Monday February 19, 2018
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Mumbai soon to get coastal road, announces Devendra Fadnavis

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Mumbai: Maharashtra’s Chief Minister Devendra Fadnavis announced on Monday that the Union Environment Ministry has given the green signal for the proposed coastal road for Mumbai.

“It’s a dream come true…Best gift to Mumbai by Modi government,” Fadnavis tweeted on what could be the most ambitious infrastructure project for the country’s commercial capital.

Fadnavis made the announcement after a meeting with Union Environment Minister Prakash Javadekar in New Delhi this morning.

He added that the coastal road will decongest traffic in the city and add 91 hectares of green space, taking Mumbai’s infrastructure to the next level.

Taking a swipe at the previous Congress-Nationalist Congress Party government, he said that they only talked about the coastal road for five years.

“I had promised that (I) will get it approved in five months…Happy that it took even lesser time,” the Chief Minister added, thanking Prime Minister Narendra Modi.

As per the time frame, the draft notification for the project will be issued by June 15, followed by the final notification by August 15.

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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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