Gold Silver Reports (GSR) — Nirav Modi in connection with a money laundering case related to the $2 billion Punjab National Bank loan fraud, officials said.
Bank Fraud
Modi Under Fire as Alleged $2 Billion Fraud Hits Anti-Graft Image
Gold Silver Reports (GSR) — Shortly after a $2 billion bank fraud was uncovered last month at India’s state-owned Punjab National Bank, a picture emerged of Prime Minister Narendra Modi with the alleged fraudster.
Bank Fraud Fallout in India Spreads to Market for Trade Finance
Gold Silver Reports – Bank Fraud Fallout in India Spreads to Market for Trade Finance — The fallout from India’s biggest banking fraud is spreading to the market for trade financing, as foreign lenders become more reluctant to accept the guarantees from their local counterparts that underpin the loans.
Bank Fraud Prompts India to Set Up Panel to Prevent Scams
Gold Silver Reports – Bank Fraud Prompts India to Set Up Panel to Prevent Scams — India’s central bank set up a panel to study and recommend ways to prevent the increasing incidents of frauds in the banking system after the nation’s second-largest state lender alleged that a diamond merchant had fraudulently obtained $2 billion in loans.