CBI arrests three people in $1.8 billion PNB fraud case: source

CBI arrests three people in $1.8 billion PNB fraud case: source

People wait in a queue outside a Punjab National Bank ATM in New Delhi, India, February 16, 2018. REUTERS/Saumya Khandelwal   NEW DELHI, February 17 (Reuters) – The Central Bureau of Investigation (CBI) arrested two employees at Punjab National Bank believed to be at the centre of a staggering $1.77 billion fraud, a police source […]

$1.8 bn PNB fraud, macro-data hit equities’ movement

$1.8 bn PNB fraud, macro-data hit equities’ movement

Mumbai, February 17 (IANS) The weekly trade in the Indian equity markets was almost flat. However, a slew of domestic developments like a $1.8 billion fraud reported by the Punjab National Bank (PNB) and release of major macro-economic data impacted the movements of the two key equity indices, analysts said.   On a weekly basis, […]

CBI widens probe into $1.8 billion bank fraud

NEW DELHI/MUMBAI, February 16 (Reuters): The Central Bureau of Investigation (CBI) raided the offices of jewellery retailer Gitanjali on Friday in a widening probe into a $1.77 billion loan fraud at state-run Punjab National Bank, the biggest bank scam in the country’s history.   The case is centred around diamond billionaire Nirav Modi who is […]

Nirav Modi, India’s jeweller to Hollywood stars, accused of massive bank fraud

MUMBAI/NEW DELHI, February 16 (Reuters): Nirav Modi’s name is a stamp of corporate India’s growing global prestige. On Hollywood red carpets, his diamonds have sparkled on the necklines and dangled from the earlobes of actors and models like Kate Winslet, Dakota Johnson and Rosie Huntington-Whiteley. Back in India, billboards above the traffic jams of New […]

Unpublished data shows India’s fraud problems extend far beyond PNB

NEW DELHI/MUMBAI, February 16 (Reuters): Investors may have been shocked when one of India’s biggest banks disclosed a $1.77 billion fraud by a billionaire jeweller, but the central bank has recorded data that shows the problem runs far deeper and wider.   Reserve Bank of India (RBI) data, which a Reuters reporter obtained through a […]

India gold swings to discount as price jump hurts demand

India gold swings to discount as price jump hurts demand

BENGALURU/MUMBAI, February 16 (Reuters) – Physical gold was sold at a discount in India this week for the first time in three weeks as demand for the metal slumped due to a jump in local rates, while the Lunar New Year holiday capped buying at the end of the week elsewhere in Asia.   Demand […]

IBM, skill development ministry launch ‘New Collar’ curriculum at ITIs

New Delhi, February 15 (IANS) Technology giant IBM on Thursday launched a first-of-its kind “New Collar” curriculum in partnership with the Ministry of Skill Development and Entrepreneurship (MSDE) to build the next generation skills needed for “New Collar” careers.   The two-year Advanced Technical Diploma Programme will be offered at the Industrial Training Institutes (ITIs) […]

PNB scam: ED raids diamond trader Nirav Modi

PNB scam: ED raids diamond trader Nirav Modi

The logo of Punjab National Bank is seen outside of a branch of the bank in the City of London financial district in London September 4, 2017. REUTERS/Toby Melville/Files   Mumbai, February 15 (IANS) A day after a massive $1.8 billion fraud was unearthed in a PNB branch here, the Enforcement Directorate on Thursday launched […]

Amazon now world’s third-most valuable company

Amazon now world’s third-most valuable company

San Francisco, February 15 (IANS) With a market cap of $702.5 billion, Amazon has become the third most valuable company in the world, racing past Microsoft, which has a market cap of $699.2 billion.   According to a report in The New York Post, Amazon stock surged 2.6 per cent on Wednesday, taking the company’s […]

Idea Cellular launches up to $546 million share sale

Idea Cellular launches up to $546 million share sale

A man speaks on his mobile phone as he sits in front of a shop displaying the Idea Cellular Ltd’s logo on its shutter in Mumbai, India, April 28, 2014. REUTERS/Danish Siddiqui/File Photo   MUMBAI, February 15 (Reuters) – Indian wireless carrier Idea Cellular on Wednesday launched a share sale to institutional investors to raise […]

Xiaomi kicks off 2018 with Redmi Note 5, Note 5 Pro in India

Xiaomi kicks off 2018 with Redmi Note 5, Note 5 Pro in India

New Delhi, February 14 (IANS): Buoyed by its performance in the fourth quarter last year, Chinese smartphone maker Xiaomi on Wednesday launched two devices — Xiaomi Redmi Note 5 and Note 5 Pro — in the price-sensitive Indian market.   Redmi Note 5 — a successor to the highly-acclaimed Redmi Note 4 — will cost […]