USD1.77 BILLION INDIAN BANK FRAUD POINTS TO SUPERVISORY FAILINGS
February 1st, 2018
LEADING Indian bank, the Punjab National Bank (PNB), has been embroiled in a USD1.77 billion fraud scandal that has highlighted oversight failings by the country’s central bank, the Reserve Bank of India (RBI). The scandal linked to Indian jewelry billionaire Nirav Modi took place at just one Mumbai branch of the state-owned PNB, involved fraudulent transactions between 2011 and 2017, using the international bank transfer system, SWIFT. On January 31, India’s law enforcement agency the Central Bureau of Investigation (CBI) arrested Modi, his wife Ami, brother ...
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