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There have been 5904 bank frauds in India in first 3 months of 2018. Source CNBC TV18

The biggest bank fraud is Punjab National Bank (PNB) and billionaire Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??

Lolz.

Off course it is worst for the economy. Have you seen the conditions of the economic system in India? Its worstly managed. Do you know that India could be the richest country of all time if they properly manage their system? But know why they are behind in every other aspect? Because they are having people like Vijay Mallya, Nirav Modi and many moire fruadsters who has literally looted the banks and dumped them to the ground. If there comes more cases like this then it could be worst case scenario for the India as they will have to face major economic crisis.

The interesting part is that those persons who have involved into these fraudulent activities were much close to the ruling party personalities. This will surely affect the economy of the country, till date there were not much of frauds with bitcoin as the trapping source.

It is not a problem for the economy. Money has changed its owner but they continue to work for the economy. If you sell any product then what do you care who will buy it? Even if the money scammers will not spend they will not leave the economy. Sterilization of this amount will reduce inflation.

It is really sad news in india but today i saw the good news in Reserve bank of INDIA. Cryptocurrency is legalised in india because RBI is accepting the new technology and some new regulation is possible so exactly july 20 supreme court is approving because RBI also supporting to cryptocurrency. After accepting the crypto bitcoin will going to peak.

I disagree, this money will be replaced in some way by insurance etc and there's always a knock on, from a micro point of view it could mean spending or job cuts in certain companies or sectors such as banking or insurance. From a macro point of view it's more complicated, if we make some assumptions such as that the scammed money will leave the country or not be spent in traditional ways (i.e on the black market) then it won't show in any economic figures and would be a negative.

Those bank managers get $10,000 to $50,000/month salary but in 3 months there is fraud amounting to $5 billion.

People are wounding economies either consciously or inadvertently and yet the thrive of bitcoin and cryptocurrencies, which are an improvement of the traditional systems are being dwindled.

This is Bitcoin forum so I started this topic   ;)

That is worst fraud one can see ever in a country. I cant believe what the country was doing by the time they came to know this big fraud has happened really. Lolz.
Yes surely that is going to hamper countries economy a little but depending upon what pay back options are available this can be sorted out promptly. However it was not expected from a bank to get into trouble with that kind of money in the first place.

Reserve bank of India will decide ultimate fate of the earning now and will try to catch up the economy to its original state I believe.

Scammer Nirav Modi was standing few feet away from Prime Minister Narendra Modi at the Davos Summit in Switzerland in 2018. So his loan was cleared by top managers of Punjab National Bank without checking the documents.

Wow, that is heartbreaking. Banks have been doing this for long to the average citizen who works hard to get money, and they just scoop their earnings from them. This is very bad for the economy and it leads to less investments which is very bad. What saddens me more is that they'll later accuse te cryptocurrency market of scam (true somehow due to activities of certain members of the crypto community), but the fact is that there are many banks out there cheating citizens day in and day out.

I wonder why banks subject to fraud do not have their stock price significantly decline the way bitcoin's does after an exchange is hacked. In terms of financial fraud / theft I think the majority of the time, its an inside job. Either disgruntled ex-employees who were fired or laid off are responsible. Or its sanctioned by leadership. There may not be many random cases of this type of event happening.

Without knowing details, this reminds me of phishing being the main cause of ICO funding theft. There could be parallels there which show regulated industries like banking aren't necessarily any safer than unregulated markets like ICOs.

Totally right, most incidents about bank fraud is inside job. With this kind of incident India's economy will surely suffer as it will lose trust from investors as well as in stock exchange.

Well in crypto there are a lot of fraud and scam happening and it is like everywhere and yes it is not regulated unlike in banks wherein there's a chance of getting the money back(insured).

These are the steps of the destruction of the economy of India. It is right that the hand of the ruling personalities are involved in it as some other said but in this the people of India are also involved because these ruling personalities are on these positions because of the votes of the people of India. If they will do the same then they will be against of their country economy.

Those managers who got $10,000 to $50,000/month salary for many years. How will the banks survive ??

It could have a worst effect for the economy of India. $2b is not a joke. But as for what I have observed, it should be the bank's responsibility to recover that huge amount of money. Though it could be recovered but it would take time to do it.

That is so horrible.Knowing too many fraud banks in a country will surely affect the economy.Many investors who got scammed might not invest anymore.If only theres a strict regulations regarding in building a business in India it wouldnt happened.For sure theres an influencial people behind those illegal doings.

Too bad those money are no longer in India and probably will never return there.
Kind of funny how the UK always manages to attract funds, all the scammers, dictators, oligarchs are pouring money in that country :P.


Because its a state-owned national bank (https://en.wikipedia.org/wiki/Punjab_National_Bank).


It's not a story of banks that have scammed the average citizen but about a citizen that has scammed the bank.
Oh, and the cryptocurrency scene in India is innocent?


