Punjab National Bank – Scam
Punjab National Bank Fraud Case relates to alleged fraudulent Letter of Undertaking worth ₹11,600 crore (USD 1.77 billion dollars) that took place at its branch in Brady House, Mumbai, making Punjab National Bank potentially liable for the amount. The fraudulent transactions are allegedly linked to designer and jeweler Nirav Modi of Firestar Diamonds, against whom a complaint has been filed with the Central Bureau of Investigation. The transactions were first noticed by a new employee in the bank. Nirav Modi is currently in the United Kingdom and is seeking political asylum in Britain through the Indian government has officially asked for his extradition.