Punjab National Bank reports fraud of USA $1771.69mn, stock drops 9%

Dubai gold price rises sharply after touching 1-week high

Paulson Maintains Gold Position During 4Q As Price Rises

As the news broke, the PNB stock took a beating and was down close to 7% at 12:15pm on Wednesday (Feb. 14).

Natco Pharma tumbled 4.2 percent amid news of USFDA inspection at its API facility in Mekaguda, near Hyderabad.

Punjab National Bank has detected fraudulent transactions amounting to more than $1.77 billion involving billionaire jeweller Nirav Modi, his wife, brother and partners.

Dubai gold price rises sharply after touching 1-week high

Meanwhile, PNB has suspended 10 officials in connection with jewellery designer Nirav Modi fraud case.

Another fraud has hit a major PSU bank.

Mumbai: Punjab National bank, India's second-largest government bank, reported today that $1.8 billion or over Rs 11,000 crore of taxpayers' money had been illegally transferred overseas to select customers from a single branch in Mumbai.

War-battered Iraq says it's 'open for investors'
President Donald Trump expressed frustration at what he called seven trillion dollars of spending in the Middle East. Saudi Arabia and regional rival Iran are fighting proxy battles in Syria, Iraq, Yemen, Lebanon and elsewhere.

Modi had previously come under the CBI's radar after the agency launched an investigation into accusations that he and others defrauded PNB of Rs 280 crore.

At 10:49 AM, the shares of third largest lender in the company touched day's low of 152.55 on NSE.

Earlier, PNB said the fraudulent transactions were for the "benefit of [a] few select account holders with their apparent connivance".

Black Panther, A Cultural Phenomenon in the Making
Pre-sales are the surest way to see how momentum is going: "The momentum is gathering steam as opposed to slowing down". Those tickets are sold out but you can still catch the film when it premieres in theaters this week.

"In the Bank these transactions are contingent in nature and liability arising out of these on the Bank shall be decided based on the law and genuineness of underlying transactions", the statement added.

"All the officials are of the same branch". Shetty and another official Manoj Kharat were reportedly the ones who issued the Letters of Understanding to Modi and his colleagues. The report did not specify if the latest revelation was related to the same case. This is the part of non-performing asset reforms agenda. Cleaning of banks is the top priority of the government, and it directed all the banks on NPA clean up to help honest borrowers avail loans. This is a one-time cleaning exercise. "Whatever it takes, whatever is required, we will do that", he told the media.

One of India's biggest banks rattled investors Wednesday by announcing the discovery of $1.8 billion of fraudulent activity at one of its branches.

New Japanese study links slow eating to losing weight
The research analysed just under 60,000 Japanese people with diabetes who had frequent health check-ups between 2008 and 2013. When people eat too fast, hormones in the gut that relay the "I'm full" signal to the brain aren't given enough time to work.

Latest News