Bitcoin Forum
October 17, 2018, 06:25:03 AM *
News: Make sure you are not using versions of Bitcoin Core other than 0.17.0 [Torrent], 0.16.3, 0.15.2, or 0.14.3. More info.
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 3 4 5 6 7 8 »  All
  Print  
Author Topic: 5904 banks frauds in 3 months in India  (Read 1921 times)
First77
Member
**
Offline Offline

Activity: 266
Merit: 32


View Profile
June 15, 2018, 12:25:30 PM
 #1

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 ??
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
ss890
Sr. Member
****
Offline Offline

Activity: 602
Merit: 263


View Profile WWW
June 15, 2018, 12:34:41 PM
 #2

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 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.
oegarod
Sr. Member
****
Offline Offline

Activity: 462
Merit: 250


View Profile
June 15, 2018, 12:40:32 PM
 #3

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.

.
[
.
]
             ▄▄███████████████▄▄
         ▄▄███████████████████████▄▄
      ▗▟█████████████████████████████▄
    ▗▟█████████████▀▀▀▀▀▀▀█████████████▄
   ▄███████████▀             ▀▀██████████▄
  ██████████▀      ▄▄███▄▄      ▀█████████▙
 █████████▀  ▄▄ ▄███████████▌     ▀████████▌
▐████████    █████████████████▄     ████████
████████▀    ███████▀        ▀█▄
████████     ████████
████████
████████     ▄▄         ▀███████
████████▄     ██▄     ▄▄████████
▐████████      █████████████████    ████████
 █████████▄      ██████████▀▀ ▀▀  ▄████████▌
  ██████████▄        ▀▀▀        ▄█████████▛
   ▀███████████▄             ▄███████████▀
     ▀█████████████▄▄▄▄▄▄▄█████████████▀
       ▀▜████████████████████████████▀
          ▀██████████████████████▀▀
             ▀▀▀████████████▀▀▀
.
COINOLIX
.
[
ECrypto Currency ExchangeE
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
────    ●   Whitepaper   ●   One Pager   ●    ────
.
]
.
.
[
LinkedInDiscord
TwitterFaceBook
TelegramMedium
.
]
Kronos21
Sr. Member
****
Offline Offline

Activity: 420
Merit: 255


View Profile
June 15, 2018, 01:04:31 PM
 #4

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 Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??
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.
Sony.UK
Full Member
***
Offline Offline

Activity: 434
Merit: 102

Yahoo62278- Best Campaign Manager Of Bitcointalk


View Profile
June 15, 2018, 01:06:10 PM
 #5

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 Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??
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.

dinoloverpete
Full Member
***
Offline Offline

Activity: 237
Merit: 104


The Future of Security Tokens


View Profile
June 15, 2018, 02:05:15 PM
 #6

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 Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??
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.

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.

First77
Member
**
Offline Offline

Activity: 266
Merit: 32


View Profile
June 15, 2018, 02:38:49 PM
 #7

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.

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

Activity: 322
Merit: 12


View Profile
June 15, 2018, 03:37:45 PM
 #8

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.
First77
Member
**
Offline Offline

Activity: 266
Merit: 32


View Profile
June 15, 2018, 03:57:57 PM
 #9

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.

This is Bitcoin forum so I started this topic   Wink
frowsiter
Sr. Member
****
Offline Offline

Activity: 686
Merit: 261



View Profile
June 15, 2018, 04:18:57 PM
 #10

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 Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??

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.


.
      ▄▓▓▓▄  ▓▓   ▓▓   ▓▓▌ ▓▓▌  ▄▓▓▓▄▄  ▄▓▓▓▄▄       ▓▓▓     ▓▓    ▐▓▓▓▓▄▄   ▄▓▓▓▄
     ▓▓▌ ▀▀▀ ▓▓▓ ▐▓▓▓ ▐▓▓  ▓▓▌ ▓▓▓ ▀▀▀ ▓▓▓ ▀▀▀      ▐▓▓▓▓    ▓▓▌   ▐▓▓▀ ▀▓▓ ▓▓▓ ▀▀▀
     ▀▓▓▓▓▄   ▓▓ ▓▓▐▓ ▓▓▌  ▓▓▌  ▀▓▓▓▄▄  ▀▓▓▓▄▄     ▐▓▓ ▓▓▌   ▓▓▌   ▐▓▓▄▄▓▓▓  ▓▓▓▓▄▄
     ▄▄  ▓▓▓  ▐▓▓▓▌ ▓▓▓▓   ▓▓▌ ▄▄▄ ▐▓▓ ▄▄▄ ▐▓▓     ▓▓▌  ▓▓▌  ▓▓▌   ▐▓▓▀▀▀   ▄▄▄ ▐▓▓
     ▀▓▓▓▓▓▀   ▓▓▓  ▐▓▓▌   ▓▓▌ ▀▓▓▓▓▓▀ ▀▓▓▓▓▓▀    ▓▓▓   ▐▓▓  ▓▓▓▓▓▌▐▓▓      ▀▓▓▓▓▓▀
▬ MINING & ENERGY ▬



..The Smart Mining Company..
Get a piece of COLD 6 220 238 SAM



.


