You are here
Home > News > Punjab National Bank 11400 Crore Fraud

Punjab National Bank 11400 Crore Fraud

Punjab National Bank 11400 Crore fraud

CBI handles the Punjab National Bank 11400 Crore fraud case and it is the biggest scam found in Indian Banking sector till now. Diamond Jeweler Nirav Modi, Ami(Wife of Nirav Modi), Nishal(brother) and Mehul Chinubhai Choksi(Maternal Uncle) are the main culprit of the scam.
Punjab National Bank 11400 Crore Fraud

PNB suspended 10 officials as part of enquiry. Nirav Modi is already being investigated for another fraudulent case in Punjab National Bank.

How the Punjab National Bank 11400 Crore fraud happened?

Nirav Modi used the Buyers Credit Letter of Comfort facility to withdraw large amount of money from foreign banks and left without paying back. Punjab National Bank given complaint to CBI for this and registered the FIR on January 31, 2018.

Gokul Nath Shetty who worked as a higher employee in Punjab National Bank helped Nirav Modi for the manipulation. Gokul Nath Shetty retired in 2017. The employee replaced Gokul Nath found the fraud and reported.

SRS

One thought on “Punjab National Bank 11400 Crore Fraud

Leave a Reply

Top
%d bloggers like this: