Delhi court summons 11 top PNB officials for violation of banking regulations, criminal conspiracy
5 years, 9 months ago

Delhi court summons 11 top PNB officials for violation of banking regulations, criminal conspiracy

India TV News  

A Delhi court has summoned as accused 11 top officials of the Punjab National Bank, including former and current executive officials and the current managing director, for alleged violation of banking regulations and criminal conspiracy. In its complaint, the RBI has alleged non-compliance of its 2016 order directing commercial banks, including the PNB, to integrate their core banking system with various critical applications to reduce online fraud. The central bank alleged that the accused willfully and deliberately gave false information in their compliance report and the PNB's core banking system was not integrated with the applications and there was no online integration of SWIFT with the RBI's Core Banking Solution. The RBI has further alleged that the accused willfully and deliberately made false statements in the compliance report despite being aware of the risks and repercussions of failing to integrate SWIFT with the CBS.

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History of this topic

RBI Report: Bank frauds increased eight-fold in first half of current fiscal
2 weeks ago

RBI Report: Bank frauds increased eight-fold in first half of current fiscal

Deccan Chronicle  

New Delhi: Facing multiple challenges for the financial system in the country, the Reserve bank of India on Thursday said that the number of bank frauds witnessed a significant rise of eight-fold to Rs 21,367 crore in over 18,000 cases in the first half of the current fiscal. “The number of frauds during April-September stood at 18,461 involving Rs 21,367 …

Complaints Of Banking Frauds Not Maintainable Before Consumer Forum: Delhi District Commission
2 weeks, 2 days ago

Complaints Of Banking Frauds Not Maintainable Before Consumer Forum: Delhi District Commission

Live Law  

The Delhi district commission has held that cyber frauds such as unlawful bank debit transactions are not within the purview of consumer forums. It was argued that such an act of unlawful debit from the bank account required detailed investigation by the police and thus consumer forums cannot decide complaints of such nature. Observations: The bench relied upon the judgment …

Bank fraud allegations must never be levelled lightly
5 months, 3 weeks ago

Bank fraud allegations must never be levelled lightly

Live Mint  

The Reserve Bank of India’s latest revision of its Master Circular on Fraud Risk Management in banks and other regulated entities has not come a day too soon. This revision of instructions follows a recent Supreme Court ruling which said the principles of natural justice demand that the borrower be given a chance and time to respond to a charge …

Delhi court pulls up ED over ‘shoddy probe’ in PNB case
9 months ago

Delhi court pulls up ED over ‘shoddy probe’ in PNB case

Hindustan Times  

A Delhi court has pulled up the Enforcement Directorate for shoddy investigation and lapses by its investigative officer in a money-laundering case of where Punjab National Bank was defrauded of ₹1,46,71,000. The court noted three lapses committed by the federal probe agency — first, despite there being evidence available, ED failed to name two persons as accused in the case. …

Lender Banks Required To Provide Audit Reports To Borrowers & Allow Representation Before Classifying Accounts As Fraud: Gujarat High Court
10 months, 1 week ago

Lender Banks Required To Provide Audit Reports To Borrowers & Allow Representation Before Classifying Accounts As Fraud: Gujarat High Court

Live Law  

The Gujarat High Court while partly allowing a special civil application has emphasized the importance of lender banks affording borrowers the opportunity to review audit reports and present their case before categorizing an account as fraudulent. During meetings held on 18.08.2020 and 29.09.2020, discussions were held regarding forensic audit reports dated 11.08.2020 and 18.09.2020, along with various related issues, including …

Bombay High Court Grants Bail To Gokulnath Shetty, Prime Accused In PNB Fraud Case Citing Long Incarceration
10 months, 3 weeks ago

Bombay High Court Grants Bail To Gokulnath Shetty, Prime Accused In PNB Fraud Case Citing Long Incarceration

Live Law  

The Bombay High Court has granted bail to Gokulnath Raghu Shetty, prime accused in the Punjab National Bank fraud case involving over Rs 7,000 crore. While acknowledging the serious nature of the allegations and their potential impact on the country's economy, Justice Karnik noted that Shetty's continued incarceration was unjustified given the glacial pace of the trial proceedings. Referring to …

Delhi High Court Calls For Meeting To Ensure Banks Follow SOP On Providing Info About Fraudulent Transactions To Law Enforcement Agencies
11 months ago

