On Wednesday, the share price of the bank on the BSE settled at Rs 75.55 - down Rs 10.45 or 12.15 per cent - from the previous close of Rs 86 per share. According to it, the alleged loss to the bank was over Rs 4,886 crore, arising out of 143 Letters of Undertaking (LoUs) and 224 Foreign Letters of Credit issued to the companies of Choksi, the officials said, adding that the total loss, allegedly perpetrated by the jeweller and his nephew Modi - both absconding - was over Dollars 2 billion. The bank made payments to the tune of almost Rs 6600 crore to other banks to whom it owed money on underwriting commitments with regard to the letters of undertakings that were fraudulently issued to the Nirav Modi group.
Modi and his fellow people along with some officials of PNB frauded the bank of around $2 billion. "Shetty compelled Dutta to part with Rs 1.02 crore as illegal gratification by way of cheques favouring himself and his family members by threatening Dutta of stopping his business", the chargesheet said.
Currently, the probe agencies are investigating the matter and have also seized many properties of Nirav and Choksi.
Nandita Das says Pakistani viewers will relate to Manto
The unspoken regard and understanding and solidarity for the challenges we have all had to face to be here was so so powerful. But I think while there have been a lot of rejections, there have also been a lot of things which miraculously worked.
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Statoil's involvement in renewable energy now includes hydropower, onshore wind and solar developments. The company has established a presence, meanwhile, outside of the conventional energy sector.
Hamas co-founder admits 'we are deceiving the public' about peaceful protests
Sinwar mentioned Hamas' political leader Ismail Haniyeh 's recent visit to Cairo , during which Egypt reiterated its commitment to the Palestinian struggle and right of return, according to Sinwar.
As per the quarterly number, the RBI detected Gross NPA divergence of Rs 2,207 crore during the FY17. In a document dated May 10, Kartik Radia, Partner & Head - Business Advisory Services at BDO, declared that the three companies Firestar Diamond Inc, A. Jaffe Inc and Fantasy Inc that have filed for bankruptcy in NY received at least around $46 million (Rs 312.4 crore) in remittances from PNB since 2011, the time when Modi's fraudulent activities are believed to have commenced.
During the quarter, the government made capital infusion of Rs 5,473 crore by way of preferential allotment of equity. The total income for the fiscal rose marginally to Rs 56,876.63 crore, up from Rs 56,227.36 crore a year earlier. Year 2018-19 could also be a year of losses, " Edelweiss Securities said in a note. The CBI said that during the investigations, 52 premises were searched and statements of 59 witnesses were recorded. "Further, the internal audit process is also being augmented to give higher weight to the off-site monitoring mechanism and reduce dependence on physical inspection and audit to identify risks", it said.
Incidentally, BDO India LLP, the firm engaged by PNB to conduct a forensic investigation into the fraud committed by Modi and his companies, has also shared its findings with the U.S. bankruptcy court.