 ;D ;D ;D ;D

It's ironic that these banks doesn't want to recognize bitcoin due to its bad reputation towards scam/illegal activities and yet here they are, putting their investors money from their hand to frauds.
What a waste! They don't see the reality that it isn't about the currency (fiat/crypto) , it's about the people who uses it.

Think, what will happen if Bitcoin/cryptocurrencies is legalized in India when a billionaire scams a bank among top 5 banks

They know what's going on, but they just don't care because they have to continue running their criminal empire in the way they have been doing it for decades. Bitcoin is a disturbing factor because it grants people an alternative option, which is something people didn't really have before. Banks want to drag you further down by showering you as average person in debt.

All they care about is that you continuously are filling up their pockets, and that's exactly what has been happening.

Banks are amongst the worst criminals ever and they don't ever try to better themselves, because why would they? This system allows them to do it. They keep gambling on financial markets with people's assets, and when the book billions in profits they privatize them, and when they book billions in losses, they socialize all the losses where the average person ends up paying for their actions.

That might seems huge amount for us but in perspective of whole country it is really not much amount. However it will does affect the bank economic sphere for sure because it is huge amount in that much sphere. PNB will have to repay ex share to the reserves as that amount has been confiscated forever now and may not be obtained by the bank itself. They might cease the Nirav Modi's assets in India but that surely wont be enough. As whole I dont see any effect of this on the country's economy at all. I mean there would have been some sort of loan over India taken from another country which they failed to payback then that could have been worst case scenario.

What happens to India? I thought that this country has good citizens. In fact, when I read the history about India, it is a country where we can find warm hearted people because of their beliefs. As of now, I am just currently scammed by an Indian Project also and all I can say that some Indians, destroy the goodness of their countrymen. Almost 6K banks are fraud in India, well it is quiet unrelated in cryptocurrency but the worst here is that, we should take care of our money because even banks, they are untrustworthy.

Thanks for sharing this information now. As I’m doubtful of the motives of bank officials restrictions on cryptocurrency and this is the reason why. They cant even handle this obvious fraud activity what more they can do if scamming using blockchain technology will happen. And they surely want to divert the attention of the public from this multiple frauds and bitcoin is a big excuse, honestly it works.

Cristiano Ronaldo 'accepts a two-year suspended prison sentence and £16 million fine for tax evasion'

Neha Dhupia Reception: Neha Dhupia, Angad Bedi to THROW lavish party for Bollywood Friends FilmiBeatInside big celeb weddings Cristiano Ronaldo has accepted a £16million fine and a two-year suspended prison sentence for tax evasion in Spain - local media report.Ronaldo was accused by Spanish prosecutors in June last year of defrauding tax authorities of €14.8million (£13million.)

Ronaldo, often described as the 'best player in the world', originally denied the charges when they were brought against him last summer.The striker admitted a total of four tax offences on Friday after prosecutors agreed to significantly reduce the amount he was required to pay back from €14.7million to €5.7million.

https://www.msn.com/en-in/sports/football (https://www.msn.com/en-in/sports/football/cristiano-ronaldo-accepts-a-two-year-suspended-prison-sentence-and-%C2%A316million-fine-for-tax-evasion/ar-AAyHpma?li=AAggbRN)

Banks have done this a long time for the average working for money, and they just take the results from them. This is very bad for the economy and it causes a very bad investment.

Wow, It's a high amount of fraud banks in India I didn't know that. Of course, it's too bad for the economy if banks did some fraud activities, Furthermore the scammed amount is too high, so it will affect surely the economy there, I don't know why they did that because they work for their own country, It's a shameless thing to do.

There is a difference between first 3 months of 2018 and last financial year(12 consecutive months), the creator of this post has exaggerated the facts to make it more attractive. All the details have been revealed in the following tweet:

https://twitter.com/CNBCTV18Live/status/1006473485982449669

Never the less the amount of fraud cases is immensely high and if the country need to develop they need to fix these loopholes asap. This will hit the economy of the country very badly as the pressure from world bank on country rises which creates pressure on the population of the country. The best solution could be to introduce blockchain technology in banks to have an independent system.

Last year, Indian media reported, Indian army carried out military operations across the border. After 2 days, Indian military replied "no military action happened"

Well i think that was the worst economic fraud in the bank economic. The problem is when people are starting seeking return from goverment

Yes.It will lead to the worst condition in India economy.The people in India are forced to pay.For this government of india had started the CGST.By this people of India going to pay additional taxes .If any one one from India,I suggest them to inverse in bitcoin instead of holding on useless banks.

2 billion dollars is not such a great sum to ruin the economy.
However, the whole trend seems to be threatening - with such a statistics Indian banks can easily lose their reputation.

Well, this is to show us that fraud activities do not only tuns or happens in the bitcoin or cryptocurrency only. I know that if that this event has anything to do with cryptocurrency, particularly bitcoin, the government would have painted it a very bad name  by spread FUD which will cause another major dips in the price of bitcoin. I just hope they don't link this to bitcoin.

