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

Agarwal was produced before a special PMLA court in Hyderabad and remanded to 15 days of judicial custody

This is precisely what recently released ‘Bad Boy Billionnaires: India’ on Netflix tries to tell its viewers. IJ reviews the Nirav Modi docudrama from this net series

Banking exposure dropped ₹4,400 crore to ₹65,700 crore over the year according to latest data issued by the Reserve Bank of India 

SBI’s total exposure to the gem and jewellery sector was Rs 12,408 crore as of March 2019, out of which Rs 797.59 crore loans were classified as NPAs

Jewellers are moving slower on their store expansion plans as securing bank credit has become tougher for the industry post PNB scam. Even the exports were affected last fiscal. However, the industry thinks that banks will take a positive outlook for the industry in FY20

The agency in a statement said that the action was taken under sections of the Prevention of Money Laundering Act (PMLA) 2002

The Gems and Jewellery Export Promotion Council (GJEPC) on Tuesday said it was struggling to retain the credit limit for the industry.

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.

Commerce and Industry Minister Suresh Prabhu has said his ministry wants to include the export segment under the priority sector-lending category and it has taken up the issue with the Reserve Bank of India.

Jewellers are facing challenges in availing funds from banks following the PNB fraud case in which diamond traders Nirav Modi and his uncle Mehul Choksi are allegedly involved, a top industry official said.

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.

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.