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
ppt on Nirav Modi or PNB scam with all details till 2020
the data is collected from Wikipedia, articles, and videos available on youtube and other platforms.
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.
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 placeWE DON’T KNOWBut 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.........
ppt on Nirav Modi or PNB scam with all details till 2020
the data is collected from Wikipedia, articles, and videos available on youtube and other platforms.
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.
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 placeWE DON’T KNOWBut 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.........
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.
A study on Vijay Mallya Scam Case: Vijay Vittal Mallya, once known to you and me as ‘The King of Good Times’ or also dubbed ‘ The playboy of the East’ was born to the Indian Entrepreneur Vittal Mallya in 1955. Vittal Mallya was largely known for the role played as the director of United Breweries (UB) Group which he achieved at the age of 23. Following his father’s sudden demise Vijay Mallya became chairman of the UB Group.Vijay Mallya was always known for his flamboyant and posh lifestyle. A testament to these were the lavish New Year Parties at his Kingfisher Villa in Goa or the birthday bashes thrown on his luxurious Yacht ‘ The Indian Empress’.
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.
A study on Vijay Mallya Scam Case: Vijay Vittal Mallya, once known to you and me as ‘The King of Good Times’ or also dubbed ‘ The playboy of the East’ was born to the Indian Entrepreneur Vittal Mallya in 1955. Vittal Mallya was largely known for the role played as the director of United Breweries (UB) Group which he achieved at the age of 23. Following his father’s sudden demise Vijay Mallya became chairman of the UB Group.Vijay Mallya was always known for his flamboyant and posh lifestyle. A testament to these were the lavish New Year Parties at his Kingfisher Villa in Goa or the birthday bashes thrown on his luxurious Yacht ‘ The Indian Empress’.
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
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.
Indian economy is one of the world’s fastest growing economies with special growth of banking sector in the past few decades. Banking sector is the backbone of any economy. The Indian banking sector has experienced considerable growth since the introduction of financial sector reforms and liberalisation of economy in 1991. Though the banking industry is well regulated by Reserve Bank of India, still the sector suffers from financial distress. This study endeavours to cover banking frauds. In this article, author analyses the current financial difficulties in the banking sector due to the scams and frauds. The report discusses about the case of mounting Non performing assets in past few years across Indian scheduled public sector banks. Majority of the banks in India are facing the problems of low lending rate and nonperforming assets. Scams and non payment of the loans by the influential and wilful defaulters are one of the major problems for the banks at present. The author suggests certain measures to reduce banking sector frauds. Mrs Sunindita Pan "Analysis of Frauds in Indian Banking Sector" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-3 , April 2020, URL: https://www.ijtsrd.com/papers/ijtsrd30238.pdf Paper Url :https://www.ijtsrd.com/economics/financial-economics/30238/analysis-of-frauds-in-indian-banking-sector/mrs-sunindita-pan
The bank, established in 1984 in Sion, central Mumbai, has branches in six states but most of them are concentrated in Mumbai and Delhi.
On September 24, the bank’s managing director, Joy Thomas, had sent a text message to depositors about the RBI’s regulatory restrictions capping withdrawals up to Rs 1,000 for six months.
Thomas has since been arrested, along with the promoters of the Housing Development Infrastructure Limited (HDIL), Rakesh and Sarang Wadhawan, in an alleged fraud case.
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
2. INTRODUCTION
On 29th Jan,2018, PNB (Punjab National Bank) filed a criminal complaint
with India`s federal investigative agency against three companies and four
people, including billionaire jeweller Nirav Modi and his uncle Mehul
Choksi, the managing director of Gitanjali Gems, saying they had
defrauded PNB and caused a loss of 2.8 billion rupees ($43 million).
In a regulatory filing on Feb. 14, the bank updated the sum involved in the
fraud to 113.94 billion rupees ($1.77 billion), which it said was
determined after further investigation at its Mumbai's Brady branch.
This fraud is done by Nirav Modi in 2011 who fraudently raised funds
worth of Rs.12,636 crore from various public & private sector banks by
showing Letter of Undertaking (LOU) issued by Punjab National
Bank.