Delhi High Court Calls For Meeting To Ensure Banks Follow SOP On Providing Info About Fraudulent Transactions To Law Enforcement Agencies

Live Law  

The Delhi High Court has directed the Indian Banks Association to hold a meeting to ensure that all banks follow the Standard Operating Procedure in respect of providing information on fraudulent transactions to the law enforcement agencies.Justice Prathiba M Singh observed that the SOP and the manner in which it has to be implemented by all the banks is still …

₹130-crore bank fraud : CBI court frames charges
1 year ago

₹130-crore bank fraud : CBI court frames charges

Hindustan Times  

A special CBI court has framed charges against five of the six accused in the alleged ₹130-crore bank fraud from 2020. An FIR into the matter was lodged in January 2020 on a complaint by chief manager, large corporate branch, PNB, Sector 17, Chandigarh. Charges have been framed against two bank officials, Ravi Rashmi Dhar, the then DGM of Punjab …

CBI books Delhi firm for cheating Union Bank of India of Rs 46 crore
1 year, 6 months ago

CBI books Delhi firm for cheating Union Bank of India of Rs 46 crore

India TV News  

The Central Bureau of Investigation filed an FIR against Delhi-based company Horizon Solution for allegedly cheating Union Bank of India to the tune of over Rs 46 crore in a loan fraud, officials said on Friday. The CBI has booked the East of Kailash-based company, its proprietor Zeba Urfi and guarantor Zaib Un Nisa on charges of criminal conspiracy, cheating, …

Bombay HC stays RBI circular allowing banks to declare fraud accounts without hearing
1 year, 6 months ago

Bombay HC stays RBI circular allowing banks to declare fraud accounts without hearing

India Today  

The Bombay High Court, on Monday, put an interim stay on the effect of the master circular issued by the Reserve Bank of India in 2016 that allows public sector and commercial banks to declare any account as a fraudulent account without a hearing. During the hearing, the bench stayed the effect of the 2016 RBI master directions on the …

CBI registers case against IL&FS subsidiary for defrauding 19 banks of Rs 6,524 cr
1 year, 7 months ago

CBI registers case against IL&FS subsidiary for defrauding 19 banks of Rs 6,524 cr

India TV News  

New Delhi: The Central Bureau of Investigation has filed a case against IL&FS Transportation Network Ltd and its directors for allegedly defrauding 19 banks of Rs 6,524 crore between 2016 and 2018, officials said on Friday. The accused persons are white colour criminals and very well know the intricacies of the law and know to save themselves from the clutches …

Bank Customers Have No Way Of Contacting Officials Who Send Emails, Accountability Required: Delhi High Court
1 year, 10 months ago

Bank Customers Have No Way Of Contacting Officials Who Send Emails, Accountability Required: Delhi High Court

Live Law  

The Delhi High Court has expressed concern over the computer generated e-mails sent by Citibank to its customers without the mention of contact details of officials under whose instructions they were generated and sent.Observing that there ought to be some accountability of bank officials, Justice Prathiba M Singh sought response of the bank as to whether names of its officials …

Fresh FIRs against Mehul Choksi in PNB bank loan fraud case
2 years ago

Fresh FIRs against Mehul Choksi in PNB bank loan fraud case

Op India  

The Central Bureau of Investigation on Friday filed three fresh FIRs against fugitive diamantaire Mehul Choksi and two jewellery brands, Nakshatra Brands Limited and Gitanjali Gems Limited. The FIRS were against Nakshatra Brands Ltd and Gitanjali Gems Ltd, Mehul Choksi, who is the managing director of Gitanjali Gems Ltd and guarantor for Nakshatra Brands Ltd; Dhanesh Vrajlal Sheth, director of …

Delhi HC Calls for Centre's Stand on Plea for NIA Probe Against DHFL's Ex Promoters on Allegation of Terror Funding
2 years ago

Delhi HC Calls for Centre's Stand on Plea for NIA Probe Against DHFL's Ex Promoters on Allegation of Terror Funding

News 18  

The Delhi High Court Thursday sought to know the Centre's stand on a plea seeking a probe by NIA against several persons, including former DHFL promoters Kapil and Dheeraj Wadhawan facing prosecution in a multi-crore bank loan scam case, for allegedly indulging in terror funding. The petition said that on May 9, the petitioner filed a complaint "regarding the offences …

Supreme Court Issues Notice To Punjab National Bank On Serious Fraud Investigation Office's Pleas Alleging Fund Embezzlement In Bhushan Steel Ltd.
2 years, 2 months ago

Supreme Court Issues Notice To Punjab National Bank On Serious Fraud Investigation Office's Pleas Alleging Fund Embezzlement In Bhushan Steel Ltd.