Terrible news, 5904 bank frauds? I am very difficult to believe it, but it is so sad, so bad the banking system in India, they can not provide security guarantee to the customers, it will be very disturbing economy in India, if this is not properly handled, then the customers will not trust the bank anymore.

Do you mean how will this affect their economy?
This shows how venerable banking system can also be, hacking and fraud is not peculiar only to blockchain technology alone, personally i think government should embrace this technology, provide good atmosphere for it, improve on what is already on ground rather than allowing the media to manipulate it anyhow.

Banks should be the first place to protect your money but this kind of situation really makes account holders to panic and not to trust banks anymore. Scammers is everywhere if the banks can protect its own system then there is something wrong on that. Maybe this is the reason why they are trying to ban cryptocurrency on their place, I hope that Indian citizen will be enlightened by this scenario think if you can still afford to lose money because of the negligence of your bank.

When bank being fraud , it means that a lot of India's bureaucracy is not professional enough and of course they must responsible with people's money.
When people put their money on the bank, the bank must be verified but if the bank become the fraud , civilian have their right to get their money !

Fraud is dangerous not only for the country's economy but also has a negative impact on the Bank's reputation.The fraud was carried out in the interests of several account holders.Other creditors may suffer as a result. Law enforcement authorities still do not know what loss it can bring to other branches.Can law enforcement agencies cancel these transactions?Does the Bank have the funds to cover the losses from these transactions and return this amount?

Indian Cricket team captain "Virat kohli" would endorse Punjab national bank

Video of advertisement: https://www.youtube.com (https://www.youtube.com/watch?v=bhsNyIl0exk) and https://www.youtube.com (https://www.youtube.com/watch?v=nhfX0fE__ig)

Yes, this is in news and government has started taking steps to prevent this. There is merger of banks planned in coming days.

I heard about this news and I think that government should take steps against this. It will take a lot of time though to correct the system.

PNB Scam: 30 Banks Paid Out Funds Based On LoUs Issued By Punjab National Bank, Says Parliamentary Panel; Calls For Wider Probe

Some 30 banks are believed to have paid out funds based on letters of understandings (LoUs) issued by the Punjab National Bank (PNB) on behalf of billionaire diamantaire Nirav Modi, his uncle Mehul Choksi and their companies, a media report quoted a parliamentary report as saying. According to The Economic Times, the Parliamentary Standing Committee on Finance, headed by Congress member M Veerappa Moily, in a report, said that "international branches of many Indian banks including State Bank of India, Union Bank of India, Allahabad Bank, Axis Bank and some foreign banks, lent money to a particular entity or many entities or companies based on these alleged fraudulent guarantees."The committee is calling for a wider probe of the PNB scam. Modi, Choksi and their associates allegedly colluded with a few bankers to defraud PNB of Rs 12,646 crore, the country's biggest ever banking fraud.The committee's report also said that every SWIFT message should trigger an alert at the Reserve Bank of India (RBI). The SWIFT or the Society for Worldwide Interbank Financial Telecommunication is a network used by financial institutions to communicate financial transactions.

https://www.firstpost.com/business (https://www.firstpost.com/business/pnb-scam-30-banks-paid-out-funds-based-on-lous-issued-by-punjab-national-bank-says-parliamentary-panel-report-4386153.html)

You could classify this as a market refresh. After a revolution, for example, people work harder to get the minimum living requirements and that is healthy for the economy.

Let wait for more details about this issue, how the Indian government will address the issue, it may have some impact on Bitcoin or crypto currency price, i hope i wont be a significant being Bitcoin is decentralized. Let's hold on and monitor the market movement.

Still Central Bank of India want to ban Cryptocurrency and going blind on blockchain technology to implement it and check such frauds . Banks can not be trusted , specially after 2008 crisis .
Someone rightly said - "you give him a gun he will rob the bank , you give him a bank he will rob the world"  ;D
most of fiat currencies like USD are not backed by real assets and we dont know actual supply still they want us to trust this banking system , but not crypto .

next time that you wanted to share this kind of big stories make sure you have some links and proof that this really happens because if none this will come as hearsay and no valid truths

On the other hands i believe that this is a big issue that must be tackle and solved ,if kind of thing like this happening from billionaires and big banks so what about those smaller one then they will be vulnerable fromuch

It is sad to hear this. Here are some other scams going on in Indian banks:

1) Most of the house loans are passed with some commissions. That is why bank employees approve loans to people who are not even eligible to get loans. They later fail to pay back and it goes to NPA.

2) Point 1 also applies to many of other types of loans like business loans as proved in Nirav Modi case.

3) When demonetization was announced, many bank managers exchanged old currency with new one for some commission.

What kind of frauds are they?

