Mobility paves Samsung’s silver path
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Enforcement Directorate team raids the Viviana Mall after a complaint filed by Punjab National Bank, in Thane on Friday. - PTI
Acting on the advice of the Enforcement Directorate (ED), the government has temporarily suspended the passports of jewellers and businessmen Nirav Modi and Mehul Choksi in connection with the ₹11,300-crore Punjab National Bank (PNB) fraud.
“On the advice of the Enforcement Directorate, the passport issuing authority in the Ministry of External Affairs has today suspended the validity of passports of Nirav Deepak Modi and Mehul Chinubhai Choksi with immediate effect for a period of four weeks u/s 10(A) of the Passports Act 1967,” the Ministry of External Affairs said in a statement on Friday.
The MEA also said Modi and his partner Choksi have been asked to respond within one week as to why their passports should not be impounded or revoked under Section 10(3)(c) of the Passports Act, 1967.
“If they fail to respond within the stipulated time it will be assumed that they have no response to offer and the MEA will go ahead with the revocation,” said the statement.
According to Raveesh Kumar, Spokesperson, MEA, the Ministry will take further actions based on what advice it receives from the investigative agencies. He also said that the Ministry is not aware of Modi’s whereabouts at present.
Fresh FIR
Meanwhile the CBI on Friday registered an FIR against Choksi and his Gitanjali Group of companies based on a complaint by PNB on February 13. The FIR, according to sources, has named three of the companies owned by Choksi — Gitanjali Gems, Gili India and Nakshatra Brand.
Searches were carried out at Gitanjali factories in 20 locations across six cities and five States. Searches were also made at factories belonging to Choksy and at the offices and residences of other directors of the accused companies and other group entities, sources added.
Searches were being conducted in Maharashtra (Mumbai and Pune), Gujarat (Surat), Rajasthan (Jaipur), Telangana (Hyderabad) and Tamil Nadu (Coimbatore).
The FIR mentions the alleged loss to PNB at ₹4,886.72 crore.
The CBI, sources said, accused PNB officials (Shetty and Karat) in conspiracy with private persons, of sending unauthorised LoUs and foreign letters of credit to overseas branches of Indian banks for release of funds to the accused companies’ suppliers or to clear liabilities of the accused companies.
The CBI also lodged a fresh FIR involving 143 LoUs and 224 foreign letters of credit, which is apart from the earlier 150 LoUs relating to the FIR dated January 31.
Following the gradual unearthing of the scam, business chambers also reacted strongly to the developments and condemned the illegal business practises.
“Fraudsters should be expeditiously punished in accordance with the law and FICCI supports the need for swift and strict action against those companies which have allegedly defrauded the banks,” said Rashesh Shah, President, FICCI.
The chamber also recommended that the root cause of such scams should be identified and thoroughly investigated so that the gaps can be plugged preventing repetition of such corporate scams.
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Antrix should adopt a different tactic than merely fighting over jurisdiction: Experts
Invest in relationships, enterprise, behaviour, effort and learning
From different types of osmoses to new membranes, researchers have come up with ways of drawing water
Only half the Sensex stocks have bettered the index’s return in the last 10,000-point journey
High valuation and stiff competition from larger players are a dampener
Investors with a short-term perspective can buy The New India Assurance Company (NIACL) stock at current ...
₹1490 • HDFC Bank S1S2R1R2COMMENT 1475146015051520 Fresh short positions are recommended with a stiff ...
What makes the new crop of young Indian cricketers such game-changing winners? Over and above their talent, ...
Regina King’s film ‘One Night in Miami’ turns the spotlight on four young men’s often conflicting ideas of ...
Each new year millions of people around the world resolve to change their lives for the better. These ...
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor