Gold Silver Reports – Who’s Responsible for the PNB Fraud? — There’s an old saying that goes: “Fool me once, shame on you; fool me twice, shame on me.” That adage, when applied to Indian banking, would probably be: “Fool banks once—oh these things happen; fool them twice—catch a few low-level minions and jail them after a trial lasting twenty five years; fool them for the umpteenth time—allow the fraudster to escape abroad, recapitalise the banks and continue with business as usual.” Contrary to what Abraham Lincoln was supposed to have said, it seems entirely possible to fool all the people all the time.
PNB Fraud
$1.8 Billion PNB Fraud Threatens to Create Liquidity Problems in Gems, Jewellery Sector
Gold Silver Reports – PNB Fraud Threatens to Create Liquidity Problems in Gems, Jewellery Sector — The $1.8 billion fraud at Punjab National Bank (PNB) committed by billionaire jeweller Nirav Modi threatens to dry up funding for India’s gems and jewellery industry, as banks move to tighten their loan processes and seek higher collaterals.