Last Seen Blogs
queenhoneybee-exe
𝓺𝓾𝓮𝓮𝓷 𝓫𝓮𝓮 🐝
yourbabyslutt
me my self and I
xslentimages
Xslent Images Photography
spirkland
Spirkland
Text
All You Need To Know About the PNB Scam and Nirav Modi
You may or may not have heard of Nirav Modi before, but now its time to know about him and the scam that recently took place. Nirav Modi is a diamond jewelry designer and a billionaire. In the Forbes list of India’s billionaires in 2017, he was ranked 57. He founded the Nirav Modi chain of diamond jewelry retail stores. He is also the Chairman of Firestar International, which is the parent company of the Nirav Modi chain. Firestar International owns stores in key markets all over the world. Taraji Penda Henson, the star of the Oscar-nominated film Hidden Figures wore his designs. Many other celebrities across the globe wore his designed jewelry along with Dakota Johnson. Indian famous actress, Priyanka Chopra is the brand ambassador for his company.
What is the Scam?
Recently, the news about Punjab National Bank has shook people. PNB is the country’s second-largest public sector lender, is now in the middle of Rs 11,400 crore transaction fraud case. On 14 February, Bombay Stock Exchange got the information from PNB authorized officials that they have detected some fraudulent and unauthorized transactions in one of its branches in Mumbai. Approximately, $ 1771.69 million was transacted without the authorization. Once the announcement was done, the share price of the State-owned bank went down by 10%.
Moreover, the Central Bureau of Investigation (CBI) received two complaints from PNB against the diamond jewelry designer, Nirav Modi. He was alleged for transacting worth Rs 11,400 crore fraudulently. He is already under the investigation for fraud case of Rs 280 crore. CBI has filed a new complaint against him yesterday morning.
How It Came Into Notice?
Earlier, the PNB filled the complaint with the CBI on January 28 regarding the fraudulent issuance of Letters of Undertakings. It was detected at the Mid Corporate Branch, Brady House in Mumbai. It was detected that the set of partnership firms named Diamond R US, Solar Exports, and Stellar Diamonds had approached the bank on January 16 with a set of import documents and requested for Buyer’s Credit to make payments to overseas suppliers. These firms are mainly headed by Nirav Modi, his brother Nishal Modi, his wife Ami Nirav Modi as partners.
In general, the buyer’s credit is a short-term loan facility that is provided by the bank to the importer in order to finance goods and services. In international trade, this is a common mode of transaction. Here a bank is responsible to extend credit to the importer and a finance agency based in the exporter’s country guarantees the loan.
Since the branch officials found that there is no sanctioned limit in the name of the firms, thus they requested the firms to furnish 100% cash margin for issuing the LOU for raising the Buyer’s Credit. But, then the firms challenged that earlier they have been availing this facility. However, when the branch officials invested they found that there were no branch records that substantiate this.
After a long investigation, the bank officials discovered that two of its employees had fraudulently issued LOUs in the past without following prescribed procedures and approvals. It was then; it came into sight that the employees had then transmitted SWIFT instructions to the overseas branches of Indian banks for raising Buyer’s Credit without making entries in the banking system to avoid detection.
As per the reports, it is said that the funds so raised for the payment of the Import Bills have not been utilized for such purposes in many cases. Believing in the statements mentioned in FIR, five of the SWIFT messages were issued to Allahabad Bank in Hong Kong and three to Axis Bank in Hong Kong.
0 notes
Text
Best Ways To Choose Perfect Stock
You would feel that buying the stock is easy but the challenging part is choosing companies that consistently beat the market. It is something that most people cannot do. And this is the reason, why investing in a diversified mix of low-cost index funds is a smart long-term strategy for the average investor. However, you are reading this post to get better at investing in stocks. So let us start knowing the tricks that will help you in choosing the stock wisely.
Following are 3 investing habits essential for success in the stock market:
Pick companies, not ticker symbols
Do not just pick the stock if any great advisory firm has recommended, unless you have done some research. If you believe in the broadcast then you have forgotten that it is a business actually. However, do not let stock picking become an abstract concept.
Plan ahead for panicky times
Usually, it is observed that the investors sometimes change their relationship statuses with their stocks. If you make any prompt decision on the heat-of-the-moment that it may lead to the classic investing blunder: buying high and selling low. Write down what makes every stock in your portfolio worthy of a commitment and, while your head is clear, the circumstances that would justify a breakup.
Avoid trading overactivity
You must check in on your stocks once per quarter like when you receive quarterly reports. It will be more than enough. However, it is hard not to keep a constant eye on the scoreboard. If you keep an eye on scoreboard constantly then you may overreact to short-term events. Instead, focus on share price rather than keeping an eye on the company’s value. And feeling like you need to do something when no action is warranted. It is recommended to find out what triggered. The event when one of your stocks experiences a sharp price movement. Check whether or not your stock is the victim of collateral damage from the marketresponding to an unrelated event? Also, do not forget to check that is there something that meaningfully affects your long-term outlook?
The team of Money Classic Research keeps the record of every stock in their figure tips, so if you are seeking to take some suggestions then do not hesitate to get in touch with them.
0 notes