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Author Topic: 5904 banks frauds in 3 months in India  (Read 1218 times)
dorofeev
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June 17, 2018, 10:32:42 AM
 #41

Yes, this is in news and government has started taking steps to prevent this. There is merger of banks planned in coming days.
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June 17, 2018, 11:48:58 AM
 #42

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.
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June 18, 2018, 12:25:55 AM
 #43

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.

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
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June 18, 2018, 12:36:44 AM
 #44

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.
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June 18, 2018, 12:59:22 AM
 #45

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.

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.

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June 18, 2018, 01:57:59 AM
 #46

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"  Grin
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 .

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June 18, 2018, 04:40:17 AM
 #47

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 ??
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

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yudif
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June 18, 2018, 05:08:11 AM
 #48

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.

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June 18, 2018, 08:46:34 PM
 #49

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.

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June 18, 2018, 09:21:29 PM
 #50

are all swindlers coming from india. Huh why so many scams in india Huh
First77
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June 19, 2018, 02:58:08 AM
 #51

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"  Grin
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 .

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)
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June 19, 2018, 03:22:32 AM
 #52

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 ??

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.

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btc78
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June 19, 2018, 03:43:35 AM
 #53

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 ??
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

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June 19, 2018, 04:13:09 AM
 #54

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 ??
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

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June 19, 2018, 04:19:04 AM
 #55

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.
First77
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June 20, 2018, 10:21:39 AM
 #56

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.

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.
First77
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June 21, 2018, 12:35:40 PM
 #57

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.

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
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June 21, 2018, 01:40:51 PM
 #58

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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 ??

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.

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June 21, 2018, 01:47:06 PM
 #59

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.
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June 21, 2018, 01:59:32 PM
 #60

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? Grin
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.

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