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The Punjab National Bank Fraud Case relates to fraudulent letter of undertaking worth ₹12,000 crore (US$1.4 billion) issued by the Punjab National Bank at its Brady House branch in Fort, Mumbai; making Punjab National Bank liable for the amount. [1] The fraud was allegedly organized by jeweller and designer Nirav Modi.
Nirav Deepak Modi (born 27 February 1971) is an Indian-born Belgian businessman and fugitive who was charged by Interpol and the Government of India for criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corruption, money laundering, fraud, embezzlement and breach of contract in August 2018.
Punjab National Bank (abbreviated as PNB) is an Indian government public sector bank based in New Delhi. It was founded in May 1894 and is the second-largest public sector bank in India in terms of its business volumes, with over 180 million customers, 12,248 branches, and 13,000+ ATMs .
The CBI reported that the accused gave wrong details to the bank and allegedly cheated the bank which led to the bank losing ₹42.79 crore. PNB sued YSRC former MP Kothapalli Geetha and her husband P Ramakoteswar Rao and Telangana high court stayed the five-year jail sentence awarded to them in the Punjab National Bank loan fraud case by CBI ...
Punjab National Bank Scam: A fraudulent letter of undertaking worth ₹11,600 crore (US$1.77 billion) was issued at the Punjab National Bank branch in Brady House, Mumbai, making the bank liable for the amount. The fraudulent transactions, linked to Nirav Modi, were first noticed by a new employee of the bank.
The 1992 scam was a systematic fraud committed by Mehta in the Indian stock market which led to the complete collapse of security systems. He committed a scam of over 1 billion from the banking system to buy stocks on the Bombay Stock Exchange. [3] This impacted the entire exchange system as the security system collapsed and investors lost ...
Punjab National Bank fraud (2018) Further information: Punjab National Bank Scam The committee questioned the finance ministry civil servants including the Union Financial Services Secretary , Rajiv Kumar about the ₹ 11,400 crore (equivalent to ₹ 150 billion or US$1.9 billion in 2023) fraud in Punjab National Bank (PNB) and asked them to ...
Hunter Fraud Score. Hunter Fraud Score is a rating score in India prepared by the credit information company Experian to help detect fraud in credit applications through analytical approach. The score was launched in 2016 and is used by Indian banks and insurance companies to help them lower their losses. [1]