Modi Sarkaar Gets Serious On Loan Defaulters; Stringent Law For Errant Auditors In The Offing 

In the backdrop of recent financial scams, Prime Minister Narendra Modi will chair a meeting with his cabinet at 4 pm today (1 March) to discuss a new law for defaulters, reports Republic. The Centre might also give its nod to set up a National Financial Reporting Authority (NFRA) to act against various errant auditors.

The Enforcement Directorate (ED) today (1 March) said that 41 properties worth over Rs 1,200 crore were attached in connection with the probe into money laundering in the Punjab National Bank (PNB) scam against Mehul Choksi and Gitanjali Gems. The ED issued a provisional order to attach the properties under the Prevention of Money Laundering Act (PMLA).

Among the attached properties are 15 apartments and 17 office premises in Mumbai, a four acre farm house in Alibaug in the outskirts of Mumbai, 231 acres of land across Nasik, Nagpur, Panvel in Maharashtra, and Villupuram in Tamil Nadu and a mall in Kolkata.

Choksi and jewellry businessman Nirav Modi are currently under investigation for cheating PNB of over Rs 12,000 crore in a scam that involved PNB employees as well.