Nirav Modi Scam Exposed
Update: 2024-04-11
Description
The Nirav Modi scam, one of India's largest financial frauds, unfolded in 2018 when billionaire jeweler Nirav Modi, along with his family and associates, allegedly defrauded Punjab National Bank (PNB) of over $2 billion. Modi and his accomplices purportedly obtained fraudulent letters of undertaking (LoUs) to secure credit from other banks, using these funds for personal gain and to sustain his luxury lifestyle. The scandal rocked India's banking sector, revealing systemic vulnerabilities and prompting widespread scrutiny of regulatory oversight and corporate governance practices.
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