The Punjab National Bank fraud involving diamond merchants Nirav Modi and Mehul Choksi shocked the country in February this year. Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated Punjab National Bank (PNB) of nearly Rs 14,500 crore through fraudulent Letters of Undertaking (LoUs).
The series of frauds does not end here.
Twenty-one public sector banks (PSBs) have incurred losses totalling Rs 25,775 crore due to banking frauds in the financial year 2017-18, a Right to Information reply has stated.
BCCL
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