Live Law  

A Supreme Court bench comprising Chief Justice U.U. Lalit and Justices S. Ravindra Bhat and Bela M. Trivedi on Wednesday issued notice to Punjab National Bank on petitions filed by the Serious Fraud Investigation Office regarding alleged siphoning of funds of Bhushan Steel Ltd.The SFIO had submitted before the court that the accused were complicit in embezzlement of funds and. …

As India’s biggest bank fraud is unearthed, a look at the DHFL case and other big bank frauds in the country
2 years, 6 months ago

As India’s biggest bank fraud is unearthed, a look at the DHFL case and other big bank frauds in the country

Firstpost  

Former promoters of Dewan Housing Finance Ltd are among 13 accused who have been arrested for defrauding a consortium of 17 banks of Rs 34,615 crore The CBI has booked former CMD Kapil Wadhawan and director Dheeraj Wadhawan of Dewan Housing Finance Ltd in the “biggest” banking fraud in India. The audit of DHFL account books showed that the company …

No Previous Sanction Required To Prosecute Bank Officials In Connection With IPC/RPC Offences: Jammu & Kashmir & Ladakh HC
2 years, 7 months ago

No Previous Sanction Required To Prosecute Bank Officials In Connection With IPC/RPC Offences: Jammu & Kashmir & Ladakh HC

Live Law  

The Jammu and Kashmir and Ladakh High Court has observed that there is no need to obtain the previous sanction to prosecute bank officials in connection with offences under IPC/RPC.The Bench of Justice Sanjay Dhar also observed that the appointing and removing the authority of the officials of the petitioner Bank is not the Government but it is the competent …

Delhi High Court Disposes PIL Against Hinduja Group As IndusInd Bank Promoters, Directs RBI To Consider Representation
2 years, 8 months ago

Delhi High Court Disposes PIL Against Hinduja Group As IndusInd Bank Promoters, Directs RBI To Consider Representation

Live Law  

The Delhi High Court on Monday directed the Reserve Bank of India to treat as representation a PIL seeking to reconsider the decision to increase the stakes held by Hinduja Group as the promoters of IndusInd Bank.A Division Bench of Acting Chief Justice Vipin Sanghi and Justice Navin Chawla directed the RBI to examine the petition, highlighting the criminal antecedents …

RBI imposes penalty on PNB, ICICI Bank | Here's why
3 years ago

RBI imposes penalty on PNB, ICICI Bank | Here's why

India TV News  

Punjab National Bank and ICICI Bank were fined with a penalty of Rs. In a statement, the RBI said the Statutory Inspection for Supervisory Evaluation of Punjab National Bank was conducted by it with reference to its financial position as of March 31, 2019. In the case of the ICICI Bank, the RBI said the statutory inspection for supervisory evaluation …

PNB data breach: Bank denies claims, issues a four-point clarification note
3 years, 1 month ago

PNB data breach: Bank denies claims, issues a four-point clarification note

Live Mint  

Punjab National Bank has denied claims made in a cyber security firm's report that the personal data of the bank's millions of customers was breached due to a loophole in its system. According to the report by the cyber security firm Cyberx9, a vulnerability in the server of PNB allegedly exposed the personal and financial information of its about 180 …

Plea In Supreme Court Seeks Guidelines To Curb Net Cheating Online Banking Frauds
3 years, 5 months ago

Plea In Supreme Court Seeks Guidelines To Curb Net Cheating Online Banking Frauds

Live Law  

A writ petition has been filed before Supreme Court seeking directions to the government to frame legislative policy to ensure better investigation of online banking frauds and create a specialised investigation agency to deal with such matters, stressing on necessity to get remedy to deal with increasing number of such cases.The petition seeks appropriate directions to the Centre, Reserve. A …

HC asks RBI, SBI to maintain status quo on accounts of three Anil Ambani-led firms
4 years ago

HC asks RBI, SBI to maintain status quo on accounts of three Anil Ambani-led firms

