ppt on Nirav Modi or PNB scam with all details till 2020
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HERE IS THE PPT ON PNB SCAM
NIRAV MODI
WE MADE IT BASED ON EARLIER FACED FRAUD BY PNB
FRAUDSTER NAME IS NIRAV MODI
I THINK IT WILL CLEAR ALL YOUR DOUBTS ABOUT SCAM
1) 11400 Crores Fraud
2) Nirav Modi, the billionaire jeweler who along with others scammed Punjab National Bank (PNB) of over 11400 crore’s has fled the country.
3) Apparently Nirav modi spotted in which place WE DON’T KNOW But What exactly is this scam?
4) The CBI has registered a case against Nirav Modi on January 29. Punjab National Bank registered a case against Nirav Modi, His Brother Neeshal & His Uncle Mehul Choksi on February 13.
5) The Bank initially reported a scam of rupees 280 crores. But it was later realized to be rupees 11400 crores. This is a lot of money. So how does one get away with a scam of such magnitude? Possibly it is one of the biggest in Indias’s banking history.
6) Nirav Modi is an importer of diamonds. Basically importers prefer to take loans in foreign currencies as interest rates on that are lower. In this case a loan that is taken from any overseas bank guaranteed by PNB. Then what Modi had to do was approach PNB & ask for buyers credit? In order to do this PNB had to issue a “letter Of Undertaking” to an overseas bank. Basically LoU guarantees an overseas bank that if it gives money for a specified period to identified by the home bank (in this case PNB) then the home bank will assure that the money will be returned to the overseas bank.
7) Most of these overseas banks are Indian Banks with foreign branches. So the overseas bank directly give to loan PNB not Nirav Modi. An account has to create by PNB called a NOSTRO account where the overseas bank gives the loan.
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Punjab National Bank Fraud (Nirav Modi Scam) ppt presentation slideshareFatema Tandiwala
A case study presentation on Punjab National Bank scam (Nirav Modi)
India's second largest state-owned lender Punjab National Bank disclosed on Feb. 14, 2018 that it was the victim of the country’s largest bank fraud.
PNB revealed that fraudulent transactions by billionaire jeweler Nirav Modi and related entities amounted to $1.77 billion or over Rs 11,400 crore.
The key accused in the case were jeweler and designer Nirav Modi, his maternal uncle Mehul Choksi, and other relatives and some PNB employees.
Nirav Modi and his relatives escaped India in early 2018, days before the news of the scam became public.
PNB scam has been dubbed as the biggest fraud in India's banking history.
HERE IS THE PPT ON PNB SCAM
NIRAV MODI
WE MADE IT BASED ON EARLIER FACED FRAUD BY PNB
FRAUDSTER NAME IS NIRAV MODI
I THINK IT WILL CLEAR ALL YOUR DOUBTS ABOUT SCAM
1) 11400 Crores Fraud
2) Nirav Modi, the billionaire jeweler who along with others scammed Punjab National Bank (PNB) of over 11400 crore’s has fled the country.
3) Apparently Nirav modi spotted in which place WE DON’T KNOW But What exactly is this scam?
4) The CBI has registered a case against Nirav Modi on January 29. Punjab National Bank registered a case against Nirav Modi, His Brother Neeshal & His Uncle Mehul Choksi on February 13.
5) The Bank initially reported a scam of rupees 280 crores. But it was later realized to be rupees 11400 crores. This is a lot of money. So how does one get away with a scam of such magnitude? Possibly it is one of the biggest in Indias’s banking history.
6) Nirav Modi is an importer of diamonds. Basically importers prefer to take loans in foreign currencies as interest rates on that are lower. In this case a loan that is taken from any overseas bank guaranteed by PNB. Then what Modi had to do was approach PNB & ask for buyers credit? In order to do this PNB had to issue a “letter Of Undertaking” to an overseas bank. Basically LoU guarantees an overseas bank that if it gives money for a specified period to identified by the home bank (in this case PNB) then the home bank will assure that the money will be returned to the overseas bank.
7) Most of these overseas banks are Indian Banks with foreign branches. So the overseas bank directly give to loan PNB not Nirav Modi. An account has to create by PNB called a NOSTRO account where the overseas bank gives the loan.
.
.
.
.
.
More.........
