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Punjab National Bank (PNB) Fraud Case
The Punjab National Bank (PNB) fraud case is one of India’s largest banking scandals, uncovered in 2018. It involved fraudulent transactions and letters of undertaking (LoUs) issued by bank officials,
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Punjab National Bank (PNB) Fraud Case Videos
FAQ
1. What is the PNB fraud case?
It is a major banking scandal involving fraudulent LoUs issued to secure overseas loans, causing losses of approximately ?14,000 crore ($2 billion).
2. Who were the main accused?
Nirav Modi and Mehul Choksi, along with certain PNB officials, were the primary accused.
3. When was the fraud discovered?
It was exposed in January 2018 by Punjab National Bank.
4. What legal actions were taken?
Investigations were conducted by the CBI, ED, and SFIO, and extradition proceedings were initiated against the accused who fled India.
5. What was the impact on the banking sector?
The case led to stricter banking oversight, improved auditing, and regulatory reforms, and exposed vulnerabilities in public sector bank operations.