Live Mint  

The Delhi high court on Wednesday directed the State Bank of India and the Reserve Bank of India to maintain status quo concerning the accounts of Anil Ambani’s Reliance Communications Ltd, Reliance Telecom and Reliance Infratel. A petition by RCom’s former director Punit Garg has challenged certain vires of RBI circular 2016 on the classification of the accounts as fraud. …

After Union Bank, IOB, Delhi HC Directs SBI, RBI To Maintain Status Quo On Classification Of Anil Ambani's RComm, Reliance Telecom Accounts
4 years ago

After Union Bank, IOB, Delhi HC Directs SBI, RBI To Maintain Status Quo On Classification Of Anil Ambani's RComm, Reliance Telecom Accounts

Live Law  

About a week after Union Bank of India and Indian Overseas Bank, State Bank of India and the Reserve Bank of India have been directed by the Delhi High Court to maintain status quo on the classification of Anil Ambani's Reliance Communication Ltd's and Reliance Telecom Ltd's accounts as 'fraudulent' until Jan 13, 2021. Issuing notice on a plea towards …

SBI, Punjab and Sind Bank allegedly cheated of over Rs 131 crores; CBI registers cases
4 years ago

SBI, Punjab and Sind Bank allegedly cheated of over Rs 131 crores; CBI registers cases

India TV News  

The State Bank of India and Punjab and Sind Bank have been allegedly cheated of over Rs 131 crores in two separate cases of fraud. The first case was registered on a complaint from SBI against a private company based in Gujarat's Ahmedabad and others including directors, public servants, and unknown others on the allegations of cheating the State Bank …

SBI, PNB, Bank of Baroda among banks cheated of Rs 525 crore; CBI registers 2 cases
4 years ago

SBI, PNB, Bank of Baroda among banks cheated of Rs 525 crore; CBI registers 2 cases

India TV News  

In a major banking fraud, prominent banks in the country have been cheated of over 500 crore rupees. According to the complaints registered with the probe agency, a consortium of banks including the State Bank of India was duped of Rs 452.62 crores and Bank of Baroda of Rs 73 crores. The first case was registered on the complaint from …

PNB Receives Rs 24 Crore from US Bankruptcy Proceedings of 3 Nirav Modi-promoted Firms: Govt
4 years, 4 months ago

PNB Receives Rs 24 Crore from US Bankruptcy Proceedings of 3 Nirav Modi-promoted Firms: Govt

News 18  

The Ministry of Corporate Affairs on Tuesday said Punjab National Bank has received over Rs 24 crore as the first tranche of recoveries from bankruptcy proceedings of three Nirav Modi-promoted companies in the US. In 2018, the lender had informed the ministry that three companies promoted by Nirav Modi — Firestar Diamond, Inc, A Jaffee, Inc and Fantasy, Inc had …

NCLAT Sets Aside Order Against Former PNB Official in Nirav Modi Case
4 years, 4 months ago

NCLAT Sets Aside Order Against Former PNB Official in Nirav Modi Case

News 18  

The National Company Law Appellate Tribunal has set aside an order to implead a former Executive Director of the Punjab National Bank in a matter related to Rs 14,000 crore scam involving diamond merchant Nirav Modi. In January 2019, the National Company Law Tribunal directed impleading 19 people, including the bank's former Executive Director K V Brahmaji Rao, in the …

CBI books Delhi-based private firm for defrauding SBI, PNB of Rs 398 crore
4 years, 6 months ago

CBI books Delhi-based private firm for defrauding SBI, PNB of Rs 398 crore

India Today  

The Central Bureau of Investigation has conducted searches in the national capital in connection with a bank fraud case of Rs 398 core. The two biggest lenders of country, State Bank of India and Punjab National Bank, have been defrauded to the tune of Rs 398 crore, said the agency. On the complaint of SBI, the federal probe agency booked …

PNB scam: Indian govt submits more proof against fugitive Nirav Modi in money laundering case
4 years, 7 months ago

PNB scam: Indian govt submits more proof against fugitive Nirav Modi in money laundering case

Firstpost  

The Indian government on Wednesday submitted further documents as “corroboratory evidence” in its case of fraud and money laundering against fugitive diamond merchant Nirav Modi, who is contesting his extradition to India at an ongoing hearing in Westminster Magistrates’ Court in London London: The Indian government on Wednesday submitted further documents as “corroboratory evidence” in its case of fraud and …

