PNB-Modi fraud: CBI arrests Gokulnath Shetty, two others

News Network
February 17, 2018

New Delhi, Feb 17: The CBI on Saturday arrested three persons, including former deputy manager of Punjab National Bank (PNB) Gokulnath Shetty, in connection to the Nirav Modi fraud case.

SWO Manoj Kharat and authorised signatory of the Nirav Modi Group of Firms Hemant Bhat were arrested along with Shetty. All three will be produced before the CBI special court in Mumbai today.

Shetty is a co-accused in the Rs 11,800 crore Punjab National Bank scam, in which jewellery designer Nirav Modi is the prime suspect after he and his associates embezzled Rs 280 crore from the bank.

CBI teams visited Shetty's flat at Rustomjee Ozone complex in west Mumbai's Malad on Thursday and Friday and questioned his family and relatives. They were probing when the flat was purchased, how the payment was made and what the source of funds was. They also wanted to know about his bank accounts, lockers and other assets.

The CBI has alleged in an FIR that accused bank officials Shetty and Kharat, in connivance with accused companies and others, defrauded PNB to the tune of Rs 4,886.70 crore.

The agency charged that the accused officials issued fraudulent and unauthorised letters of undertakings in favour of foreign branches of different India-based banks.

The officials omitted entries of Letters of Understanding (LoUs) in the core banking system of the bank issued on behalf of the accused companies to avoid detection, a CBI spokespersn said.

The accused in the new FIR include Mehul Choksi (Managing Director Gitanjali Gems), Gokulnath Shetty (retired DGM of PNB), Manoj Kharat (then single window officer of PNB), and companies -- Gitanjali Gems Ltd , Gili India Ltd, Nakshatra Brand Ltd, directors of the companies Krishnan Sangameshwaran, Nazura Yash Ajaney, Dinesh Gopaldas Bhatia, Aniyath Shivraman Nair and Dhanesh Vrajlal Sheth.

The agency had earlier registered a separate case involving Rs 280-crore fraud, which has now been expanded to cover LoUs worth Rs 6,498 crore issued to accused companies of Nirav Modi and Choksi.

In a complaint to the CBI in January 2018, the Punjab National Bank had alleged that 293 LoUs worth Rs 11,400 crore were fraudulently issued to the companies of Nirav Modi and Mehul Choksi from one of its branches in Mumbai.

Forty-six-year old Nirav Modi , who holds an Indian passport, left the country on January 1, and his business partner Mehul Choksi left the country on January 4, CBI officials said.

The Enforcement Directorate (ED) on Thursday conducted raids on properties belonging to Modi and registered a PMLA case against him, Choksi and others based on the CBI FIR. Both Modi and Choksi have been summoned to appear before the agency within a week's time.

The ED is probing if the allegedly defrauded bank funds were laundered and these proceeds of crime subsequently used by the accused to create illegal assets and black money.

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Agencies
November 22,2025

indiapak.jpg

New York/Washington: US President Donald Trump has again claimed to have solved the conflict between India and Pakistan, repeating his assertion during a meeting with New York City Mayor-elect Zohran Mamdani in the Oval Office.

Mamdani flew to Washington DC for his first meeting with Trump in the White House on Friday. Trump said he “enjoyed” the meeting, which he described as “great.”

During remarks in the Oval Office, with Mamdani standing next to him, Trump repeated his claim that he solved the May conflict between India and Pakistan.

"I did eight peace deals of countries, including India and Pakistan,” he said.

On Wednesday, Trump had said he threatened to put 350 per cent tariffs on India and Pakistan if they did not end their conflict, repeating his claim that he solved the fighting between the nuclear-armed neighbours and that Prime Minister Narendra Modi had called him to say “we're not going to go to war.”

Since May 10, when Trump announced on social media that India and Pakistan had agreed to a “full and immediate” ceasefire after a “long night” of talks mediated by Washington, he has repeated his claim over 60 times that he “helped settle” the tensions between India and Pakistan.

India has consistently denied any third-party intervention. India launched Operation Sindoor on May 7, targeting terror infrastructure in Pakistan and Pakistan-occupied Kashmir in retaliation for the April 22 Pahalgam attack that killed 26 civilians. India and Pakistan reached an understanding on May 10 to end the conflict after four days of intense cross-border drone and missile strikes.

Mamdani emerged victorious in the closely-watched battle for New York City Mayor, becoming the first South Asian and Muslim to be elected to sit at the helm of the largest city in the US.

He had been the front-runner in the NYC Mayoral election for months and defeated Republican nominee Curtis Sliwa and political heavyweight former New York State Governor Andrew Cuomo, who ran as an independent candidate and was officially endorsed by Trump just hours before the elections.

Indian-descent Mamdani is the son of renowned filmmaker Mira Nair and Columbia University professor Mahmood Mamdani. He was born and raised in Kampala, Uganda and moved to New York City with his family when he was 7. Mamdani became a naturalised US citizen only recently, in 2018.

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News Network
December 6,2025

pilot.jpg

New Delhi: IndiGo, India’s largest airline, faced major operational turbulence this week after failing to prepare for new pilot-fatigue regulations issued by the Directorate General of Civil Aviation (DGCA). The stricter rules—designed to improve flight safety—took effect in phases through 2024, with the latest implementation on November 1. IndiGo has acknowledged that inadequate roster planning led to widespread cancellations and delays.

Below are the key DGCA rules that affected IndiGo’s operations:

1. Longer Mandatory Weekly Rest

Weekly rest for pilots has been increased from 36 hours to 48 hours.

The government says the extended break is essential to curb cumulative fatigue. This rule remains in force despite the current crisis.

2. Cap on Night Landings

Pilots can now perform only two night landings per week—a steep reduction from the earlier limit of six.

Night hours, defined as midnight to early morning, are considered the least alert period for pilots.

Given the disruptions, this rule has been temporarily relaxed for IndiGo until February 10.

3. Reduced Maximum Night Flight Duty

Flight duty that stretches into the night is now capped at 10 hours.

This measure has also been kept on hold for IndiGo until February 10 to stabilize operations.

4. Weekly Rest Cannot Be Replaced With Personal Leave

Airlines can no longer count a pilot’s personal leave as part of the mandatory 48-hour rest.

Pilots say this closes a loophole that previously reduced actual rest time.

Currently, all airlines are exempt from this rule to normalise travel.

5. Mandatory Fatigue Monitoring

Airlines must submit quarterly fatigue reports along with corrective actions to DGCA.

This system aims to create a transparent fatigue-tracking framework across the industry.

The DGCA has stressed that these rules were crafted to strengthen flight safety and align India with global fatigue-management standards. The temporary relaxations are expected to remain until February 2025, giving IndiGo time to stabilise its schedules and restore normal air travel.

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News Network
November 22,2025

Mangaluru: Police Commissioner Sudheer Kumar Reddy C H has warned of strict action against individuals spreading rumours and attempting to create insecurity within the Muslim community and fuel hatred between Hindus and Muslims through social media.

Referring to a recent social media post alleging that police personnel had entered a masjid premises to check whether beef was being cooked, the commissioner said miscreants were attempting to push their communal agenda. 

“A group of people, both from Mangaluru and abroad, are trying hard to spread rumours. For the past 10 days, they have been attempting to rake up old issues, highlight routine matters as controversies, or fabricate news altogether,” he said.

He reiterated that any such attempts to disturb communal harmony would invite legal action. “Cases will be registered and the accused will be brought to book,” he stated.

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