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  • Category: Miscellaneous

    One more big bank scam of this era. Why the banking rules are so liberal for the fraudsters ?

    The Punjab National Bank scam worth over 11,000 crore which was duped by a diamond merchant has become the hot topic of print and electronic and even social media. The person who committed fraud has been practising this since 2011 and the bank does not have the cue of his fraudulent business. Now the Congress is connecting this deal to PM and the BJP is accusing Congress that it all started in their government. What ever it is public money is being swindled underneath our nose and Indian government should not take these frauds light. Bank officers must be sacked and the whole must be recovered. Otherwise the people would loose faith in banking system.
  • #626529
    It is like a double blow, one to the banks and one to the sharemarket.
    Two key players have swindled crores and the investors in the Punjab National Bank and Gitanjali Gems have lost and still losing crores of their money. There is a similar thread already existing sir.
    Why bank rules differ for the public and fraudsters?.

  • #626559
    This shows the gaps in our rules. Our Indian rulers are such that the rule makers know how to break them also. The way in which this PNB scam took place is very astonishing. Only two bank officers by just ignoring the system are able to create LOUs manually. This practice is going on for the last 7 years and nobody is able to find out this. Where is the loophole? Why audit people also no ability to identify this. An act which shows the strength of our banking system. Similar things may be happening in other banks also. A common man who is keeping his money in these banks will lose his confidence in our banking system. The BJP will say the fraud is there when UPA government was there. Congress will say why NDA is not able to trace the problem all these days. The blame game. But why the responsible officers who are enjoying hefty salaries and privileges go for such deeds and why the governemnt act on them seriously. If the help is not there from the bank officers nobody can do these frauds.
    always confident

  • #626594
    Because of the fraud, investors have lost lot of money. The PNB shares have fallen from Rs 160 on 14th feb to 125.65 on 16th feb. Gitanjali gems share price has dropped from around Rs 60 to Rs 37.50 in the last two days. Mehul Choksi is from Gitanjali Gems and is the maternal uncle of Nirav Modi, both are not in India and the ED has suspended their passports.

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