Category archives for: Business

PNB fraud: ED attaches houses, land worth INR 523cr of Nirav Modi group

The Enforcement Directorate (ED) on Saturday attached 21 properties, including a penthouse and a farmhouse, of Nirav Modi and his group worth over INR 523 crore in fresh action against the beleaguered jeweller in the alleged Rs 11,400 crore fraud in the PNB The central probe agency said it has issued a provisional order for […]

Global Business Summit 2018: SRK at his wittiest best

In the trademark Shah Rukh Khan style, the 52-year-old Bollywood actor took centre stage on the second day of ongoing ET Global Business Summit 2018 As expected from the King Khan, the speech on ‘Future of Cinema – The Digital Way’ was loaded with humour and wit. His humourous opening remarks covered everything – from […]

Jaitley rules out privatisation of state-run banks

New Delhi: Following the Rs 11,300 crore Punjab National Bank fraud by accused diamond trader Nirav Modi, Finance Minister Arun Jaitley on Saturday ruled out privatisation of public sector banks (PSBs), saying the move may not find political consensus. In light of the PNB scam that has rocked the Indian banking system since February 14, the […]

Nirav’s PNB fraud started in 2008, arrested bank officials tell CBI

New Delhi: The practice of illegally issuing Letters of Undertaking (LoUs) and Foreign Letter of Credit (FLCs) and then rolling them over to favour Nirav Modi and Mehul Choksi groups started in 2008 and continued till these were discovered in January this year, according to CBI officials. The illicit activities resulting in fraud of Rs […]

Lenovo India tops tablet business, sustains leadership

Bengaluru: With 30.8 per cent market share in the Android tablet business, consumer electronics major Lenovo India has sustained the top spot for the third consecutive quarter that ended on December 31, 2017. Citing the latest report from the market research firm International Data Corporation (IDC), Lenovo India said on Wednesday that it pipped its […]

PNB fraud: Assocham calls for privatising PSBs

New Delhi:  In light of the massive Rs 11,300 crore ($1.8 billion) scam allegedly involving jeweller Nirav Modi that has hit state-run Punjab National Bank (PNB), industry chamber Assocham said on Sunday that the government should surrender its majority control of banks, which should be allowed to function like private sector lenders. In a regulatory […]

Itel Mobile registers 217% growth in India

New Delhi:  With a 9 per cent market share, China-based Transsion Holdings’ Itel Mobile registered a 217 per cent growth in India in 2016-2017, the company said on Saturday. Itel Mobile entered the Indian market in April 2016. “The reason behind itel Mobile’s continued success in the Indian market is its dynamic expansion strategy that […]

Amazon to pay $1.2mn in settlement over pesticides sale

San Francisco: Online retail giant Amazon has reached a settlement with the US Environmental Protection Agency (EPA) over charges of third parties selling illegal pesticides on its website. The EPA said Amazon had committed nearly 4,000 violations of federal pesticide law — dating back to 2013 — for selling and distributing imported pesticide products that […]

We will not spare anyone found guilty in $1.8 bn fraud: PNB chief

New Delhi: A day after high-level fraudulent practice to the tune of $1.8 billion in one of the Punjab National Bank’s Mumbai branch was reported to the stock exchanges, Sunil Mehta, MD and CEO said it “will not spare anyone” involved in the wrongdoing. “We are known for clean banking. The fraud started in 2011. […]

India needs more financial inclusion: Arvind Subramanian

New Delhi:  Although India has made a lot of progress towards achieving financial inclusion, a lot more needs to be done, a top government official said on Wednesday. Launching the “State of the Agent Network” report here, government’s Chief Economic Advisor Arvind Subramanian said that providing essential goods and services to citizens was only the […]

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