3. PERSONS INVOLVED IN SCAM
Nirav Modi – Nirav Modi is the Owner of Nirav Modi firm, Diamond
RU.S.,Stellar Diamond and Solar Exports and the prime accused in this
scam.
Mehul Choksi – Mehul Choksi is the Owner of Gitanjali Group and the
uncle of Nirav Modi.
PNB Employees - Gokul Nath Shetty (Retired Deputy Manager), Manoj
Kharat (Clerk), Hemant bhat (Clerk and Authorised Signatory), Bechhu
Tiwari (Forex dept.Chief manager),Yaswant joshi, Praful sawant ( They
were trying to shift the blames to their colleagues.)
MK Sharma – Internal Auditor and chief manager of PNB.
Vipul Ambani – CFO of Nirav Modi Company.
Kavita Mankikar - Executive Assistant and Authorized Signatory.
Arjun Patil – Senior Executive of Fire Star Group.
Kapil Khandelwal - CFO of Nakshtra and Gitanjali Group.
Niten Shahi – Manager of Gitanjali Group.
4. Rajesh Jindal: General Manager of PNB . He has headed Brady Branch in
between 2009-11.
Bishnubrata Mishra: Formar internal auditor of PNB. He was responsible for
auditing the transactions between 2011-15.
Miten Anil Pandaya: Financial Manager of Firestar International Ltd.
Sanjay Rambiya: CA firm Sampat & Mehta partner.
5. ROLE OF AUDITOR
MK Sharma the senior internal auditor of PNB Brady branch was responsible for
auditing the system and practices of Brady branch and to report any fraud with
zonal office.
MK Sharma was knowing about the fraud but didn’t file any complaint with audit
office.
According to one report bank didn’t have enough independent members on
auditing board during 2015-17.
According to ICAI is mandatory for every auditor to verify and scrutinized every
transaction which takes place through SWIFT. But in this case the auditor
deliberately didn’t verify the transactions done through SWIFT.
The internal auditor, concurrent auditor & statutory auditor of the bank should have
been checking the transactions which was done through SWIFT but they
deliberately ignored all the transactions.
The audit committee of the board overseas a quarterly report, particularly on the
foreign exchange dealing of the branch. But they didn’t examine the quarterly
report of foreign exchange dealing.
On march 2013, Non fund based loan of PNB was Rs.407 crore, on march 2014 it
zoomed to Rs.3458 crore and on march 2017, it raised to Rs.4302 crore.
6. HOW DID PNB SCAM OCCUR
Nirav Modi exported rough stone form foreign countries worth crores of rupees.
The employees at PNB Brady House branch fraudently issued a LoU for 365
days without making any provisions for collateral and bypassing Core Banking
System (CBS).
The Nirav Modi’s three companies named Diamond R US, Solar export and
Stellar diamond allegedly raised loans from Axis Bank, UCO Bank and
Allahabad Bank by showing LoU.
The firm also raised funds from Indian bank's overseas branch for paying to
the suppliers.
Nirav modi’s firm again requested the bank to issue another LoU but the
officials refused on ground that the company has to keep collateral with bank
but Modi’s firm argued that no such money was kept on margin for the previous
LoU.
After that PNB officials started scanning the records and didn’t find any such
transactions and then filed a complaint with CBI.
7. WHY THE SCAM COULDN‘T BE DETECTED
EARLIER
The failure of Auditors – Auditors failed to detect any frauds which took
place in PNB Brady branch, Mumbai
Not linkage of SWIFT with CBS – Society for Worldwide Interbank
Financial Telecommunication (SWIFT) and Core Banking System (CBS)
was not linked with each other.
Management Failure – The management system was very weak and
couldn’t detect any fraud because the Deputy Manager of branch himself
was involved in the fraud.
No rotation of Employees – According to Reserve Bank of India (RBI)
guidelines ,every employees working in banks should be rotated from one
position to other position in every three years but the same was not done
in the PNB Brady Branch.
