Skip to content
Search

Latest Stories

Punjab National Bank: Two employees arrested as India probes loans' fraud

FEDERAL police in India arrested two employees at Punjab National Bank believed to be at the centre of a staggering $1.77 billion fraud, a police source said today (17), in the first arrests so far in the country's biggest-ever bank scam.

The arrests late last evening (16) come amid an intensifying probe involving various authorities after India's second-largest state-run lender said on Wednesday (14) it had been hit by massive fraud.


The two bank employees who were arrested, Gokulnath Shetty and Manoj Kharat, are suspected of steering fraudulent loans to companies linked to billionaire jeweller Nirav Modi and to entities tied to jewellery retailer Gitanjali, which is led by Modi's uncle, Mehul Choksi.

The accusations against the two relatively junior officials at PNB were detailed in the lender's disclosure, and were also contained in a preliminary police report.

Police also arrested a third person, Hemant Bhat, whom the source described as the "authorised signatory" of the companies tied to Nirav Modi.

All three are being questioned, the source said, adding an "examination of others is continuing."

The whereabouts of Modi, whose high-end jewellery has been worn by Hollywood stars including Kate Winslet, is unknown. TV Station NDTV yesterday (16) reported he was at a suite in a hotel in New York, citing household staff who answered the door.

The scale of the fraud has sparked a slew of probes into the lender, as well as into Modi, his uncle Choksi and companies affiliated to both.

India's Income Tax Department has also extended a probe into Modi and his group companies, looking into possible tax evasion and suspected investment of illegal funds, a spokeswoman told Reuters on Saturday.

The spokeswoman said 29 properties and 105 bank accounts of Nirav Modi and his group companies had been seized.

The Hindu newspaper reported today that the Central Vigilance Commission, which investigations corruption in the government, has summoned senior officials of the Reserve Bank of Indiaand the finance ministry to assess how all internal checks and balances failed to detect the fraud.

PNB officials were also summoned, the report said, citing an official aware of the development.

(Reuters)

More For You

Edward Enninful warns fashion is sliding into anti-diversity as ‘being super-thin is the norm’

Enninful also gave his view on a recent American Eagle campaign featuring actress Sydney Sweeney

Getty Images

Edward Enninful warns fashion is sliding into anti-diversity as ‘being super-thin is the norm’

Highlights:

  • Former British Vogue editor-in-chief Edward Enninful says “anti-woke” rhetoric is influencing fashion.
  • He warns the industry is reverting to European and super-thin beauty standards.
  • Enninful has launched a new inclusive media venture, EE72, with Julia Roberts on its debut cover.
  • He dismisses rumours of a fallout with Anna Wintour, saying she supported his departure from Vogue.
  • He also commented on recent advertising controversies, including Sydney Sweeney’s American Eagle campaign.

Fashion industry ‘in flux’

Edward Enninful, the former editor-in-chief of British Vogue, has warned that fashion risks going backwards on diversity, with super-thin and European looks once again dominating as the beauty norm.

Speaking on BBC Radio 4’s Radical with Amol Rajan during London Fashion Week, he said that “anti-woke” and anti-diversity sentiment was “having a moment.”

Keep ReadingShow less
'The Ba**ds of Bollywood'

From scandal to satire Aryan Khan’s The Ba**ds of Bollywood* takes Bollywood by surprise

Instagram/redchilliesent

Aryan Khan stirs Bollywood with Netflix debut 'The Ba**ds of Bollywood' as fans spot dig at drug case against him

Highlights

  • Early reviews praise the series as an entertaining and spoofy take on the film industry.
  • The show features a host of major celebrity cameos, including Shah Rukh Khan and Salman Khan.
  • A subtle dig at the Wankhede case has become an immediate talking point for fans.
  • The series is now streaming globally on Netflix.

Aryan Khan has officially arrived as a director, and the buzz is impossible to ignore. His new Netflix series, The Ba**ds of Bollywood*, premiered to a star-studded audience in Mumbai before its global launch and the first reactions are flooding in. The project, a self-aware show, offers a cheeky look behind the curtain of the Hindi film industry. This bold directorial debut is already being called a game-changer for the star kid, presenting his unique vision and creative chops.

From scandal to satire Aryan Khan’s The Ba**ds of Bollywood* takes Bollywood by surprise Instagram/redchilliesent

Keep ReadingShow less
Meta smart glasses

Oakley Meta Vanguard glasses and updated Ray-Ban Meta glasses also revealed

Getty Images

Meta expands smart glasses range with AI-driven Ray-Ban Display and Oakley Vanguard

Highlights:

  • Meta launches new AI-enabled smart glasses in partnership with Ray-Ban and Oakley.
  • Devices include the Meta Ray-Ban Display with a full-colour lens and a neural wristband for gesture control.
  • Oakley Meta Vanguard glasses and updated Ray-Ban Meta glasses also revealed.
  • Prices range from £280 to £586, with sales starting this month.
  • Announcement comes amid scrutiny over Meta’s safety practices and its heavy investment in AI infrastructure.

Meta launches latest AI-driven wearables

Meta has unveiled its latest range of smart glasses powered by artificial intelligence at its annual Meta Connect conference. Chief executive Mark Zuckerberg introduced the devices, developed in collaboration with Ray-Ban and Oakley, describing the technology as a “huge scientific breakthrough.”

The flagship product, the Meta Ray-Ban Display, features a high-resolution screen in one lens, a 12-megapixel camera, and the ability to make video calls and display messages. A new neural wristband allows users to perform tasks such as sending messages using small hand gestures.

Keep ReadingShow less
Apollo-BCCI

The Board of Control for Cricket in India (BCCI) said the new contract with Apollo Tyres runs until March 2028. (Photo: BCCI)

Apollo Tyres replaces Dream11 as Team India’s lead sponsor until 2028

INDIAN cricket has signed Apollo Tyres as its new lead sponsor after fantasy sports platform Dream11 ended its contract following a government ban on online gambling.

The men's team travelled to the United Arab Emirates for the ongoing Asia Cup without a sponsor on their shirts after Dream11 exited the deal, which was worth about $44 million and was set to run until 2026.

Keep ReadingShow less
Toshi.bet: Revolutionizing Crypto Gaming with High Rewards and Innovative Gameplay

Toshi.bet: Revolutionizing Crypto Gaming with High Rewards and Innovative Gameplay

Introduction

In the rapidly evolving world of crypto casinos, one platform is standing out for its innovative gameplay, unmatched rewards, and community-driven growth — Toshi.bet. Recognized by CoinMarketCap as a pioneer in crypto gaming, Toshi.bet is transforming how players interact with digital assets while gaming.

Why Toshi.bet Is Leading the Crypto Casino Industry

1. Best Rewards in Crypto Gaming

Keep ReadingShow less