Free Press Journal
  • Punjab National Bank posts Rs 940 cr Q1 loss

    New Delhi : Punjab National Bank (PNB) suffered a net loss of Rs 940 crore in April-June 2018 due to higher provisioning for the multi-crore Nirav Modi scam and NPAs despite a recovery of Rs 8,445 crore of bad loans.

  • PNB scam: Senior executive of Nirav Modi firm gets bail

    Mumbai: A special CBI court here today granted bail to Vipul Ambani, senior executive of a firm owned by diamantaire Nirav Modi, in the multi-crore Punjab National Bank scam. Ambani, president (finance) of Modi’s firm Fire Star Diamond, was arrested by the Central Bureau of Investigation (CBI) in February this year.

  • Moody’s downgrades Punjab National Bank on the impact of Nirav Modi fraud          

    Mumbai: International rating agency Moody’s today said it has downgraded state-run Punjab National Bank’s (PNB) rating to Ba1/NP from Baa3/P-3, due to impact on the lender’s profitability following Nirav Modi-fraud case. It kept the ratings outlook as stable but also downgraded the bank’s baseline credit assessment (BCA) and Adjusted BCA to b1 from ba3.

  • Delhi HC issues notice to ED on Gitanjali Gems’s plea

    New Delhi: The Delhi High Court on Friday issued a notice to the Enforcement Directorate (ED) on a plea of Diamantaire Nirav Modi’s uncle and business partner Mehul Choksi’s firm Gitanjali Gems, seeking quashing of a money laundering case against the company.

  • ARCs may tap capital market to raise funds

    Mumbai : Last year was foreseen as the year for insurance companies, which was true in many ways. Many insurance companies like ICICI Lombard, SBI Life, New India and HDFC Life tapped the primary market to raise funds. But in the coming years, Asset Reconstruction Companies (ARCs) are likely to steal the limelight.

  • PNB scam: I-T department attaches Rs 145.74 cr belonging to jeweller Nirav Modi

    New Delhi: The Income Tax (IT) department on Wednesday attached Rs. 145.74 crore belonging to jeweller Nirav Modi. The above amount is found in several bank accounts, which the IT department had attached. Till date, the IT department has attached a total of 141 bank accounts / Fixed Deposits of the group. Meanwhile, Nirav Modi’s lawyer alleged that the Punjab National Bank (PNB) has termed commercial transactions as a fraud.


    The Nirav Modi scam has not only exposed the frailties of the banking system in the country but also sullied the sparkling image of the Modi government. It was but natural for a political slugfest to break out as a result of this scam, but in the confusion created by the allegations and counter allegations, truth has become a casualty.The ruling party says that the scam began in 2011 and it has

  • Finding NiMo: Here are some of the best memes and jokes on Nirav Modi after PNB scam

    Nirav Modi a luxury jewellery brand owner is in news for a scam of Rs 11,300 cr with PNB bank. The news is all over the internet and social media is buzzing with it. Netizens have started making memes and jokes on Nirav Modi, and Twitter is flooded with it. Day by day some hilarious jokes and memes are made on him and it is getting shared on WhatsApp, Facebook and Twitter.

  • Nirav Modi

    Who is Nirav Modi? All you need to know about PNB scam and the jewellery designer’s tryst with Bollywood

    Nirav Modi, the billionaire luxury diamond jewellery designer, founder, and creator of the Nirav Modi chain of diamond jewellery retail stores was booked by the CBI on February 5 for his involvement in the cheating case that involved transactions worth Rs 280 crore. In addition, on February 14, PNB filed two complaints against Modi after it detected fraudulent transactions worth USD 1.8 billion (over Rs 10,000 crore) in a South Mumbai corporate