8. WHISTLE BLOWER
On July 26, 2016 Bangalore based Entrepreneur Hari Prasad had written
to the prime minister’s office (PMO) drawing the attention of the authorities
towards what he thought could lead to a huge scam. According to Prasad,
the balance sheets clearly gave out all the details.
He said that he had filed a complaint against Mehul Choksi – one of the
prime accused in the Rs.11,380-crore Punjab National Bank scam – after
the latter’s company cheated him of Rs 13 crore.
He then registered a complaint with the Bengaluru Police against Choksi
and his group companies in 2015. A year later, he wrote to the
Enfc(orcement Directorate, the Central Bureau of Investigation, the
Securities and Exchange Board of India, the Ministry of Corporate Affairs
and even the Prime Minister’s Office.
Whistleblower Dinesh Dubey, a former Allahabad Bank director, has made
abundantly clear the number of interventions he had attempted to make
regarding unsanctioned loans to Mehul Choksi ("I have mailed multiple
times. On every agenda. I have done my duty.“)
13. EFFECT OF SCAM ON PNB & OTHER
PUBLIC SECTOR BANKS
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.
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.
The share price of Gitanjali Gems fallen down from Rs.64.2 to Rs.15.8 as on
09th Mar,2018
Sanjay Rishi (AmericanExpress), 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.
Gitanjali Gems Share price fallen to 11.15 from 63.55(open price) as on
14.2.2018.
14.
15. INTERESTING AND SHOCKING FACTS
ABOUT BANKING FRAUD (DATA
RELEASED BY RBI)
According to the survey of IIM Bangalore, PSB has lost a total of
Rs.227.43 billion due to bank fraud between 2012 to 2016.
During the first nine month of 2016-2017, 3870 cases were detected worth
of Rs.17750.27 crore.
PSU have NPA of Rs.7.34 lakh crore and Private banks have Rs.1.03
lakh crore by end of September 2017.
SBI has the highest PSU of Rs.1.86L crore, PNB = 57,630 crore
Between 1 Jan 2015 to 31 March 2017, 5200 employees of PSB have
been punished for fraud. (184 PNB Employee)
From 1 April 2013 to 31 December 2016, all commercial banks lost nearly
66,066 crore in 17,504 frauds.
16.
17. ASSETS SEIZED
Enforcement Directorate (ED) seized luxury cars of Nirav Modi (Rolls Royce
Ghost, 2 Mercedes Benz GL Class, Porsche Panamera, Toyota Fortuner, 3 Honda
cars and Toyota Innova)
Rs.30 crore in bank account and shows worth Rs.13.86 crores.
Mutual funds and shares worth Rs.94.52 crore were frozen which belongs to Nirav
Modi and Mehul Choksi.
Special economic zone property worth of Rs.1200 crore has been attached by IT
Department and it belongs to Choksi helmed Gitanjali Group.
141 bank A/C and FD has been attached by IT Department.
CBI seized Modi’s Alibaug farmhouse worth Rs.32 crore belonging to Nirav modi
Rs.5100 crore in Gold and Diamond Jewelry has been seized by ED.
ED attached 21 immovable properties of Nirav Modi including Penthouse,
farmhouse worth Rs.5.23 crore.
A see facing Samudra Mahal flat worth 15.45 Crore is also attached by ED.
Solar Power Plant worth Rs.70 crore in Karjat area has been seized by ED
Two office properties about Rs.80 crore.
So Far, Rs.6393 Crore has been Seized.
18. MEASURES SHOULD BE TAKEN TO AVOID
SCAM
Multi Factor Authentication.
Monitor Transactions.
According to RBI guidelines, every commercial banks should link their CBS with
SWIFT by April 2018.
Implementation of Anti-Money Laundering.
Rotation of employees in every three years.
NFRA is established by government which is an independent regulator for the
auditing profession.
Better Management Control.
Cyber Analytics/Cyber Security.
Fraud Monitoring.
Customer identification, authentication and risk assessment.
Financial Intelligence.