Take A Look: PNB hit by $2 bln scam in India's biggest bank fraud

Gitanjali Gems

27/02/2018 12:06

MUMBAI, Feb 27 (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 
    >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 
     
    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/