23 min
How Did Rs 11,300 Crore PNB Fraud Remain Undetected? The Buck Stops Here
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It's being called the biggest bank scam in India's history. More than Rs 11,000 crore was siphoned from one of India's biggest banks - Punjab National Bank - allegedly by one of India's richest men Nirav Modi and his family-run businesses. How, over a period of years, were firms associated with the diamond trader systematically given Letters of Undertaking without any permissions that enabled them to get foreign exchange from the branches of Indian banks abroad? Where was the system of checks and balances? How did this happen under the nose of the bank and that of the RBI? Who is responsible and just where and how is all this money going to come back into the system? On The Buck Stops Here, we ask how were Nirav Modi and his family members allowed to escape? Were they being protected and if so, by who?
It's being called the biggest bank scam in India's history. More than Rs 11,000 crore was siphoned from one of India's biggest banks - Punjab National Bank - allegedly by one of India's richest men Nirav Modi and his family-run businesses. How, over a period of years, were firms associated with the diamond trader systematically given Letters of Undertaking without any permissions that enabled them to get foreign exchange from the branches of Indian banks abroad? Where was the system of checks and balances? How did this happen under the nose of the bank and that of the RBI? Who is responsible and just where and how is all this money going to come back into the system? On The Buck Stops Here, we ask how were Nirav Modi and his family members allowed to escape? Were they being protected and if so, by who?
23 min