                              ▄████▄
                        ▄▄█████▀▀███
                    ▄▄████▀▀     ███
              ▄▄▄████▀▀    ▄▄   ▐██
          ▄▄█████▀       ▄█▀    ██▌
     ▄▄████▀▀▀       ▄███▀      ██▌
    ████▀        ▄▄████▀       ▐██
     ██████▄▄  ▄█████▀         ██▌
          ▀████████           ▐██
            ▀████▌            ███
             ▀███  ▄██▄▄     ▐██▀
              ███▄███▀███▄   ███
              ▀███▀▀   ▀▀███▄██▌
                          ▀▀█▀▀
.

                      ▄▄▄██▄▄▄    ▄
     ██▄            ▄████████████▀
     █████▄▄       ▐█████████████▀
      █████████▄▄▄▄▐████████████▌
     █▄█████████████████████████▌
     ▀██████████████████████████
       ▀███████████████████████
       ▐██████████████████████
         ▀██████████████████▀
           ▄▄█████████████▀
     ▀████████████████▀▀
          ▀▀▀▀▀▀▀▀
                  ▄███▌▄
              ▄▄██████████▄
             ██████▀ ▀▀█████▄
            ██████      █████▌
           ▄██████▄    ███████▄
           ▀██████████████████▀
              ▀▀▀▀▀▀▀▀▀▀▀▀
           ▐▌    ▄▄    ▄▄    █
            █    ▀          ▄▀
             ▀█           ▄█
               █    ▄▄    ▀
                ▀▄      ▄▀
             ███▄  ▀▀▀▀  ▄██▌
       ▄██▌  ███████▄▄██████▌  ▐█▄▄
      ████▌  █████▀▀  ▀█████▌  ▐████
     █████▌  ██████ ▀▀ ▐████▌  ▐█████
    ██████▌  ██████ ▐▀  ████▌  ▐█████▌
    ▀█████▌  █████▄▄  ▄█████▌  ▐█████▀
             ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
First77
Member
**
Offline Offline

Activity: 266
Merit: 32


View Profile
June 15, 2018, 04:23:15 PM
 #11

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.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.
yesyes18
Jr. Member
*
Offline Offline

Activity: 238
Merit: 3

"Blockchain Powered Clinical Trial Management”


View Profile
June 15, 2018, 04:30:37 PM
 #12

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.

▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔▔
ClinTex CTi  ──  Blockchain Powered Clinical Trial Management
▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁▁[/cente
Hydrogen
Hero Member
*****
Offline Offline

Activity: 938
Merit: 672



View Profile
June 15, 2018, 11:58:28 PM
 #13

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.

patz22
Full Member
***
Offline Offline

Activity: 448
Merit: 103


"Reserve Your Ledger at GYMLEDGER.COM"


View Profile
June 16, 2018, 01:40:48 AM
 #14

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).

GYM Ledger   //   The World's 1st Health Band with Integrated Hardware Wallet
|      Join Pre-SALE      |      OCTOBER 1st      |
⚫               FACEBOOK      ▶   TWITTER      ▶   TELEGRAM            ⚫
YTBitcoin
Hero Member
*****
Offline Offline

Activity: 686
Merit: 500


View Profile
June 16, 2018, 01:54:38 AM
 #15

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 Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??
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.
First77
Member
**
Offline Offline

Activity: 266
Merit: 32


View Profile
June 16, 2018, 08:44:15 AM
 #16

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 ??
ylnar123
Member
**
Offline Offline

Activity: 322
Merit: 10


View Profile
June 16, 2018, 09:06:51 AM
 #17

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 Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??

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.

❤   humancoin   ❤   Join our whitelist!      ❤   humancoin   ❤
██████                   A new era of charity                    ██████
▄ ▄ ▄ ▄▄▄▄▄▄▄  Telegram | Reddit | Medium | Twitter | ANN Thread | Facebook   ▄▄▄▄▄▄▄ ▄ ▄ ▄ ▄
neliawesome
Jr. Member
*
Offline Offline

Activity: 210
Merit: 1


View Profile
June 16, 2018, 10:01:19 AM
 #18

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.
stompix
Hero Member
*****
Offline Offline

Activity: 854
Merit: 702



View Profile
June 16, 2018, 10:23:11 AM
 #19

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.

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 Tongue.

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.

Because its a state-owned national bank.

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.

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?

Quote
India’s biggest cryptocurrency scam is continuing to unravel.
On June 05, British businessman Raj Kundra—the husband of Bollywood actor Shilpa Shetty—was questioned by India’s enforcement directorate (ED). He was allegedly involved in a scam that saw Amit Bhardwaj, founder of bitcoin firm GainBitcoin, reportedly duping investors of around Rs2,000 crore ($300 million).

 Grin Grin Grin Grin

npredtorch
Legendary
*
Offline Offline

Activity: 1064
Merit: 1004


View Profile
June 16, 2018, 10:46:42 AM
 #20

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.
Pages: [1] 2 3 4 5 6 7 8 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!