Cheque books of these SBI associate banks valid till March 31

Here's a complete list of SBI associate banks whose cheque books will become invalid after March 31

After PNB, another bank fraud has come to light.

The CBI carried out searches at the official and residential premises of promoters of Kanishk Gold Pvt Ltd as it launched probe in the Rs 824-crore loan fraud case, the officials said.

Jewellery chain Kanishk Gold Pvt Ltd has been named in defrauding 14 banks including PNB and India's largest lender - the State Bank of India (SBI) with an amount as close to as Rs 824 crore.

Kanishk, which has a registered office in Chennai's T. Nagar, is owned by promoters and directors Bhoopesh Kumar Jain and his wife Neeta.

A consortium - headed by the SBI - of 14 public and private sector banks had given a loan of Rs 842.15 crore.

The jeweller first defaulted in March 2017 where the firm failed to pay interest to eight member banks. And later, stopped payments to all 14 banks. Following this, the bankers visited Kanishk's corporate office, factory and showroom on May 25 2017, but they found that the facilities were shut with no activity and stock.

SBI was reportedly the first bank to declare the account fraudulent to the RBI on November 11, 2017.

San Francisco Votes To BAN The Sale Of Fur
The legislation voted on Tuesday goes into effect January 1, but retailers have until January 2020 to sell off existing inventory. The chamber estimates San Francisco fur sales account for at least $40 million a year. "I do not have the energy and the money".

Two more months after that, the SBI approached CBI charging Kanishk of "manipulating records and shutting shop overnight", it was reported. The bankers have been unable to contact them since its stock audit was initiated on April 5, 2017.

The Jains are are believed to be in Mauritius now.

The CBI is, however, to record an FIR in this case.

The SBI complaint said in the joint lenders forum meeting on 8 November a year ago it was made a decision to proceed with the filing of complaint with the CBI after declaring the loan account as fraud.

As on December 31 a year ago, State Bank of India has an outstanding of Rs 240.46 crore, Punjab National Bank Rs 128.31 crore, Syndicate Bank Rs 54.94 crore, Union Bank of India Rs 53.68 crore, Bank of India Rs 46.20 crore, IDBI Bank Rs 49.13 crore, UCO Bank Rs 45.01crore Tamilnad Mercantile Bank Rs 41.37 crore, Andhra Bank Rs 32.75 crore, Bank of Baroda Rs 32.78 crore, HDFC Bank Rs 27.06 crore, ICICI Bank Rs 27.61 crore, Central Bank of India Rs 21.99 crore and Corporation Bank Rs 22.86 crore.

The bank has alleged that while alleged fraud is to the tune of Rs 824.15 crore the security available with the bank to cover the said loss is to be tune of around Rs 156.65 crore only. It is alleged that Kanishk Gold Pvt Ltd and its directors have diverted the funds detrimental to the rights and interests of the bank, it said.

Related News:



Most liked

Christian man seeks exemption from Aadhaar on religious grounds
Referring to the siphoning of public money, Venugopal said corruption was massive and over Rs 1000 crore was being diverted. The right of the poor to a dignified and meaningful life far outweighed the right to privacy, he said.

North Korea denuclearisation not on the agenda in Helsinki talks - Finnish govt
The American delegation reportedly included two former ambassadors to Seoul, Kathleen Stephens and Thomas Hubbard. But they are believed to be explaining their respective views on making the Korean Peninsula nuclear-free.

PM Modi congratulates German Chancellor Merkel on assuming office for fourth term
In his reply to Merkel, he suggested that recent migrants were receiving benefits at the expense of low-income Germans. Merkel, a Russian speaker, has had a hard but engaged relationship with Putin during her more than 12 years in office.

IFG Advisory LLC Invests $2.33 Million in United Technologies Co. (UTX)
The ATR may be used by stocks market technicians to get into and exit trades, and it is a helpful tool to add to a trading system. United Technologies Corporation traded 3807070 shares at hands when compared with its average volume of 4775.09K shares.

Ndamukong Suh cancels free agent visit with Oakland Raiders
In the spring on 2015, Suh landed with the Miami Dolphins on a six-year deal worth a whopping $118 million, but things haven't panned out.

HTC Vive Focus to Launch Internationally Later This Year
The Focus has a six-degrees-of-freedom inside-out tracking system not found on the company's PC-based Vive and Vive Pro HMDs. Developers who deploy software through the Viveport platform between April and September 2018 will enjoy 100% rev-share.

'The Voice': More Battles Bring the Heat
The two singers went to battle on "Head Over Boots" by Jon Pardi , a 2015 No. 1 hit with a definite old-school feel. Keys counseled them both to hold back something for the end of the song and they certainly heed her advice.

Arizona's Sean Miller says he is not a candidate for Pitt job
He got his first head coaching job at Xavier in 2004 and stayed there for five seasons and a 120-47 record. Sean Miller says he is not a candidate for the Pitt basketball job, which reports had connected him to.

Mozey: March Madness? More like March Mayhem
According to NCAA.com, which tracked tens of millions of brackets at five major websites, 4 percent had Arizona winning it all. Trailing 20-13 in the first half, the Texas A&M Aggies found their stride with an absurd 29-8 run to close the opening half.

General Mills' sales rise 2.3 percent
Rising prices for shipping, oil and other commodities are putting the squeeze on Cheerios and Wheaties owner General Mills . Following the completion of the sale, the insider now owns 36,089 shares of the company's stock, valued at $2,143,686.60.

Toys R' Us and Babies R' Us close doors
Toys R Us hopes to start liquidations sales at most of its USA stores on Thursday and complete those sales by the end of June. The company initially filed for bankruptcy last September, citing more than $5 billion in long-term debt.

Doping-Two key points blocking Russian reinstatement, says WADA chief
The McLaren report concluded 1,000 athletes across 30 sports benefitted from the doping programme between 2012 and 2015. Reedie tells an anti-doping conference that WADA wants to bring Russian Federation "back in from the cold".

Rockets snap Blazers' 13-game win streak
The Trail Blazers are a ideal 8-0 against the spread in their last eight games when facing an opponent with a winning record. With Celtics star Kyrie Irving still sidelined by a sore left knee, Jayson Tatum led Boston with 23 points and 11 rebounds.

Man Utd left-back Shaw responds to Mourinho criticism with extra training
Manchester United star Ashley Young has insisted that Jose Mourinho knows how to handle his players after recent criticism has risen of his methods.

West Indies qualify for World Cup 2019 after rains dash Scotland's hopes
Scotland have played some very good cricket, I can imagine how they're feeling. The West Indies won the World Cup in 1975 and 1979. Brad Wheal finished with figures of three for 34.