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The case has been registered based on a complaint filed by IFCI in November 2020; Choksi is already on the run for involvement in a previous case where he was accused of defrauding the Punjab National Bank (PNB) of Rs 13,000 crore, along with Nirav Modi

MMTC-PAMP, India’s first and only London Bullion Market Association (LBMA) Good Delivery refinery accredited for Gold and Silver has announced the appointment of Narendra Motwani as VP – Digital, which encompasses the critical portfolios of Digital Gold, eCommerce and Web presence

Combined exports in April and May took a 9.11 per cent plunge to $6.07 billion according to the data provided by GJEPC

The agency, which is probing the USD 2 billion alleged bank fraud said Choksi was “using several dummy companies” to rotate funds and to divert money for his personal use.

The Enforcement Directorate today said it has seized over 34,000 pieces of jewellery worth Rs 85 crore from the Gitanjali Group, owned by diamantaire Mehul Choksi, in connection with the Rs 13,000-crore Punjab National Bank (PNBNSE 0.39 %) fraud case. 

A bench of Justices S Muralidhar and I S Mehta were hearing a plea by Choksi's firm challenging the alleged illegal seizure of documents and articles by the probe agency in a money laundering case in connection with the over Rs 11,000 crore Punjab National Bank (PNB) fraud case.

Unrefined gold from Africa is expected to be imported by the companies by air and transported to the refineries under strict security for production of gold dores.

Non-performing assets or bad loans in the banking sector are set to shoot up by at least Rs 8,000 crore as advances to the scam-hit Gitanjali Gems group have turned bad during the quarter ended March 31.

The revenue secretary and top officials of the ED, the Central Board of Direct Taxes and the Central Board of Excise and Customs had appeared before the panel.

It is alleged that Choksi and Modi got Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs) of Rs. 12,636 crore issued in favour of foreign branches of Indian banks based on fraudulent claims. The accused officials of PNB did not enter the instructions for these LoUs and in their internal software to avoid scrutiny.

Shares of Gitanjali Gems fell up to 19 per cent in morning trade after the company came under the scanner of various investigating agencies following the Punjab National Bank's declaration of nearly Rs 11,400-crore fraud.

In a surprising turn of events yesterday, CBI has booked diamond merchant Nirav Modi, his brother, wife and a business partner for allegedly cheating the Punjab National Bank (PNB) of over Rs 280.70 crore in 2017.

With an interesting mix of industry and non-industry experts, the first day of the summit definitely proved to be a learning platform for industry personnel says Vijetha Rangabashyam.