Webb7 juli 2024 · After Nirav Modi, kin fled India, US firm gave them Rs 50 crore via credit cards: probe. Saumil Diam LLC, a company that has links to both Nirav Modi and his maternal uncle Mehul Choksi, accused of fraudulent transactions at PNB, allegedly allowed Nirav Modi and his kin the use of its corporate credit cards, sources told The Indian Express. WebbPNB 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 …

Punjab National Bank $1.8B Fraud Raises Questions About

WebbFollowing the PNB fraud case, jewellers are facing challenges in availing funds from banks. The argument from banks was that every jeweller is ‘misusing’ the funds, but not everybody is doing that, he said. To another question, he said the gems and jewellery industry was valued at Rs two lakh crore with annual growth of 7-10 per cent. Webb19 dec. 2024 · The Rs 12,700 crore scam involves at least six banks, raising doubts over the internal safety of operations in financial firms. It may be noted that the PSBs lost at least Rs 227 billion to bank frauds in the last five years. The magnitude of PNB scam is very exorbitant and it has been happening for more than five years undetected. cilla black sing a rainbow

PNB-Nirav Modi fraud: How future banking scams may be prevented

WebbThe fraud is expected to have far-reaching impacts on the international operations of a consortium of Indian banks, including Axis Bank and Allahabad Bank. As expected, the stock market has reacted negatively to this development with PNB’s stock seeing a 17% fall and Nifty PSU Bank seeing a 5% fall. How the PNB fraud unfolded WebbNirav Modi and his uncle Mehul Choksi have been accused of defrauding PNB through the use of fraudulent Letters of Undertaking (LoUs) to get credit from overseas branches of … cilla black royal variety performance 2001