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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 .
India's state-run Punjab National Bank (PNB) on Saturday said it had reported a borrowing fraud of 38.05 billion Indian rupees ($556 million) in Bhushan Power & Steel Ltd's account to the country ...
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. At least six PNB staff and at least six employees of Choksi and Modi have been arrested so far. Choksi is a fugitive of Indian government.
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 ...
Ananthasubramanian was named in CBI chargesheet in association with Punjab National Bank Scam, relating to fraudulent Letters of Undertaking issued to Nirav Modi. 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 banking ...
The scam was discovered shortly after the 2010 Commonwealth Games corruption controversy and the Adarsh Housing Society Mumbai scam. The investors were rattled as news of the arrests broke in Mumbai. The share of the LIC Housing Finance, Central Bank of India, Punjab National Bank, Bank of India as well as other banking and real-estate stock ...
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