Modi Sarkaar Gets Serious On Loan Defaulters; Stringent Law For Errant Auditors In The Offing 
Modi Sarkaar Gets Serious On Loan Defaulters; Stringent Law For Errant Auditors In The Offing Prime Minister Narendra Modi. (GettyImages)

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.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber