Monday February 19, 2018
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Mumbai comes to a standstill after heavy rainfall

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Mumbai: Barely a week into monsoon on Friday, Mumbai and its surroundings were paralyzed as heavy rains lashed the areas since Thursday evening.

The lifeline of the city, the suburban railway network, has been hit hard with water-logging on railway tracks, preventing office-goers from reaching their destinations.

The India Meteorological Department (IMD) has warned of heavy rainfall in Mumbai, coastal Konkan and other parts over the next two days accompanied by strong winds touching 60 knots and very rough seas.

While the Central Railway (CR) and Harbour Line, and Western Railway (WR) managed to start a few services for the day in the early hours, they were delayed and later suspended in the city, rail officials and the BMC Disaster Cell said.

However, services continued on the mainland beyond Thane, Karjat-Kasara and Panvel sections of CR and beyond Vasai on WR.

Long distance trains on all sections have been severely hit with trains halted at various stations en route on the Mumbai to Gujarat, New Delhi, Nagpur, Pune and Goa routes.

The civic body has advised people not to send their children to schools and Mumbaikars have been told to venture out only if necessary in view of the heavy rains expected to lash the city over the next 24 hours.

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Commuters bear the brunt of water- logging

Meanwhile, heavy water logging and flooding has been reported at various locations around the city including Dadar, Parel, Byculla, Mazagaon, Mahim, Santacruz, Juhu, Vile Parle, Worli, Sion, Chunabhatti, Andheri, Kurla, Borivali, Dahisar, Jogeshwari and other areas preventing movement of road traffic.

Mumbai’s Mayor Snehal Ambekar said that over 100 pumps are being operated to flush out the excess waters flooding the city and advised people not to ventures to beaches or near seashores.

Around 250 special buses have been deployed to ferry commuters who have been stranded in different parts of the city as the suburban train services have collapsed.

Meanwhile, Mumbai city recorded around 170 mm and suburbs averaged around 155 mm rainfall till Friday morning. (IANS)

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Punjab National Bank detects $1.8 bn fraud at a Mumbai branch, Links to Nirav Modi

Punjab National Bank, the second largest public sector bank in India

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Punjab National Bank is India's second largest bank. Wikimedia Commons
Punjab National Bank is India's second largest bank. Wikimedia Commons
  • Punjab National bank has detected a $1.8 billion fraud
  • The fraud happened in their Mumbai branch
  • The matter has been referred to law enforcement

Punjab National Bank, the second largest public sector bank in India, has detected a $1.8 billion fraud in one of its branches here, the bank said in a regulatory filing to the stock exchanges on Wednesday.

Punjab National Bank experiences a fraud of $1.8 bn.
Punjab National Bank experiences a fraud of $1.8 bn.

“The bank has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance,” the filing by the bank said.

It had quoted the quantum of such transactions was to the tune of around $1,771.69 million (around Rs 11,515 crore).

The amount of fraudulent transactions is equivalent to eight times the bank’s net income of about Rs 1,320 crore ($206 million).

Also Read: Raghuram Rajan: The Man Who Revolutionized The Indian Banking System

This case has happened at a time when the Indian banking system is already grappling to tackle its swelling non-performing assets.

“Based on these transactions other banks appear to have advanced money to these customers abroad. 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 filing said.

Punjab National Bank's Mumbai branch is now under high scrutiny. Wikimedia Commons
Punjab National Bank’s Mumbai branch is now under high scrutiny. Wikimedia Commons

The bank informed: “The matter is already referred to law enforcement agencies to examine and book the culprits as per law of the land.”

On February 5, the Central Bureau of Investigation had booked billionaire diamond service provider Nirav Modi, his brother, wife and an enterprise companion for allegedly cheating Punjab National Bank of over Rs 280.70 crore last year.

Also Read: Con man in Delhi Duped Amazon for over Rs. 50 Lakh; Arrested by Delhi Police for Fraud

Following the complaint, the CBI registered a FIR under the Indian Penal Code sections related to criminal conspiracy, cheating and provisions of the Prevention of Corruption Act against the four.

The stock of Punjab National Bank was trading at Rs 149.20 per share, down 7.70 percent at the BSE at 1.59 p.m. IANS

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