If they are just typical credit card frauds, then this figure isn't really that surprising at all considering the fact that credit card chargebacks is one of the most common fraud types out there that banks have to deal with on a daily basis.

If it's more institutional fraud, then it would be some surprising statistics.

But the fact that there are so many cases of fraud means that some institutions have to devote a lot of time to prevent & resolve these. I don't see anything positive coming out of this, so it's definitely a negative.

are all swindlers coming from india. ??? why so many scams in india ???

In 2014, Indian Prime Minister Narendra Modi said "if black money from India stored outside India comes back to the India, every Indian will get 15,00,000 (INR). India is spooked because of black money (unpaid taxes)

India seems to be a big country and Indians are really good in terms of technology and economics and mathematics. However, people are becoming greedy because of money. They are now using their intelligence to get money in wrong way. Government should take action on this things. Its very alarming, the trust of the people and the investors as well.

Two billion dollars is not a small amount that to be earned by scammers and this is a big new in regarding to banking industries that this easyay they have lost two billion but why dont have any links of proof bout this issue since this is a serious matter and must be tackled.

Thiugh i dont thingk this has something to do with cryptoworld since this is a banking issue and not connected to our community

indeed this has nothing to do with us as a community of cryptocurrency, but it does make us a lesson that conventional banks can also be hacked. means the bank has not been able to provide security for its customers

According to the newspaper I have read, many Indian banks have been involved in billions of dollars worth of fraudulent bank frauds worth nearly $ 3 billion in the face of the risk that fraudulent banks will be cheated.

I saw on TV "5904 bank frauds in FY18". It was on CNBC TV18 and I shared/posted it here since this is economics section.

Nirav Modi holds 6 Indian passports; agencies to file fresh FIR

Absconding jeweller Nirav Modi, wanted in the Rs 13,600 crore PNB fraud case, is reported to be in the possession of at least six Indian passports and the investigative agencies are likely to file a fresh FIR against him for this offence, senior officials confirmed. It is a criminal offence to possess more than one valid passport and also to use a revoked passport.

Modi, who was earlier holed up in the UK, is now reported to have flown to Belgium, according to Indian intelligence agencies. His move to Belgium follows the pressure that India was building up on the Theresa May government to get him extradited.

According to officials, Nirav Modi has been actively using two of the six Indian passports, while the four other passports were found to be not active. Of the two active passports, one had Modi's full name while the other only had his first name with a 40-month UK visa stamped on it which could have enabled him to travel abroad, despite the government revoking his first known passport earlier this year, a senior official said.

The second passport was also subsequently revoked by the Indian authorities. However, according to sources, Nirav Modi also holds a Belgian passport which could also have been used for his hopping across countries as it is easier to get foreign visas with it.

https://www.businesstoday.in/current (https://www.businesstoday.in/current/economy-politics/nirav-modi-holds-six-indian-passports-ed-cbi-fir/story/279246.html)

Doesn't surprise me a bit. During 2013-14, the UPA government was certain that it will lose the next general elections. All of a sudden, they began forcing the banks to give huge loans to industrialists and oligarchs without any guarantee. It was only uncovered after the NDA government came to power.

In India everything is possible, for economy it is not good, but for India the main profit comes from export, so bank frauds are not so important. India is quite large country - sixth largest country, with very low living standart and main income is only export. See more details here - https://en.wikipedia.org/wiki/India.

I do not think that you can come and take away the deceit of two billion dollars.
Maybe this is an April Fool's joke? ;D
How this will affect the classical markets, I do not know.
If such large banks can not protect their customers, then clients should take up self-defense.
For crypto-economy, rather a plus.

Exports are making roughly 1/20 of India's GDP and their trade balance is negative.


Yeah, it's totally possible, happened before and it will happen again.
If you bribe the right people, and the others are too slow to catch up with the fraud...then here we have the results.



It's about bank fraud, obtaining money with fake LoUs, letters of credit etc etc
Fortunately, credit cards are not that widespread in India, yet! so this type of fraud is negligible compared to the rest of the world.

A $2 billion loan fraud equals all the credit card frauds

I am surprised I cannot imagine that it is possible that such many banks are frauders in this case it is absolutely impossible to hold savings in banks and I even cannot imagine how to make business with the similar situation in the country because the essential institutes of economy does not work correctly. I hope that it is not so awfully in India and there is honest banks which people can rely on. 

There is no honest bank. All banks are being run by human staff only and I will say that the people who supervise or monitor frauds are themselves very corrupt. The situation is very bad but government is trying to hide it by giving support to the banks in form of monetary packages.

This is juts like covering up the situation and the intensity gets even more dangerous for next governments. Need of the hour is to eliminate the root cause of the problem.

How do India citizens feel about banks? What about the media? If I was living in India, I would consider using a foreign bank or keeping my savings only in cryptocurrencies. Fortunately, banks in my country rarely freeze accounts and steal money. However, I don't trust banks anymore. What a shame that crypto isn't accepted anywhere, many people would prefer to use it.

