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Dec 31, 2020 · In the case of PNB, the LOU’s were issued in favour of Nirav Modi bypassing the bank’s reporting system using SWIFT messages to overseas banks without authorization. Nirav Modi, with the assistance of senior PNB officials, was able to obtain LOUs without submitting any securities.
May 17, 2024 · This article explores the Punjab National Bank (PNB) fraud case, popularly known as the Nirav Modi scam, highlighting its significance as one of India’s largest banking frauds. Through an analysis of the fraudulent scheme, the study sheds light on operational weaknesses within the banking sector and regulatory lapses that enabled the fraud to ...
Sep 8, 2021 · In the year 2017, it was found that PNB was involved in a huge scam of around 11,000 Cr Rupees by issuing. false bank guarantee in an unethical manner to a business tycoon Mr. Nirav Modi. He...
PNB claimed that Nirav Modi and his company got a loan worth 1.77 billion through a false bank guarantee. In this way Nirav got a loan from the foreign branch of Indian bank. In order to avoid detection they bypassed the lender’s internal message system. Source-https://www.businesstoday.in/sectors/banks/nirav -modi case pnb fraud 11400 crore
On 13 June 2018, the CBI approached the Interpol to issue a red corner notice (RCN) against Nirav Modi's brother Nishal and one of his executives in connection with its probe into the Punjab National Bank (PNB) fraud. The CBI sent a request to the Interpol to issue a RCN against Nirav Modi and his uncle Mehul Choksi of the Gitanjali Group. [13]
Nov 9, 2022 · After multiple twists and turns in a protracted legal case, Modi on Wednesday lost his appeal against extradition to India as the High Court in London ruled that his risk of suicide is not such that it would be either unjust or oppressive to extradite him to face charges of fraud and money laundering.
study cases of two big frauds in banking history . The Punjab National bank (PNB), that is currently facing the heat of the Rs 11,400 crore fraud by billionaire jeweler Nirav Modi, has reportedly had 184 cases of frauds by its employees in this time period.
