Vijay mallya pnb scam

The consignments, weighing about 2,340 kg, were sent by the accused persons to Hong Kong from Dubai in early 2018. The ED officials received information about them in July 2018. Since then, the agency had been making efforts to get their possession. The officials were in constant touch with their counterparts in Hong Kong in this regard. … [Read more...] about PNB fraud case | Enforcement Directorate brings back gems, jewellery worth ₹1,350 crore

A fraud of 36.9 billion rupees ($492 million) is being reported to the Reserve Bank of India in the accounts of Dewan Housing Finance Corp., Punjab National Bank said in an exchange filing. The lender has set aside 12.5 billion rupees of provisions pertaining to this incident, it said. … [Read more...] about Scandal-hit Punjab National Bank reports $492 million fraud

Punjab National Bank’s board has approved the proposal of raising funds up to Rs 10,000 crore through equity and debt sale. The bank mentioned in an exchange filing that its board gave nod to raise capital through issue of equity shares and Basel III compliant tier-2 bonds by way of private placement, QIP, FPO of up to Rs 10,000 crore.As the state-owned lender amalgamated Oriental Bank of Commerce (OBC) and United Bank of India with itself, it also verified appropriation of accumulated losses of Rs 28,707.92 crore from the share premium account of amalgamated bank.At the same time, PNB has also reported a scam of Rs 3,688.58 crore in NPA account of Dewan Housing Finance Ltd (DHFL) to the Reserve bank of India on July 9. DHFL came to the scene when a report suggested that the company allegedly extracted Rs 31,000 crore out of total bank loans of Rs 97,000 crore.The bank has already made provisions of Rs 1246.58 crore according to the specified prudential norms.As RBI initiated … [Read more...] about Punjab National bank to raise Rs 10,000 crore via equity and debt