Scam record · 2018 · Banking / fraud
PNB / Nirav Modi fraud (public bank hit)
Punjab National Bank disclosed a massive fraud involving fake Letters of Undertaking. Nirav Modi and associates fled. Courts, ED, and CBI cases followed for years.
This fraud exploded in public view in 2018. A public-sector bank took a huge hit through fraudulent LoUs. Ordinary depositors do not design these schemes. Weak control systems do.
Investigating agencies filed cases. Extradition fights ran for years. Courts kept the legal track alive. The scandal became a national symbol of bank-control failure.
Bank frauds often start years earlier. The public blow-up and enforcement years sit inside the BJP central period. Citizens paid through a weaker public bank system.
What is proven here
Proof level: bank disclosure + multi-agency cases + court extradition track. Individual convictions and recoveries vary by accused and stage.
Sources
- RBI / banking fraud context (news + official follow-ups) (News + docs)
- Indian Express: Nirav Modi case track (News + docs)