Timeline to the discovery of India's biggest bank fraud
As authorities try to contain the fallout from the scam, here’s a look at key dates in the road to discovery.
By Bloomberg |
BCCL
As authorities try to contain the fallout from the scam, here’s a look at key dates in the road to discovery.
By Jeanette Rodrigues and Bhuma Shrivastava
India’s second-largest state-run lender this month disclosed it has been hit by the nation’s biggest ever bank fraud.
Billionaire jeweler Nirav Modi and his associates colluded with a rogue employee at Punjab National Bank to obtain fraudulent guarantees worth $1.8 billion dollars over seven years, PNB alleges. They then used these documents to obtain loans from lenders abroad, according to PNB’s complaint, which has been made public.
As authorities try to contain the fallout from the scam, here’s a look at key dates in the road to discovery:
CBI conducts searches in Kolkata in PNB fraud cases2026-06-19T02:48:52Z
