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PNB fraud case: Fire Star Diamond s president, 5 others sent in CBI custody
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PNB Fraud Case : PMO working on resolving Nirav Modi fraud, says MoS Finance
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PNB Fraud Case: Trouble mounts for Mehul Choksi as CBI registers fresh FIR
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PNB detects India s biggest USD 1 77 bn banking fraud with links to Nirav Modi
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What is Punjab National Bank scam and how Nirav Modi was involved – Explained
Diamond merchant Nirav Modi, the main accused in the Punjab National Bank (PNB) scam, will be brought to India from Britain. A London court on Thursday ruled that Nirav Modi can be extradited to India to face charges of fraud and money laundering.
What is PNB scam
PNB is India s second-biggest state-run lender. The scam stunned the financial sector of the country after a fraud worth Rs 11, 400 crore was unearthed at a single branch in Mumbai.
The bank discovered that at least 2 of its employees - deputy manager Gokulnath Shetty and clerk Manoj Kharat - from its Brady House branch in Mumbai repeatedly issued Letters of Undertaking (LoU) to Nirav Modi s companies without following the processes. According to the bank, the employees issued the LoUs without securing cash reserve or collateral and without recording the transactions in the bank s core banking software.