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Stranded asset. v. t. e. 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.
Ananthasubramanian was named in CBI chargesheet in association with Punjab National Bank Scam, relating to fraudulent Letters of Undertaking issued to Nirav Modi. [7] CBI alleges that key PNB bank officials, led by then CEO Ananthasubramanian, failed to initiate steps that could have prevented the $2-billion fraud at the lender after the ...
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. [80] The fraudulent transactions, linked to Nirav Modi, were first noticed by a new employee of the bank. [81]
In fact, bank fraud is on the rise. In 2021, there were 33,248 crimes reported involving debit cards, electronic funds transfer or ACH; 14,358 reports of crimes tied to existing accounts and ...
Punjab National Bank (abbreviated as PNB) is an Indian government public sector bank based in New Delhi. [ 5 ] 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. [ 6 ][ 3 ] PNB has a banking subsidiary in the UK ...
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Nirav Deepak Modi (born 27 February 1971) is an Indian-born Belgian businessman and criminal 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. [3]
They are suspected of colluding with two employees of Punjab National Bank (PNB), the country's second-largest state-owned lender, in an alleged $1.8 billion fraud. [15] At least six PNB staff and at least six employees of Choksi and Modi have been arrested so far. [15] Choksi is a fugitive of Indian government.