Well, I hope this makes the government to understand that not only cryptocurrency is subjected to fraud activities. Its keen to say that there is always fraud in human everyday lives and opportunities should be given to cryptocurrency just like it is given to fiat currency.

read the news I am sorry, but when linked with the economy it will not have a big impact, because the bank itself also follows the procedures and rules of the bank eg one with insurance, and if the bank is not insured may be the bank will be colleps but not in an economy there in the country of India, hopefully the perpetrators can be secured immediately, and successful for us all

That's the worst part taking place in India.A rally of bank scams.All the big shots scamming and flying away to other countries.

Punjab National bank (PNB) share prices on stock markets have fallen from Rs 92 to Rs 82 since I started this topic/thread.  ;D

In India there are numerous banks accused of fraud. When incidents and various government agencies conduct investigations, one thing is clear: damage is aggravated for a variety of reasons - public poor management, weak risk management and inadequate regulatory supervision

Their is one more recent scam or you can say like cheating is going to happen , is none other then anil ambani who is declaring reliance power and communication company as bankrupt and the amount is nearly 50k cr. He got other company from where he can pay the debt but they won't

I don't think these statistics would shock that many people. The less fortunate people always get taken advantage of the most. Someone is always paying the price for frauds like this and I bet it's not the bank fat cats sitting on their golden thrones.

HSBC (world's second bank) was involved in $100,000,000,000 money laundering in 2015

If we compare the global scenario with Indian banks, later ones are really having a very bad reputation.

Earlier the fraud and scams were limited to government banks only. But now many such cases had been reported in banks like ICICI  and HDFC also. Recently, the chairman of one of the leading private banks in India was asked to on leave for giving preference to a particular company in giving loan.

There is always a great impact of banks over economy of a country. National banks are totally operated under government and they are more sensitive in that case as they can directly effect economy of country.
Surely the economy will suffer with the increase in these fraudulent activities linked with the banks.

How come he was able to secure that much amount of loan without any collateral, does the banks in India give out loans simply because he is a billionaire. What ever it may be it looks like it is a bigger scam with the bank officials as well as the political support, other than that how is he able to be secure that much amount of money.

India will face huge problems due massive overpopulation and will be lacking water supply in the future:

https://www.zerohedge.com/news/2018-06-18/water-wars-india-facing-worst-crisis-its-history

If you haven't seen it before, then I recommend you search for crazy train videos in India there is massive amounts of passengers hanging out of the train.

But even more insane is the markets next to train rails in Thailand:

https://www.youtube.com/watch?v=MENjFkEAj9g

There are pretty crazy places in this world, hard to believe that is a functional market. They are still there so someone is buying.

Yes, they are billionaire's slaves. No question asked if they have lunch and tea with Prime minsters or President or they are billionaires.

Today Punjab National bank (PNB) share price is Rs 79 and falling.......   :D

I think that the movement of such significant masses of money, always affect economy positive or negative way. And in this case I think the trust of people to bank system in India would be really hardly harmed!

If top rank managers who speak to qualified chartered accounts (CAs) and lawyers, they cannot find out the real or fake documents amounting to $100 million or $1 billion, then think of the fear created in the minds of other people for the fake documents or how vulnerable are other people to fake documents.

This i a big hole for economics and especially for the bank system if it really happened. So now governments should ban the banks as they claim to protect investors from scam ICO`s and investors.

The trend is not unique to India. In many countries where the financial sector is closely linked to the government, similar things happen. More often than not, these countries are trying to regulate crypto markets as tightly as possible.

But why would somebody commit $2 billion ? Even $50 million is lots of money for a luxury or super-rich life.

Some $200,000,000,000 is involved in Bitcoin. After $1,000 to $8,000, if people want more they are getting and Bitcoin could be hub for scams and frauds.

this seems very horrible and makes the country of India to be the worst country that ever existed hopefully it's all over quickly, the country of India is bad with the existence of cryptocurrency.

India's second richest man Anil Ambani's Reliance Communication (RCom) and Reliance Power (RPower)

RCom share price has fallen from Rs 140 to Rs 13 in past 4 years.  :D

RPower share price has fallen from Rs 100 to Rs 40 in past 4 years   :D

Bitcoin is not alone   ;)

Punjab National bank (PNB) share prices on stock markets have fallen from Rs 92 to Rs 72 since I started this topic/thread.   ;D

India is one of the country where most crimes and frauds where happening this is happening because of the uneducated politicians managing the country so they will get bribed easily without knowing the consquences for the economic of the country later.It is one of the most hated country to love with too. :o

Those managers or high rank managers of big companies and banks are creating all the problems

Things like this are never good for an "economic situation", but more from a confidence and support point of view rather than the finances defrauded making a difference, as they are multiple individual cases. This is concerning for India banking system though hopefully they get a hold on the situation. Do you have a link/reference to this OP?

