Texmaco Rail secures Rs 36-cr wagon order from TCI
The total contract value stands at Rs 36.27 crore and the order is scheduled to be executed within 24 months.
Texmaco Rail & Engineering is a diversified heavy engineering company, with products including railway freight wagons, hydro-mechanical equipment and industrial structures for infrastructure industry, locomotive components and locomotive shells, railway bridges, steel castings, pressure vessels, etc.
The company has reported a 13.5% decline in consolidated net profit to Rs 39 crore despite a 17.6% rise in revenue from operations to Rs 1,346 crore in Q4 FY25 as compared with Q4 FY24.
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Time of India
18 minutes ago
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Nehal Modi , the younger brother of fugitive businessman Nirav Modi , was arrested in the United States on July 4, following an extradition request by Indian authorities. His arrest, confirmed by the U.S. Department of Justice, came after a joint requisition by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI). He faces two primary charges: money laundering under the Prevention of Money Laundering Act (PMLA), 2002, and criminal conspiracy under the Indian Penal Code (IPC). Nehal is a key accused in the Rs 13,000 crore Punjab National Bank (PNB) scam—one of the biggest financial frauds in India's history. Background and Alleged Role Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Nehal Deepak Modi, 46, was born and brought up in Antwerp, Belgium. Fluent in English, Gujarati, and Hindi, he is accused of playing a crucial role in the fraud alongside his brother Nirav Modi and uncle Mehul Choksi. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Rates Undo According to investigators, Nehal facilitated the movement and concealment of illicit funds through fake companies and cross-border transactions. His network allegedly obtained fraudulent Letters of Undertaking (LoUs) from PNB to divert nearly Rs 6,498 crore, while Choksi used a similar modus operandi for the rest of the scam. Authorities say Nehal Modi assisted Nirav after the scam was exposed, including attempts to destroy evidence and intimidate directors of Dubai-based shell companies used to mask illegal trade. Live Events The ED alleges that Nehal, along with Mihir R. Bhansali (a close aide of Nirav Modi), transported around 50 kg of gold and large sums of cash from Dubai. He also instructed dummy directors to conceal his name during questioning by Indian authorities. Listed as Accused No. 27 in the CBI's supplementary chargesheet, Nehal is alleged to have orchestrated the destruction of electronic data and servers after relocating employees from Dubai to Cairo. These individuals reportedly signed false declarations of ownership for companies in Dubai and Hong Kong. These shell firms purportedly engaged in fake trade with Nirav Modi's entities—Diamonds R Us, Solar Exports, and Stellar Diamonds. These companies secured illegitimate buyer's credit from foreign banks using fake LoUs issued by PNB's Brady House branch in Mumbai. What's Next A status conference is scheduled for July 17, 2025, in the U.S. While Nehal Modi may seek bail, American prosecutors have expressed their intent to oppose his release.
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First Post
21 minutes ago
- First Post
Nirav Modi's brother arrested in US on India's extradition request. Who is Nehal Modi?
Nehal Modi, brother of fugitive businessman Nirav Modi, has been arrested in the United States. Notably, he is wanted in India for his alleged role in the Rs 13,000-crore Punjab National Bank (PNB) scam, one of the biggest banking frauds in the country. His arrest comes after extradition requests made by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) read more Nehal Modi was arrested on July 4 by local authorities in the United States. Image: News18 Nehal Modi, the brother of fugitive businessman Nirav Modi, has been arrested in the United States. He has been taken into custody in connection with the multi-crore Punjab National Bank (PNB) scam. The action comes after extradition requests sent by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI). The next hearing in the case is scheduled for July 17. On that day, Nehal is likely to apply for bail, but US prosecutors are expected to oppose the request, officials told PTI. STORY CONTINUES BELOW THIS AD But who is Nehal Modi? And what is the case he has been arrested in? Let's take a look: Who is Nehal Modi? Why has he been arrested? The younger brother of Nirav Modi was arrested on July 4 by local authorities in the United States. The action was taken following a Red Corner Notice issued by Interpol, based on requests from the Central Bureau of Investigation and the Enforcement Directorate. Notably, his arrest comes after a long legal and diplomatic process, during which Nehal tried to get the Red Corner Notice withdrawn, but his challenge was unsuccessful. So, who exactly is Nehal Modi? He is wanted in India for his role in the Rs 13,000-crore Punjab National Bank (PNB) scam, which is one of the biggest banking frauds the country has seen. Nehal was born and raised in Antwerp, Belgium, and speaks English, Gujarati, and Hindi. Nehal Modi has been taken into custody in connection with the multi-crore Punjab National Bank (PNB) scam. Image: X He is accused of helping his brother, Nirav Modi, by moving and hiding the proceeds of the alleged crime. Investigations have found that Nehal was the director of Firestar Diamonds USA, a company that has since shut down. He was also connected to the Ithaca Trust, which was created to help fund and acquire property for Nirav Modi, according to India Today. The trust reportedly received money that had been moved from Letters of Undertaking issued by PNB into fake companies. STORY CONTINUES BELOW THIS AD Officials said Nehal helped in hiding and shifting large amounts of illegal funds using shell companies and foreign transactions, breaking Indian laws in the process. He has also been named in the charge sheet filed by the ED and is accused of destroying evidence and 'knowingly and intentionally' helping Nirav Modi carry out the alleged fraud, officials told PTI. After the PNB case became public, Nehal, along with Mihir R Bhansali, a close aide of Nirav, allegedly moved 50 kilograms of gold and a large amount of cash from Dubai. The two also reportedly told fake directors not to mention Nehal's name to investigators. Nirav Modi fled the country in January 2018. Image: News18 The US authorities are pursuing extradition proceedings against Nehal based on two charges: one for money laundering under Section 3 of the Prevention of Money Laundering Act (PMLA), 2002, and one count of criminal conspiracy under Sections 120-B (criminal conspiracy) and 201 (causing disappearance of evidence) of the Indian Penal Code. STORY CONTINUES BELOW THIS AD What is the PNB scam? Where is Nirav Modi? Nehal Modi has been named in the chargesheet filed in the Punjab National Bank (PNB) scam case. He is accused of helping his brother, Nirav Modi, obtain fake credit letters as part of a multi-billion-dollar fraud. The Rs 13,500 crore PNB loan scam came to light in early 2018. It involved fugitive businessmen Mehul Choksi and his nephew Nirav Modi, along with others, including some employees of PNB. Nirav and Choksi left the country in January 2018, just before the bank flagged the issue to the authorities. Notably, Nirav was arrested in the United Kingdom in March 2019 and has remained in a London jail since then. Meanwhile, Mehul Choksi is currently in Antigua and is involved in separate legal matters, including a case related to his citizenship. Mehul Choksi was taken into custody in April by Belgian officials. Image: News18/File Photo On May 17, the UK High Court said that sending Nirav Modi back to India to face trial would not go against his human rights. Although the court has approved his extradition, the process is still on hold because Nirav has filed multiple appeals to delay it. STORY CONTINUES BELOW THIS AD Earlier this year, the Belgian government confirmed that 65-year-old Choksi was arrested in Antwerp after India requested his extradition. Choksi had challenged his arrest in a Belgian court and asked for immediate release, claiming there were faults in the process. The court dismissed his plea. He was taken into custody in April by Belgian officials. With inputs from agencies
