February 27, 2018 / 4:41 AM / a year ago

TAKE A LOOK-PNB hit by $1.77 bln scam in India's biggest bank fraud

MUMBAI, Feb 27 (Reuters) - A $1.77 billion fraud at India’s second-biggest state-run lender Punjab National Bank has stunned the country’s financial sector. The alleged fraud, by far the biggest ever detected by a local bank, is centred around companies linked to a billionaire jeweller Nirav Modi and his uncle Mehul Choksi, owner of Gitanjali Gems Ltd .

Here are some recent stories about the allegations and the investigation.


> Punjab National Bank says scam may cost bank nearly $2 bln

> India’s Choksi claims innocence in PNB fraud with open letter

> India seizes jeweller’s farmhouse, power plant after PNB fraud

> India’s RBI orders changes to bank protocols after $1.8 bln fraud case

> Indian auditor group begins probe into PNB fraud case

> India seizes billionaire jeweller’s Rolls-Royce, Porsche in bank fraud probe

> Bank executive among six remanded in $1.8 bln Indian fraud probe

> India’s Jaitley slams overnight lapses amid huge bank fraud probe

> Indian agency probing 100 shell cos for links to bank fraud case

> Indian jeweller Nirav Modi denies allegations in PNB fraud case

> Nirav Modi says PNB closed all options to recover dues by going public-report

> India’s PNB will need to own responsibility for “bonafide transactions”-finmin


> EXCLUSIVE-India’s PNB adopts strict SWIFT controls after mega fraud case

> EXPLAINER - How PNB fell victim to country’s biggest bank fraud

> INSIGHT-Eyes wide shut-the $1.8 bln Indian bank fraud that went unnoticed

> INSIGHT-Billion dollar diamond fraud case puts India’s state banks in focus

> EXCLUSIVE-Indian banks may take more than $3 bln hit from PNB fraud-tax dept

> NEWSMAKER - Jeweller to Hollywood stars accused of massive bank fraud


> India’s fraud-hit PNB says can recover quickly, as police widen probe

> Unpublished data shows India’s fraud problems extend far beyond PNB

> RBI to take ‘supervisory action’ against fraud-hit PNB

> Fraud-hit PNB looking to monetise assets - source

> BREAKINGVIEWS - India’s bad borrowers are a big problem for Modi

> PNB seeks to soothe investors after uncovering massive fraud

> BREAKINGVIEWS - India’s $1.8 bln scam turns up heat on bank reform

> Indian billionaire jeweller investigated over bank fraud

> PNB detects $1.77 bln fraud in latest India bank case


> India's Rising Bank Loan Frauds tmsnrt.rs/2soUiiw

> India's $1.77 bln bank fraud tmsnrt.rs/2C9xTKf (Compiled by Swati Bhat and Devidutta Tripathy)

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