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Father Of All Scams. Nirav Modi Commits A Fraud Of Rs 11.5K Crore In PNB. Twitter Is Angry

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Father Of All Scams. Nirav Modi Commits A Fraud Of Rs 11.5K Crore In PNB. Twitter Is Angry

A common Indian was hopeful that soon Vijay Mallya will be brought back to India and he will be punished for looting the country but all the hopes were shattered when one more businessman ran out of the nation after committing a bank fraud of nearly Rs. 11,400 crore.

The businessman in question is Nirav Modi, a jewellery and diamond merchant who is known for his flamboyant style of living. He collaborated with some employees of Punjab National Bank and took advantage of the loop-holes present in the system and robbed the second largest bank of India.

However, the amount of the fraud can increase further if similar frauds are detected in other banks. PNB has written to other 30 banks, telling them about the modus operandi and asked them to investigate whether they have also been targeted by the escaped businessman.

Till now, PNB has found two of its employees from its Brady House branch, Mumbai, involved in the scam as they have repeatedly issued Letters of Understanding to the companies of Nirav Modi and their banks without properly following the instructions and guidelines.

Representational Image Source

The two employees who are involved in the scam as per PNB are deputy manager Gokulnath Shetty and clerk Manoj Kharat. While Shetty has retired, PNB has already suspended 10 employees in the primary phase of their investigation.

Social media is flooded with angry and ironical responses on the matter and here are some selected tweets:

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