This is probably why there is a war against Bitcoin in India. Politicians and the establishment have been in bed with crony capitalists; Bitcoin has the ability to take their power away. India cannot afford to have such scamsters sucking the blood out of the banking system.

When there are frauds the economy of that country will feel the pain especially if its about millions of dollars involve with that single fraud.

 The pain won't be feel by the bank itself but also with their stock holders, there's a domino effect.

2 billion US dollars! How did he get such a pay out! I mean didn't banks have checks and balances and security for its depositors? Then again, this huge amount if it was never returned will hit the indian economy bigtime. I meam this amount is no joke. I think this amount could even bail out a country from debt. I just hope it will be returned.

PNB fraud: Interpol issues red corner notice against Nirav Modi, his brother and close aide

The International Criminal Police Organization (Interpol) on Monday issued a red corner notice (RCN) against diamantaire Nirav Modi in connection with the multi-crore Punjab National Bank (PNB) scam.

Along with Nirav Modi, Interpol RCN has been issued against his brother Neeshal Modi and close aide Subhash Parab in Rs 13,578 crore PNB scam.

https://timesofindia.indiatimes.com/business (https://timesofindia.indiatimes.com/business/india-business/pnb-fraud-red-corner-notice-issued-against-nirav-modi/articleshow/64822039.cms)

The loans were sanctioned when the corrupt UPA was in power. Nirav Modi simply paid a small bribe to the ruling party (Indian National Congress) leaders and in return got a bunch of loans worth $2 billion.

Those managers or high rank managers of big companies and banks are creating all the problems

Creating fake documents and fake degrees is not a big deal in under developed countries and this is why we see a lot of frauds happening in such countries. By using blockchain and bitcoin, most of the frauds can be avoided to some extent.

Woah, i guess geada will roll after that scam in that bank. I mean to actually walk away with 2 billion USD is like something out of an Ocean's movie. I'm pretty sure after this scam, a more strict policy will be imposed on all banks in india. If they haven't recovered that 2 billion USD they that will have a huge problem with the Indian economy. That is a huge red on thier ledger.

Bad things are easy to do, but it's very difficult to fix things. Have government banned Banks people can be not satisfied in government? I think it is two sides for that thing.

Those high rank managers who are paid $25,000 to $50,000/month cleared/signed the $2 billion loan. They have lawyers and best CAs.

Furthermore recently there was a news about that India forbids and have banned bitcoin and cryptocurrencies on their territory. As far as I know a huge amount of Bounty Hunters wear from there...

India will follow USA. If U.S legalize Bitcoin, India will follow it.

It's very difficult for a country to get back on track with frauds from that many banks. Banning Bitcoin just another step to prevent the banking system to get worsening from people moving the money out from the bank to bitcoin or sending money out of the country.

Situation is really worse at the moment and so many bank scams are being discovered. Tough time ahead for sure.

It`s like that forever, and don`t think otherwise even for a second. Banks cheat people all the time, and when they make some big mistake government bails them out, and that`s it. Bank board of directors will get their bonuses for sure. What will this change? Believe it or not nothing, only thing we can hope for is to people to see flaws of bank system and to give their trust to crypto.
This situations contribute to rise of crypto popularity, now people have alternative and if they see how bad banks are they can turn to crypto and to use banks just for necessary things. I wait day when we will be able to use crypto for everything, for every payment for what ever, in that moment I will close my bank account.

I am certainly very far from India and their governments. But after reading all the messages I realized one thing. That India has a great potential of resources. This is a rich country, the ruling system and the government, it is all one coalition. The economic system is collapsing because of them, but I think you're missing something, it's probably just competition. India is strengthening its banks, which are beneficial to the Government ??? Maybe that's the question. Perhaps this is an important motive, why in India is happening such years .

In order to restrict more such scams happening through btc or can happen I think that is the reason RBI has closed all the bank accounts related to crypto and govt has asked to stop trade related the crypto . Basically they are not supporting so that more scam does not happen through this source.

Looks like bank financial crisis is coming to India.

About the #NOte,LOL you think its wise to sent merit to this kind of post OP? BTW Can you send me the link for a clear and detailed info about this kind of news from India, its thousand numbers that involve banks its really alarming If Im a bank investor,  If this is true then India government has to resolve this problems immediately to protect its consumers.

That's true. Use google.com

The bank frauds in India has exposed the nexus/cartel of managers with outside people. This situation must be in other countries also. These managers get control of multi-million dollars from customer's money and they think they are owners of the money. They give the big money to whoever they only think is the profitmaker when the fact is they are idiots/fools/scammers/lossmakers in the end. Good people are denied the money.

He is the CEO's nephew or friend's friend, or senior manager's relative or he/she has lunch/tea with director of the company or commissioner of police or army major etc. Other people are denied money or have to stand in queue when they are the profitmakers.