Punjab National Bank Fraud (Nirav Modi Scam) ppt presentation slideshareFatema Tandiwala
A case study presentation on Punjab National Bank scam (Nirav Modi)
India's second largest state-owned lender Punjab National Bank disclosed on Feb. 14, 2018 that it was the victim of the country’s largest bank fraud.
PNB revealed that fraudulent transactions by billionaire jeweler Nirav Modi and related entities amounted to $1.77 billion or over Rs 11,400 crore.
The key accused in the case were jeweler and designer Nirav Modi, his maternal uncle Mehul Choksi, and other relatives and some PNB employees.
Nirav Modi and his relatives escaped India in early 2018, days before the news of the scam became public.
PNB scam has been dubbed as the biggest fraud in India's banking history.
The Presentation is prepared on the fraud case which happened at Punjab National Bank involving Gitanjali Gems Ltd. in the year 2018. The Presentation gives insights of the incident happened and how it is linked with violation of ethics in Indian ethos.
A case study on how Harshad Mehta scammed the entire stock market. There are certain examples and history on how he played a role as a stockbroker.
The underlined and highlighted words can be googled to further more enhance your knowledge.
Satyam and Nirav Modi Scam ( case study) by Karan SetiaKaran Setia
This presentation is about the complete case study of two of the biggest scams in the Indian banking and Stock Market History.
Nirav Modi, a diamantaire how he got famous with his links and fooled the Indian banking system with the help of his connections.
Satyam Computers Stock Market scam is still the biggest scam in the Indian history again bypassing with the loopholes in the Indian system
After seeing the scam web series most of the people are interested to know the biggest scam in the history of India. So Detained Engineers are providing Top 5 Biggest scams in the History of India. So know the list of these scams.
The Presentation is prepared on the fraud case which happened at Punjab National Bank involving Gitanjali Gems Ltd. in the year 2018. The Presentation gives insights of the incident happened and how it is linked with violation of ethics in Indian ethos.
A case study on how Harshad Mehta scammed the entire stock market. There are certain examples and history on how he played a role as a stockbroker.
The underlined and highlighted words can be googled to further more enhance your knowledge.
Satyam and Nirav Modi Scam ( case study) by Karan SetiaKaran Setia
This presentation is about the complete case study of two of the biggest scams in the Indian banking and Stock Market History.
Nirav Modi, a diamantaire how he got famous with his links and fooled the Indian banking system with the help of his connections.
Satyam Computers Stock Market scam is still the biggest scam in the Indian history again bypassing with the loopholes in the Indian system
After seeing the scam web series most of the people are interested to know the biggest scam in the history of India. So Detained Engineers are providing Top 5 Biggest scams in the History of India. So know the list of these scams.
Neerav Modi, a prominent figure in the corporate world, gained notoriety for his involvement in one of the most infamous corporate scams in India. As a diamond merchant and the founder of Firestar Diamond, he orchestrated a multi-billion-dollar fraud that shook the financial landscape. Modi's fraudulent activities came to light in 2018 when Punjab National Bank disclosed unauthorized transactions amounting to over $2 billion. This elaborate scam involved the issuance of fraudulent letters of undertaking, allowing Modi and his associates to obtain credit from foreign branches of Indian banks. The Neerav Modi corporate scam raised concerns about regulatory oversight, corporate governance, and the need for stricter measures to prevent such financial misappropriations.
Bad boys billionaire review of all the 3 episodesDksCreation
A complete review of Bad boys billionaire series of Netflix of all the 3 episodes in consideration of financial aspect, and how they have managed to escape covering all the loopholes they made .
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
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Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
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The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
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2. Who is Nirav Modi
6
At the height of his successful business career, he was
known as one of the Indian diamond kings and his
jewelry was worn by Kate Winslet for the Oscars.
Become Indian Diamond King
4
Under Mehul Choksi, Modi learned the tricks of the
trade in the diamond industry and eventually went on to
found ‘Firestar’ in 1999 a diamond sourcing and trading
company.
What he learned
5 Modi’s popularity grew after he designed the “Golconda
Lotus Necklace” with an old, 12-carat, pear-shaped
diamond in 2010 and the Riviere of Perfection, featuring
36 flawless white diamonds weighing a total of 88.88
carats, being sold at Sotheby’s auction.
popularity
his father accompanied to join his uncle Mehul Choksi’s
business at the age of 19. Mehul Choksi was the head of
the Gitanjali Group.
