Nirav Modi : The man at the centre of PNB scam !!!

If he is not making Priyanka Chopra feel daddy’s pampered little girl, he is probably co-hosting a Michelin chef’s table for Bollywood and business A listers Vikas and Gayatri Oberoi, Aryama Sundaram, Pirojsha Godrej, VryaSwati Piramal and Sonam Kapoor with Massimo Bottura.

But for a man always at the centre of a glittering and effervescent universe, Nirav Modi is enviably taciturn. Even when he speaks, the Wharton school dropout turned hautest diamantiere with a weakness for Canali suits, Bentley cars, Francis Newton Souza canvases, is almost inaudible.

Not his eponymous jewellery label though.

Within a span of a decade, and emerging out of nowhere, it has blazed its trail across high streets of Madison Avenue or MGM Macau and Marina Bay Sands to emerge as the biggest luxury label to have ever come out of Asia. Till the law caught up with him.

PNB fraud: Two rogue employees, one famed jeweller, and Rs 11,300 crore vanishing into thin air

How did two employees try to fool a stodgy bank in the largest diamond house fraud that surfaced on Valentine’s Day, when thousands of pearls and gems change hands across the world? 

In raising funds and moving money out of Punjab National BankBSE -11.97 % (PNBBSE -11.97 %), the two employees of the state-owned lender directly used SWIFTBSE -1.22 % — the global financial messaging service used to move millions of dollars across borders every hour — and bypassed the core banking system (CBS) which processes daily banking transactions and posts updates. 

It was a ploy to avoid immediate detection: the SWIFT messages used to raise overseas credit were not readily available in PNB’s FINACLE software system as these were issued without entering into the bank’s CBS. 

Shobhan Mittal felicitated with the Industry Leadership Award: Construction Week Online

Shobhan Mittal, Greenply Industries Ltd, JMD and CEO was felicitated with the industry Leadership Award at The Economic Times Asian Business Leaders Conclave 2017 in Malaysia, for his years of significant contributions to the industry and his expertise in the wood panel industry. 

This has been an eventful year for the wood panel industry, which recently witnessed the single biggest tax reform post-independence – the Goods and Services Tax (GST), which makes our nation amongst the progressive economies which have adopted a unified tax structure. The roll-out of GST has generated a lot of interest and response from the industry with reactions pouring in from across the country.

Expressing his gratitude, Shobhan Mittal said that the government’s focus on creating more infrastructure, attracting foreign direct investment (FDI) in real estate, the government’s ‘housing for all’ initiative and development of smart cities to accommodate India’s growing urban population, are some of the growth drivers for the development of real estate and construction sector. Greenply Industries Limited (GIL) being one of the largest interior infrastructure companies in India stands to be benefited by these growth drivers.

With the objective of continuously seeking new pathways forward, Mittal created the Engineered Panel Division of Greenply Industries Limited which manufactures, markets and exports Medium Density Fibreboard (MDF) and Flooring solutions.

Source: Construction Week Online