Take A Look: India's $2 bln PNB bank fraud case

Gitanjali Gems

08/03/2018 15:50

MUMBAI, March 8 (Reuters) - A $2 billion fraud at India's second-biggest state-run lender
Punjab National Bank  PNBK.NS  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
 GTGM.NS .
    Here are some recent stories about the allegations and the investigation.
        
    LATEST STORIES
    >India police expand probe against jeweller Modi in PNB fraud case              urn:newsml:reuters.com:*:nL4N1QQ3D2
    >India PNB's CEO meets serious fraud office amid probe into $2 bln scam         urn:newsml:reuters.com:*:nL4N1QP2Q0
    >India's PNB fraud likely to swell beyond $2 billion mark                       urn:newsml:reuters.com:*:nL4N1QO42V
    >India federal police arrest four more in PNB probe                             urn:newsml:reuters.com:*:nL4N1QM0GT
    >Indian police say gold bribes given in $2 billion bank fraud case              urn:newsml:reuters.com:*:nL4N1QL065
    >FOCUS-India diamond traders say fraud suspects Modi, Choksi didn't follow code urn:newsml:reuters.com:*:nL4N1QJ4WN
    >Indian police target PNB Mumbai branch auditors in $2 bln fraud probe          urn:newsml:reuters.com:*:nL4N1QJ2AO
      
    
    INSIGHTS AND EXCLUSIVES
    >INSIGHT-Missed warnings: How watchdogs failed to spot $2 bln Indian bank fraud urn:newsml:reuters.com:*:nL4N1QK4UM
    >FACTBOX-Loopholes in Indian banks' systems were flagged, but not fixed         urn:newsml:reuters.com:*:nL4N1QN3RJ
    >EXCLUSIVE-India's PNB adopts strict SWIFT controls after mega fraud case       urn:newsml:reuters.com:*:nL4N1QB3XT
    >EXPLAINER - How PNB fell victim to country's biggest bank fraud                urn:newsml:reuters.com:*:nL4N1QD4L8
    >INSIGHT-Eyes wide shut-the $1.8 bln Indian bank fraud that went unnoticed      urn:newsml:reuters.com:*:nL4N1Q91TV
    >EXCLUSIVE-Indian banks may take more than $3 bln hit from PNB fraud-tax dept   urn:newsml:reuters.com:*:nL4N1Q707R 
    >NEWSMAKER - Jeweller to Hollywood stars accused of massive bank fraud          urn:newsml:reuters.com:*:nL4N1Q54IT
    >TIMELINE-Developments in the $2 billion Punjab National Bank fraud case        urn:newsml:reuters.com:*:nL4N1QN4DP 
      
    
    EARLIER STORIES
    >Co owned by jeweller at heart of India bank fraud case files for bankruptcy    urn:newsml:reuters.com:*:nL4N1QH25Y
    >Indian federal police arrest auditor at PNB as investigation widens            urn:newsml:reuters.com:*:nL4N1QI5XV 
    >Nirav Modi's Firestar Diamond files for bankruptcy in U.S.                     urn:newsml:reuters.com:*:nL4N1QH4GM
    >India gives state-run banks 15 days to improve oversight                       urn:newsml:reuters.com:*:nL4N1QH25Y
    >Punjab National Bank says scam may cost bank nearly $2 bln                     urn:newsml:reuters.com:*:nL4N1QH22M
    >India's Choksi claims innocence in PNB fraud with open letter                  urn:newsml:reuters.com:*:nL4N1QE0AR
    >India seizes jeweller's farmhouse, power plant after PNB fraud                 urn:newsml:reuters.com:*:nL4N1QE09B
    >India's RBI orders changes to bank protocols after $1.8 bln fraud case         urn:newsml:reuters.com:*:nL4N1QD30B
    >Indian auditor group begins probe into PNB fraud case                          urn:newsml:reuters.com:*:nL2N1QD08B
    >India seizes billionaire jeweller's Rolls-Royce, Porsche in bank fraud probe   urn:newsml:reuters.com:*:nL4N1QC32W
    >Bank executive among six remanded in $1.8 bln Indian fraud probe               urn:newsml:reuters.com:*:nL4N1QB2XZ
    >India's Jaitley slams overnight lapses amid huge bank fraud probe              urn:newsml:reuters.com:*:nL4N1QA13A
    >Indian agency probing 100 shell cos for links to bank fraud case               urn:newsml:reuters.com:*:nD8N1PZ022
    >Indian jeweller Nirav Modi denies allegations in PNB fraud case                urn:newsml:reuters.com:*:nD8N1PZ019
    >Nirav Modi says PNB closed all options to recover dues by going public-report  urn:newsml:reuters.com:*:nL4N1QA0YC
    >India's PNB will need to own responsibility for "bonafide transactions"-finmin urn:newsml:reuters.com:*:nD8N1PZ018
    >India's fraud-hit PNB says can recover quickly, as police widen probe          urn:newsml:reuters.com:*:nL4N1Q60QN
    >Unpublished data shows India's fraud problems extend far beyond PNB            urn:newsml:reuters.com:*:nL4N1Q54FP
    >RBI to take 'supervisory action' against fraud-hit PNB                         urn:newsml:reuters.com:*:nI8N1IM018 
    >Fraud-hit PNB looking to monetise assets - source                              urn:newsml:reuters.com:*:nD8N1PZ010
    >BREAKINGVIEWS - India's bad borrowers are a big problem for Modi               urn:newsml:reuters.com:*:nL4N1Q61HT
    >PNB seeks to soothe investors after uncovering massive fraud                   urn:newsml:reuters.com:*:nL4N1Q54IT
    >BREAKINGVIEWS - India's $1.8 bln scam turns up heat on bank reform             urn:newsml:reuters.com:*:nL4N1Q42TJ
    >PNB detects $1.77 bln fraud in latest India bank case                          urn:newsml:reuters.com:*:nL4N1Q45DF
    >Indian jeweller investigated over bank fraud                                   urn:newsml:reuters.com:*:nL4N1PV4G5
    
    
    GRAPHICS
    >India's PNB bank fraud http://tmsnrt.rs/2C9xTKf
    >India's rising bank loan frauds http://tmsnrt.rs/2soUiiw
    >Stock performance of PNB, Gitanjali and PSU bank index http://reut.rs/2D5RRBG 

 (Compiled by Swati Bhat and Devidutta Tripathy)
 ((swati.bhat@thomsonreuters.com; twitter.com/swatibhat22; +91-22-61807353; Reuters Messaging:
swati.bhat.thomsonreuters.com@reuters.net))