February 27, 2018 / 12:07 PM / 2 years ago

TAKE A LOOK-PNB hit by $2 bln scam in India's biggest bank fraud

MUMBAI, Feb 27 (Reuters) - A $2 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.


>Nirav Modi’s Firestar Diamond files for bankruptcy in U.S.

>India gives state-run banks 15 days to improve oversight

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Unpublished data shows India’s fraud problems extend far beyond PNB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