Amidst all the chaos going around the Rs 11,400-crore bank fraud case that involves the beleaguered jewellery designer Nirav Modi, the Life Insurance Corporation turned out to be the biggest loser.
By: FE Online | New Delhi | Published: February 17, 2018 12:07 PM
Nirav Modi, Nirav Modi case, Nirav Modi pnb, LIC, Nirav Modi lic, Nirav Modi family, Nirav Modi showroom, Nirav Modi pnb fraud, Nirav Modi pnb scam, Punjab National Bank, Allahabad Bank, Union Bank of India, india Beleaguered jewellery designer Nirav Modi.
Nirav Modi-PNB scam effect: Amidst all the chaos going around the Rs 11,400-crore bank fraud case that involves the beleaguered jewellery designer Nirav Modi, the Life Insurance Corporation turned out to be the biggest loser. While three banks including the Punjab National Bank, Union Bank of India and Allahabad Bank along with the Mehul Choksi-promoted Gitanjali Gems saw a sharp fall in their shares, LIC has lost around Rs 1400 crore in its last three trading sessions. The Life Insurance Corporation was the single largest institutional investor in all the four entities that have been affected in the whole case, due to which it turned out to be the biggest loser over its investment in the companies.
According to media reports, the Life Insurance Corporation (LIC) as on December 31, 2017 owned 13.93 per cent shares of the Punjab National Bank (PNB), 13.17 per cent in Allahabad Bank, 13.24 per cent in Union Bank of India and 2.88 per cent in the Mehul Choksi-promoted Gitanjali Gems. As soon as this Rs 11,400-crore bank fraud case came to light, there was a crash in share prices of the 4 companies, following which LIC turned out to be the biggest loser.
The Central probe agencies including the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) on February 16, continued their crackdown against the bank fraud case that involves Nirav Modi and his family along with his maternal uncle Mehul Choksi. The Central probe agencies during their raid in the case claimed to have seized ornaments worth Rs 549 crore. The raids were conducted on Friday after fresh FIRs were registered against Mehul Choksi. The CBI carried out raids at 26 locations across six cities covering the premises of 18 Indian subsidiaries of Gitanjali Group that were owned by Choksi.
While the CBI was busy conducting raids across 26 locations, the ED claimed to have seized precious stones worth Rs 549 crore. According to the CBI, the new FIR alleges issuance of 143 LoUs worth over Rs 4,886 crore fraudulently to three companies of Choksi — Gitanjali Gems, Nakshatra and Gili, during the period 2017-18.
By: FE Online | New Delhi | Published: February 17, 2018 12:07 PM
Nirav Modi, Nirav Modi case, Nirav Modi pnb, LIC, Nirav Modi lic, Nirav Modi family, Nirav Modi showroom, Nirav Modi pnb fraud, Nirav Modi pnb scam, Punjab National Bank, Allahabad Bank, Union Bank of India, india Beleaguered jewellery designer Nirav Modi.
Nirav Modi-PNB scam effect: Amidst all the chaos going around the Rs 11,400-crore bank fraud case that involves the beleaguered jewellery designer Nirav Modi, the Life Insurance Corporation turned out to be the biggest loser. While three banks including the Punjab National Bank, Union Bank of India and Allahabad Bank along with the Mehul Choksi-promoted Gitanjali Gems saw a sharp fall in their shares, LIC has lost around Rs 1400 crore in its last three trading sessions. The Life Insurance Corporation was the single largest institutional investor in all the four entities that have been affected in the whole case, due to which it turned out to be the biggest loser over its investment in the companies.
According to media reports, the Life Insurance Corporation (LIC) as on December 31, 2017 owned 13.93 per cent shares of the Punjab National Bank (PNB), 13.17 per cent in Allahabad Bank, 13.24 per cent in Union Bank of India and 2.88 per cent in the Mehul Choksi-promoted Gitanjali Gems. As soon as this Rs 11,400-crore bank fraud case came to light, there was a crash in share prices of the 4 companies, following which LIC turned out to be the biggest loser.
The Central probe agencies including the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) on February 16, continued their crackdown against the bank fraud case that involves Nirav Modi and his family along with his maternal uncle Mehul Choksi. The Central probe agencies during their raid in the case claimed to have seized ornaments worth Rs 549 crore. The raids were conducted on Friday after fresh FIRs were registered against Mehul Choksi. The CBI carried out raids at 26 locations across six cities covering the premises of 18 Indian subsidiaries of Gitanjali Group that were owned by Choksi.
While the CBI was busy conducting raids across 26 locations, the ED claimed to have seized precious stones worth Rs 549 crore. According to the CBI, the new FIR alleges issuance of 143 LoUs worth over Rs 4,886 crore fraudulently to three companies of Choksi — Gitanjali Gems, Nakshatra and Gili, during the period 2017-18.
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