How He started
3
2
He was also ranked 57th in the Forbes list of billionaires
for 2017. Nirav Modi was born into the diamond
business in Gujarat but was bought up in Belgium.
position
1 Nirav Modi is a luxury diamond jeweler and designer
who featured on listed containing the diamond kings of
India.
about
3. How scam executed?
01
Nirav Modi made use of a banking instrument known as the LOU (Letters of Undertakings).
Nirav Modi approached PNB for an LOU which was used as collateral for these short term
loans.
02
These LOUs, however, are supposed to be given out only when the client has collateral in the
domestic bank issuing the LOU. But PNB ignored these requirements and gave out the LOUs on
Modi’s guarantee.
03
He simply took another LOU from PNB of a higher amount. This was used to pay back the old
loan and the additional amount was reinvested. By 2018 Nirav Modi had received 1,212 more
such LOUs.
04
Modi had grown his business in a span of 5 years what would otherwise have taken 20 years.
Modi had planned to eventually list his “successful” company, with securities being sold at a
premium.
05
in 2018 when the employees of his companies approached PNB once again for LOUs the bank
employees demanded 100 percent cash margins. Nirav Modi’s firms contested this
requirement. They claimed that they had availed LOUs without collateral before.
5. Why PNB is not able to track fraud before 2018?
Swift
Swift
IN PNB CASE
Swift message is normally linked with
core banking system and entries are
made automatically for messages and
issue of LOU in CBS.
NORMAL CASE
Swift message is not linked with core
banking system in PNB and no entries are
made for messages and issue of LOU in
CBS.
6. What happen after scam?
B C
D E
A
The Punjab National Bank (PNB), one of country's largest public sector lenders,
found itself in the middle of a ₹11,400 crore transaction fraud case in February
2018
B
The bank had detected and informed the the Bombay Stock Exchange about
some "fraudulent and unauthorized transactions" in one of its branches in
Mumbai to the tune of $1771.69 million (approx.).
C
This was in addition to the ₹280 crore fraud case that Nirav Modi was already
under investigation for, again filed by the PNB.
D
On 29 January 2018, PNB filed a complaint with the CBI, wherein it was alleged
that Nirav, Ami Modi, Nishal Modi and Mehul Choksi with two bank officials
committed the offence of cheating against PNB and caused a wrongful loss.
E
The PNB official in his complaint informed the agency that at the Bank's branch
office at Brady House two of its employees issued fraudulent Lou's to Hong
Kong based creditors on behalf of three firms associated with Nirav Modi and
the Gitanjali Group.
7. How much money recovered?
Special economic zone property
worth of Rs.1200 crore belongs
to Choksi.
So Far, Rs.6393 Crore has been
Seized.
141 bank A/C and FD has been attached
by IT Department.
Enforcement Directorate (ED) seized
luxury cars of Nirav Modi worth approx. 6-
7 crores.
280 crores Approx. from Bank A/Cs &
properties has been seized by ED.
Rs.5100 crore in Gold and Diamond
Jewelry has been seized by ED.
8. EFFECT OF SCAM ON PNB & OTHER
PUBLIC SECTOR BANKS
The share price of Gitanjali Gems fallen down from
Rs.64.2 to Rs.15.8 as on 09th Mar,2018 and now it
becomes Rs. 1.08.
Sanjay Rishi (American Express), Gautham Mukkavilli (Ex.
Executive pepsico), Suresh senapaty (Ex. CFO of Wipro),
Kirthiga reddy (Ex.MD of FB India) resigned from Nirav modi’s
Firestar Co. board.
The RBI stops banks to issue LOU.
Because of the fraud, PNB has lost Trust of People.
Moody and Fitch places PNB under review for
downgrade. Moody’s has rated PNB ‘Baa3’ and
Fitch has rated ‘bb’.
The stock price of PNB has fallen down from
Rs.160 to Rs.95.5 as on 9th Mar,2018 and now it
becomes Rs.33.40.
The NIFTY Bank also fallen down 25810.25 to
24477.65 (1332.66 Points).
RBI has said to PNB to pay all debts to other banks.
Effect of
Scam