CBI brings PNB fraud case accused from Muscat
4 years, 10 months ago

CBI brings PNB fraud case accused from Muscat

India TV News  

The Central Bureau of Investigation on Saturday brought an accused in a bank fraud case from Muscat, Oman. In pursuance of existing RCN, Shri Sunny Kalra was apprehended by NCB Muscat, Oman and information was passed on to NCB India. Meanwhile, CBI with the help of Interpol was regularly in contact with NCB Muscat for the deportation of accused Sunny …

PNB loses UK High Court appeal in USD 45-million deceit claim
5 years ago

PNB loses UK High Court appeal in USD 45-million deceit claim

India Today  

The British subsidiary of Punjab National Bank has lost its UK High Court appeal in a USD 45-million deceit claim against seven individuals and two companies, based in India and the US. The issue in contention was whether the High Court of England and Wales should accept jurisdiction to try the claim by London-based Punjab National Bank International Limited's, involving …

PNB fraud: CBI set to file fresh charges in $2-bn loan forgery case; Nirav Modi's kin, 3 employees likely to be booked
5 years, 1 month ago

PNB fraud: CBI set to file fresh charges in $2-bn loan forgery case; Nirav Modi's kin, 3 employees likely to be booked

Firstpost  

PNB in 2018 alleged that a few rogue employees had issued fake bank guarantees over several years to help jewellery groups—controlled by Modi and his uncle Mehul Choksi—raise funds in foreign credit. Mumbai: The Central Bureau of Investigation will soon file fresh charges in the $2 billion Punjab National Bank fraud case and detail how the alleged wrongdoing was carried …

PNB bank fraud: CBI set to file fresh charges in $2 billion scam, says report
5 years, 1 month ago

PNB bank fraud: CBI set to file fresh charges in $2 billion scam, says report

Live Mint  

The Central Bureau of Investigation will soon file fresh charges in the $2 billion Punjab National Bank fraud case and detail how the alleged wrongdoing was carried out, according to a source with direct knowledge of the matter. In the CBI's initial charges, billionaire jeweller Nirav Modi, 21 other people, including PNB officials, and three Modi companies were accused of …

PMC bank fraud case: FIR filed by Mumbai police
5 years, 3 months ago

PMC bank fraud case: FIR filed by Mumbai police

Op India  

The Economic Offences Wing of the Mumbai Police has filed FIR against HDIL and Punjab & Maharashtra Cooperative Bank officials in the PMC bank fraud case. The persons named in the FIR include PMC bank’s former chairman Waryam Singh, former Managing Director Joy Joseph Thomas, Housing Development and Infrastructure Limited group promoters Sarang Wadhawan and Rakesh Wadhawan. After the Reserve …

Customers file police complaint against PMC Bank's officials
5 years, 3 months ago

Customers file police complaint against PMC Bank's officials

India TV News  

Several account holders of the crippled Punjab and Maharashtra Cooperative Bank filed a joint police complaint on Thursday against the bank's chairman and its directors for alleged misappropriation of funds of the customers, a police officer said. A delegation of account-holders went to Sion police station in central Mumbai and submitted the complaint against officials of the bank, on which …

₹14,000 crore PNB fraud case: Man accused of aiding Mehul Choksi refuses to take lie-detector tests
5 years, 4 months ago

₹14,000 crore PNB fraud case: Man accused of aiding Mehul Choksi refuses to take lie-detector tests

Hindustan Times  

One of the key accused in the ₹14,000 crore PNB fraud case, former bank deputy manager Gokulnath Shetty refused to undergo lie detector tests claiming that CBI’s allegation that he had made pecuniary gains was nothing but an “assumption”. PNB fraud accused Gokulnath Shetty was arrested for allegedly aiding Mehul Choksi siphon off money overseas Shetty is suspected of receiving …

High Court raps RBI for callous attitude in not filing response to PIL on financial data misuse
5 years, 5 months ago

High Court raps RBI for callous attitude in not filing response to PIL on financial data misuse

India TV News  

The Delhi High Court rapped the RBI on Friday for its "callous", "careless" and "negligent" attitude in not filing a response, from February till date, to a PIL seeking to stop banks from sharing the PAN and financial transaction data of clients with credit rating agencies without the customers' formal consent. It added that it was high time to direct …

Allahabad Bank reports ₹1775 core fraud by Bhushan Power & Steel
5 years, 5 months ago

