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5 Recent Banking Frauds In India

Recently exposed Rs 11346 crore fraud by renowned jewellers Nirav Modi and three other jewellers to country’s second-largest public sector bank PNB has caused a stir in banking industry. It may be the biggest banking scam till date. RBI has directed PNB to pay entire Rs 11346 crore to the lenders or it may lead to turmoil in financials of the banks. Following are some other scams which hit the news earlier:

Photo Credit : PTI

On 14th Feb 2018, PNB noticed fraudulent transactions worth Rs 11,346 crore at one of its branches in Mumbai. Apparently the branch staff issued fake LoU (Letter of understanding) for buyer’s credit to companies of Nirav Modi and Gitanjali Group. Companies like Gitanjali Gems, Gili India, Nakshatra and Nirav Modi are said to be involved in this scam.