Thursday, 25 April, 2019

India's investigators close bank branch at heart of fraud

India's investigators close bank branch at heart of fraud India's investigators close bank branch at heart of fraud
Russell Knight | 20 February, 2018, 21:11

"IndusInd Bank has no direct credit exposures to Nirav Modi nor any indirect credit exposures on the basis of the letters of undertaking (LOUs) issued by Punjab National Bank (PNB)", the lender said in a statement.

Aggarwal, speaking by telephone, declined to comment on Modi's whereabouts. "When there's a chargesheet, there will be a strategy".

According to a police complaint by PNB, the two officials at a Mumbai branch of the bank steered fraudulent loans to companies linked to Mr Modi and entities tied to jewellery retailer Gitanjali Gems, which is led by Mr Modi's uncle, Mr Mehul Choksi.

The ratings also continue to factor the stress on the bank's asset quality especially in the corporate portfolio; the resultant increase in provisions would continue to impact profitability over the medium-term. In a letter Mr Modi wrote on February 15/16 to the Punjab National Bank management, a copy of which PTI has seen, he pegged the money his companies owe to the bank at under Rs. 5,000 crore.

Both companies are controlled by Modi.

The three officials - who the police accuses of supervisory lapses - are slightly more senior than the two PNB employees who were arrested by police and taken before a court over the weekend.

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Ratings Analysis of: Lam Research Corporation (LRCX), Discover Financial Services (DFS)
It turned negative, as 33 investors sold LKQ shares while 175 reduced holdings. 55 funds opened positions while 137 raised stakes. Stock Yards National Bank & Trust And Tru holds 11,497 shares. 1,417 were accumulated by Parkwood Ltd Limited Liability Company.

US Bancorp (USB) Position Trimmed by Legacy Private Trust Co
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. According to their observations and findings, the stock could provide a high EPS of $0.99/share and a low EPS of $0.87/share.

The CBI has arrested Gokulnath Shetty, a former deputy general manager at PNB, and Manoj Kharat, a so-called "single window operator" at the lender, CBI spokesman R.K. Gaur said on Saturday.

In the anxiety to recover your dues immediately, despite my offer, your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts. Other banks, including State Bank of India and Union Bank of India, are also said to be at risk of loss. He said that even after PNB's complaint was filed, he wrote to them in good faith asking them to sell or allow him to "sell Firestar Group, or their valuable assets, and recover the dues not just from Firestar Group, but also from the three firms".

A PNB source said today all its branches have now been asked to reconcile SWIFT messages with entries in their core banking system going back eight or nine years. The stock was down about 1 per cent at 0930 GMT.

Moody's Investor Service said the review for downgrade will focus on: (1) the timing and quantum of the financial impact of the fraudulent transactions, (2) any management actions taken to improve the capitalization profile of the bank, and (3) any punitive actions taken by the regulator on the bank.

Fitch clarified that it would resolve the Rating Watch once more clarity emerges on the extent of control failures and the impact on PNB's financial position.

Modi claimed that the liability of the Nirav Modi Group is not Rs 11,000 crore, as cited by the bank.

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