PNB scam: Bank says fraud amount could be Rs 1,323 cr more

Agencies
February 27, 2018

New Delhi, Feb 27: Amid the multi-agency probe into the PNB scam, the state-run bank said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore.

The latest announcement from the public sector lender assumes significance against the backdrop of the probe going on into the Rs 11,400 crore scam, which is already one of the biggest in the Indian banking sector. On February 14, the bank had detected the fraud wherein billionaire jeweller Nirav Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders.

In a filing to the BSE late last night, the bank said the amount of unauthorised transactions could go up by more than Rs 1,300 crore. "...We have to inform that quantum of reported unauthorised transactions can increase by USD 204.25 million (approximately)," the filing said.

At the current exchange rate, the amount comes to around Rs 1,323 crore. The bank also referred to its filing made on February 14 when it first disclosed the fraud and at that time, the "fraudulent and unauthorised transactions" was estimated at USD 1.77 billion (about Rs 11,400 crore). The scam was perpetrated by way of fraudulent Letters of Undertaking (LoUs) generated in the name of Punjab National Bank.

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News Network
November 19,2024

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News Network
November 26,2024

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Bengaluru: The Janata Dal (Secular) is grappling with its most tumultuous political crisis yet, with speculation rife about imminent defections among its lawmakers. This storm comes in the aftermath of party scion Nikhil Kumaraswamy's humiliating defeat in the Channapatna bypoll—his third consecutive electoral loss after setbacks in Mandya (2019) and Ramanagara (2023). With the regional party’s Assembly tally shrinking to 18 from 19, questions are being raised about its survival.

The murmurs of rebellion were amplified on Monday when Health Minister Dinesh Gundu Rao and Congress MLA CP Yogeshwar openly hinted at possible desertions within the JD(S) ranks. Yogeshwar, newly elected from Channapatna, declared he could orchestrate a migration of JD(S) MLAs to Congress. “I’ll meet them at the Belagavi session. Within a month, they’ll be in Congress,” he confidently stated during a televised interview. Yogeshwar has a history of engineering defections, having played a pivotal role in the collapse of the JD(S)-Congress coalition government in 2019 during his stint with the BJP.

Dinesh Gundu Rao, not mincing words, slammed the JD(S) leadership for fostering "self-serving politics," criticizing the HD Deve Gowda family for failing to nurture party talent. “There’s no trust. Their MLAs will seek survival—either in BJP or Congress,” he remarked.

Meanwhile, the expelled JD(S) state president CM Ibrahim added fuel to the fire by claiming that 12-13 MLAs are "disillusioned" with the current leadership. Speculations around senior JD(S) leader GT Deve Gowda joining Congress have also intensified. DK Shivakumar, Karnataka’s Deputy CM and Congress president, described GT Deve Gowda as a “valuable leader” who might be frustrated with the party’s internal dynamics.

While Congress leaders seem eager to poach JD(S) legislators, the BJP is not far behind in targeting the floundering party. The situation signals a decisive moment for the JD(S), as its survival now hinges on how it manages this brewing storm of discontent.

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News Network
November 13,2024

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Bengaluru: An estimated overall 10.14 per cent voter turnout was recorded during the first two hours, since the voting began for bypolls to three Assembly segments in Karnataka on Wednesday, election officials said.

The voting began at 7 am and will go on till 6 pm.

More than seven lakh voters are eligible to cast their votes in about 770 polling stations in Shiggaon, Sandur and Channapatna, where a total of 45 candidates are in the fray.

While Channapatna recorded 10.34 per cent voter turnout till 9 am, it was 10.08 per cent in Shiggaon, and 9.99 per cent in Sandur, election officials said.

Voters, including women and elderly were seen queuing up in front of polling booths in these segments.

By-polls for Sandur, Shiggaon, and Channapatna are necessitated, as the seats fell vacant following the election of their respective representatives -- E Tukaram of Congress, former CM Basavaraj Bommai of BJP, and Union Minister H D Kumaraswamy of JD(S) -- to Lok Sabha in May elections.

As many as 31 candidates are in the fray from Channapatna, while Sandur and Shiggaon have six and eight contenders, respectively.

Elaborate security arrangements have been made in the three segments for the smooth conduct of the polls.

The by-polls will witness a straight fight between the ruling Congress and BJP in Sandur and Shiggaon segments, while in Channapatna, JD(S) which is part of the NDA alliance is in contest against the grand old party.

Among the three segments, Channapatna is considered to be a "high profile", where the contest is between C P Yogeeshwara, a five time MLA from the segment and former Minister, who joined the Congress quitting BJP ahead of nomination, and actor-turned -politician Nikhil Kumaraswamy, who is Kumaraswamy’s son and former PM H D Deve Gowda's grandson.

BJP's Bharath Bommai, son of Basavaraj Bommai, is fighting Congress Yasir Ahmed Khan Pathan, who had faced defeat against the former Chief Minister in the 2023 Assembly polls, in Shiggaon.

Bharath Bommai and his father cast their vote at a polling booth in Shiggaon segment.

In Sandur, Bellary MP Tukaram's wife E Annapurna of Congress is contesting from the seat vacated by her husband, against, BJP ST Morcha president Bangaru Hanumanthu, who is considered close to party leader and former mining barron G Janardhan Reddy.

Annapurna, Tukaram and other family members cast their votes at a booth in the segment.

With Nikhil Kumaraswamy and Bharath Bommai contesting, the third generation of Gowda and Bommai families are in the fray in this by-poll. Both their fathers and grandfathers have served as Karnataka's Chief Ministers in the past.

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