Take A Look: PNB hit by $1.77 bln scam in India's biggest bank fraud

Gitanjali Gems

27/02/2018 04:41

MUMBAI, Feb 27 (Reuters) - A $1.77 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 
    > 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 
     
    INSIGHTS AND EXCLUSIVES 
    > 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 
    > INSIGHT-Billion dollar diamond fraud case puts India's state banks in focus    urn:newsml:reuters.com:*:nL4N1Q807J 
    > 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 
         
    EARLIER STORIES   
    > 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 
    > Indian billionaire jeweller investigated over bank fraud                       urn:newsml:reuters.com:*:nL4N1PV4G5 
    > PNB detects $1.77 bln fraud in latest India bank case                          urn:newsml:reuters.com:*:nL4N1Q45DF 
     
    GRAPHICS 
    > India's Rising Bank Loan Frauds http://tmsnrt.rs/2soUiiw 
    > India's $1.77 bln bank fraud http://tmsnrt.rs/2C9xTKf 
 
 (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)) 
 
Keywords: PUNJAB NATL BANK FRAUD/