The game is over for the stock markets

fraud will always happen if the fraudster sees the opportunity, and if you look at the case experienced by the Banks in India who committed fraud, I see it's a mistake in many factors ranging from its management, its financial system and its human inside, and the people inside who I think are the cause of the problem...

Today India's rank #2 private bank "ICICI bank" share price fell -5% and there are allegations against ICICI bank's CEO of signing $500 million loan to her husband's business. Some major news coming for Indian banks fraudulent/cartel practices.

Tomorrow there is no confidence vote in the Indian parliament for Indian Prime Minister Narendra Modi's government. First in past 15 years

Because cryptocurrencies are the unknown, and not many understand how they work.  so its easier to talk about what you understand

We cannot say a county like India bad with such incidents because such things happens every where in the world. The thing is how one react to these things and what precautions do the government take to avoid such losses in future.

I think that's very bad. Because the value is very much and certainly will make the economy becomes unstable or even declining. Is this news valid? if yes of course this is a shocking news. And will give negative effects in all fields. That's just my opinion.

When the people are poor and in dire need they will eventually make a move to escape the life.  Death is not as painful as reality so you get attempts at all sorts of behavior including Bank fraud.

Worst management from the Indian governments,they fell in each part and increase their crime rates after the Narendra Modi becomes the Prime minister of India.The lost amounts were collected from all the citizen by increasing the taxes to every products that people using everyday but they are getting no benefits from paying taxes to that country.So all the Indians need to think well before voting in the common elections of they want good future.

By making the notes like this,you will not get any merits. May be some members tag you as merit beggar. So this is my suggestion to remove it .

All 7 Anil Ambani group stocks hammered as Rcom fails on interest payment

The seven listed companies belonging to the group fell as much as 12 per cent on Wednesday as investors feared spillover of the RCom crisis to others. RCom, which has failed to pay a coupon on its 2020 dollar notes, has seen its share price erode by 41 per cent this month and 70 per cent in 2017.

Once the second-largest telecom company, it struggles with debt of Rs 49,000 crore, amid depleting revenue. “A solution doesn't seem in sight. Assets are depleting, while debt is mounting,” said S P Tulsian, an independent research analyst. “Investor sentiment has turned negative towards all group companies after RCom’s default. And, debt of other group companies is also mounting.”

https://www.business-standard.com/article (https://www.business-standard.com/article/markets/all-7-anil-ambani-group-stocks-hammered-as-rcom-fails-on-interest-payment-117111501205_1.html)

While I do not like the idea of people losing money through frauds I am glad that someone puts forward this information, those that support fiat instead of bitcoin try to make it seem as if the market is flooded with scammers, and while it is undeniable that there are scammers in the market there are more scammers in fiat especially when the biggest scammers are banks and governments.

the Mumbai Police on Saturday said they gave a "clear report" to jeweller Mehul Choksi last year as no criminal antecedents were found against him. Police also said they have ordered an inquiry "into the matter of issuance of police verification report (PVR)" to Choksi [alleged masterminds of the $2 billion scam in state-run Punjab National Bank

https://timesofindia.indiatimes.com/india (https://timesofindia.indiatimes.com/india/mehul-choksi-got-clear-report-as-no-criminal-antecedents-were-found-in-2017-mumbai-police/articleshow/65273670.cms)

I'm betting that heads rolled after that fraud. But the thing i want to knownis that if that 2 Billion is in USD ot in rupees. I mean 2 billion is no joke even in any currency. But yeah, it actually has an impact on the currency it's under. It will also boost the gold because cash has plummeted. Lastly, it would definitely be a slap to the face of the security of that bank

The URL you need, here: https://www.c[Suspicious link removed]m/2018/06/19/internal-report-shows-lapses-at-bank-led-to-indias-huge-pnb-fraud.html
Because India is a densely populated country, the rate of corruption is high, and it is precisely because of the law that they are responsible for creating loopholes in illegal activities.

Punjab National bank (PNB) share prices on stock market are Rs 80.  Scammers at work  ??

The economics doesnt work over an one bank mate but it runs with different products and services within the country. The complex manufacture to end user processes and anything that create an employment within that process creates the liquid economic conditions within the country.

Whatever you stated here, the PNB bank and its fraud is just tiny part of whole system and it wont affect the national economics. What it will affect is the system and it will raise the question as to whether banks should simply trust big celebs like that or not and if yes then what precautions can be taken to avoid such scams.

So what the f*ck the merit plus can do to this post?erase that Note before DT see this and for sure they will find that you're asking for rig dude and punishment will be on to you

And youre asking for merits for this damn post?that has no atleast supporting link about the issue?wath an attitude..

In my opinion, all these actions are scripted and there is unity from above. A series of banks are showing fraudulent behavior that investors and users are concerned. And the main purpose is the huge profits from the investors and the community, which led them to do so. It will be difficult to handle these actions, but not necessarily without direction for us. I believe the community has a smarter way of handling them.