Allahabad Bank reports ₹1775 core fraud by Bhushan Power & Steel

Live Mint  

New Delhi: After Punjab National Bank, another state-owned lender Allahabad Bank Saturday reported a fraud of over ₹1,774 crore by Bhushan Power and Steel to the Reserve Bank of India. In a regulatory filing, Allahabad Bank said on the basis of the findings of the forensic audit investigation and the CBI's FIR against the company and its directors, alleging diversion …

PNB shares tank after lender detects another fraud
5 years, 6 months ago

PNB shares tank after lender detects another fraud

Live Mint  

Shares of Punjab National Bank slumped over 7% on Monday after the lender was hit by yet another fraud, this time by Bhushan Power & Steel Ltd. At 9.30 am, the stock was at ₹75.80 on BSE, down 5.57% from its previous close. On Saturday, the bank reported ₹3,805.15 crore fraud with exposure of ₹3,800 crore includes domestic exposure of …

Punjab National Bank hit by another fraud, this time of Rs 3,800 crore
5 years, 6 months ago

Punjab National Bank hit by another fraud, this time of Rs 3,800 crore

India Today  

The Punjab National Bank on Saturday said it had reported a borrowing fraud of Rs 38.05 billion in Bhushan Power & Steel Ltd's account to the Reserve Bank of India. The fraud, "alleging diversion of funds from the banking system", was being reported to the RBI on the basis of the findings of the forensic audit and the federal police …

PNB fraud case: Nirav Modi suffers huge blow as Singapore HC freezes kin's bank deposits of Rs 44.41 cr
5 years, 6 months ago

PNB fraud case: Nirav Modi suffers huge blow as Singapore HC freezes kin's bank deposits of Rs 44.41 cr

Firstpost  

The two are the sister and brother-in-law of Modi, who is currently under arrest in this alleged bank fraud case in London. The Singapore High Court has ordered freezing of bank deposits worth Rs 44.41 crore kept in that country by Punjab National Bank fraud-accused Nirav Modi’s two relatives as part of a money laundering probe in India, the Enforcement …

All PNB Scam Cases To Be Heard By One Court Designated Under Both PMLA And Prevention Of Corruption Act: Bombay HC [Read Order]
5 years, 8 months ago

All PNB Scam Cases To Be Heard By One Court Designated Under Both PMLA And Prevention Of Corruption Act: Bombay HC [Read Order]

Live Law  

The Bombay High Court ruled on Wednesday that one court designated under both the Prevention of Money Laundering Act and the Prevention of Corruption Act will hear all cases related to the Rs.11,400-crore PNB scam led by absconding diamond merchant Nirav Modi.Justice Mridula Bhatkar directed Principal Judge of the City Civil & Sessions Court, Greater Mumbai, to assign these. The …

Nirav Modi case: Ex-PNB chief Usha Ananthasubramanian approaches National Company Law Appellate Tribunal
5 years, 9 months ago

Nirav Modi case: Ex-PNB chief Usha Ananthasubramanian approaches National Company Law Appellate Tribunal

Firstpost  

Usha Ananthasubramanian approached the NCLAT against the NCLT order which has made her a respondent in the PNB-Nirav Modi fraud case New Delhi: Former Punjab National Bank managing director and CEO Usha Ananthasubramanian has approached the National Company Law Appellate Tribunal against the National Company Law Tribunal Mumbai-bench order, which made her a respondent in the PNB-Nirav Modi fraud case. …

RBI slaps Rs 2 crore penalty on PNB for violating SWIFT norms
5 years, 9 months ago

RBI slaps Rs 2 crore penalty on PNB for violating SWIFT norms

India TV News  

The RBI has slapped a penalty of Rs 2 crore on Punjab National Bank for non-compliance of regulatory directions with regard to SWIFT operations, the state-run lender said Tuesday. In a regulatory filing, the PNB said the Reserve Bank in a letter dated March 25 has informed the bank about the penalty. "In the matter of violations of regulatory directions …

How PNB fraud exposed chinks in India’s banking industry
5 years, 9 months ago

How PNB fraud exposed chinks in India’s banking industry

Live Mint  

New Delhi: The arrest of billionaire jeweller Nirav Modi in the $2 billion PNB fraud case represents a milestone in India’s efforts to deal with those attempting to dupe its banking system, say experts. Having gone unnoticed for several years, the PNB fraud exposed the weak spots in India’s banking regulation and oversight. Ved Jain, former president of accounting rule …

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