Tags » Bank Fraud

CBI widens probe into $1.8 billion bank fraud

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NEW DELHI/MUMBAI – The Central Bureau of Investigation (CBI) raided the offices of jewellery retailer Gitanjali on Friday in a widening probe into a $1.77 billion loan fraud at state-run Punjab National Bank, the biggest bank scam in the country’s history. 732 more words

National

In the wake of massive fraud detected in an Indian Govt owned bank, forensic audit should be mandatory in banking sector

India’s 135 crore  populace are aghast and concerned soon after media started reporting from Thursday afternoon that Punjab National Bank, the country’s second largest bank doing business at home and overseas, has detected “fraudulent and unauthorised” transactions worth about $1.77 billion equivalent to INR 11,400 crore at one of its branches in Mumbai by a gems and jewellery tycoon from 2011.Although its assets claimed to be valued at $ 7.3 trillion by the incumbent PNB Chairman & Managing Director Sunil Mehta  assuring the people that it is capable and has the capacity to honour commitments to the clienteles,  the biggest ever fraud in India’s corporate sector, is indeed worrisome. 565 more words

Newsmaker: Nirav Modi, India's jeweller to Hollywood stars, accused of massive bank fraud

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MUMBAI/NEW DELHI- Nirav Modi’s name is a stamp of corporate India’s growing global prestige. On Hollywood red carpets, his diamonds have sparkled on the necklines and dangled from the earlobes of actors and models like Kate Winslet, Dakota Johnson and Rosie Huntington-Whiteley. 747 more words

National

Business Owner Sentenced for Bank Fraud

SHAVERTOWN — A federal judge sentenced a business owner from Luzerne County for bank fraud.

Richard Morgan, 54, of Shavertown, was the owner of Wilkes-Barre Bookkeeping LLC. 49 more words

News

NYPD Detective Charged With $1.4 Million Bank Fraud

NEW YORK (CBSNewYork) — A New York City police detective has been charged with bank fraud in what authorities say was a scheme to use stolen bank account numbers to pay off credit cards and home mortgage debt. 142 more words

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