I believe fraud in the world's banks is no stranger to the system being run by people so fraud is absolutely possible. That will be resolved if the blockchain technology is applied to the management and execution of transactions, it is very safe and fast. I also know that India is opening its door to blockchain technology in the banking industry and I hope it addresses the issue of fraud.

What kind of country let’s scammers escape after taking such a huge amount of money ? It’s very bad. Such must be a very crazy country, because they know the person that did that, why not bring him to face the law ? Instead of him go just like that ? Or did they leave him just because he was a billionaire ? Because if it wasn’t a billionaire they would have caught him. I don’t blame the country, I’m actually blaming their government for letting such people go unpunished, unless they were really punished and the op didn’t mention that.

5904 banks means branches or India has that many different banking network ? If anyone clarify more information that would help to understand these better. I read in recent times about India's ban on crytpo exchanges to have bank accounts. Now, I guess that they are trading bitcoins in P2P way as many other country people have innovated that is the solution when government goes against them.

During demonetization they said it will stop terrorist attacks by elemiinating their funding source but last month 5 Indian soldiers were killed by Pakistani army and Jammu and Kashmir does not look good.

Bitconnect owner arrested in India for $13 billion ponzi scheme

Darji and associates allegedly siphoned off about Rs 88,000 crore from gullible investors. This money was routed through his company called Bitconnect.com, launched around the time of demonetisation.

Main accused of Gujrat Bitcoin scam Divyesh Darji was arrested by police from Delhi Airport after his arrival from Dubai on Saturday. He is the Asia head of Ponzi scheme Bitconnect, registered in the UK and being operated from Burj Khalifa tower in Dubai.

http://www.dnaindia.com/india (http://www.dnaindia.com/india/report-gujarat-crypto-scam-kingpin-divyesh-darji-held-on-arrival-from-dubai-2651532)

The money has changed several things and that is what affects the most.

91 people died in queues outside ATMs and banks


On November 08, 2016, Indian Prime minister made a sudden announcement that Rs 500 and Rs 1000 currency notes will be invalid from November 09, 2016. The Indian government's plan was to destroy all black money/unpaid taxes hidden by Indians in cash in the form of Rs 500 and Rs 1000 notes.

Indian people were given time till November 23, 2016 to exchange the old currency notes at all the banks in India. So there were long queues outside Banks in India for depositing money and also for withdrawing money. I was in the queue at the bank for 2 hours and 30 minutes.

Later Indian Congress leader "Rahul Gandhi" said "91 people had died in queues outside banks and ATM's" which was the result of sudden announcement by PM Narendra Modi.

Prime Minister Narendra Modi is very proud of his actions

Ita is a bad news in india about i think .but now that is can to be better

Of course this is not good for economy at it will scared away the possible investors and depositors for the banks as fraud is one of the main causes of bankruptcy. The governments should improve their banking policies now to ensure that this fraud acts will not going to happen again.

is this the impact of the economic attack made by the United States, and if indeed that is the cause I worry about is the recurrence of the monetary crisis that occurred several years ago where almost all countries in the world experienced this which made many countries experience poverty due to the need for prices principal that has increased

The owner of bitconnect.com got arrested in India for $13 billion ponzi scheme using Bitcoins. Be careful of giant ponzi schemes.

Indian billionaire "Vijay Mallaya" scams banks of $1.4 billion

The extradition trial of Vijay Mallya, wanted in India on charges of Rs 9,000 crores fraud and money laundering, began on Monday at a UK court here, with the prosecution asserting that the embattled liquor baron had a case of fraud to answer. The trial, however, was briefly halted as the courtroom had to be evacuated due to a fire alarm. The 61-year-old tycoon and others waited outside the Westminster magistrates court during the fire drill. The trial began with the Crown Prosecution Service (CPS), arguing on behalf of the Indian government, presenting its opening arguments in the case which focused on loans totalling around Rs 2,000 crores sought by the erstwhile Kingfisher Airlines from a consortium of Indian banks.

https://www.businesstoday.in/current (https://www.businesstoday.in/current/corporate/vijay-mallya-extradition-uk-court-money-laundering-kingfisher-loan/story/265290.html)

fraud can happen anywhere, in India a form of fraud on a large scale can only occur if the perpetrators have relations with government officials, such things are very difficult to do by ordinary people, so law enforcement agencies must coordinate with the banking world, the effects for the Indian economy are clear bad impact especially infestor trust will go down, we have to divert our business by saving money in the form of bitcoin currency that has proven its security and can avoid fraud and inflation ..

Today "YES bank" shares price are down -30%.  Does this happen with banks ??

Banks is back bone for economic and for growth. If banks dont have good data and untrusted, people will not trust the money printed by government because banks the backbone of economic growth. Banks system should be solid because its about people trust.

Fraud is very painful and maybe it will be the worst history in the Indian economy. And also, that will make customers afraid and might stop trusting the bank.