep Aur Pinky Faraar , both will now appear together for the third time in Namaste England . That's how the love story progresses. "We are filming at more than 75 locations spread across these three cities", he said.

7.5 magnitude earthquake strikes Papua New Guinea
Several other aid and missionary agencies said poor communications in the area made damage and injury assessment hard . The Pacific Tsunami Warning Center in Hawaii says there is no risk of tsunami caused by the jolt.

Terrorists strike in Budgam and Srinagar,Two police personnel killed
Hurriyat leader Qureshi was injured when unidentified gunmen attacked him near his Soura residence in December 2009. The spokesman said cases in both the incidents were registered and investigation set in motion.

Real Madrid v Alaves - Bale on scoresheet
Victories over Celta Vigo , Villarreal and Deportivo La Coruna have lifted them clear of relegation trouble. He added: "After our game against PSG, we have been doing much better, maybe we needed a game like that".

Liverpool FC vs West Ham Injury Report: Clyne, Lanzini, Reid, Fonte
However, Hammers' form might not be enough to stop Liverpool's front three from scoring a handful of goals. Liverpool have scored 4 goals against West Ham in their last two games and have conceded only one goal.

A look at Scott McTominay's first-team rise under Jose Mourinho
Chelsea were 16th when Mourinho was sacked in December 2015, having lost nine of their first 16 Premier League games. "I don't think I give trust for free", declared Mourinho. "In the past, both of us said things".

Warren Buffett's letter leaves some wanting more
Turning to investments, Berkshire's Apple holding was up to $28.2B at year-end, second only to Wells Fargo at $29.3B. Operating profit, however, fell 18 percent to $14.46 billion, hurt by a rare loss from insurance underwriting.

Europa League Won't Distract Arsenal — Mkhitaryan
Wenger fielded another strong side, with just three changes from the team that easily won in Ostersunds last week. And Wilshere was in full agreement with his coach's assessment of Arsenal's poor performance following the match.

"We Must Stand United", Says Retiring Top Court Judge Amitava Roy
The matter pertains to an order passed on February 8 by a bench comprising Justices Arun Mishra , AK Goel and MM Shantanagouder. If a judgment is wrong, there is a method of reference to a larger bench and this is the practice being followed over the years.