5904 banks frauds in 3 months in India

[stompix]

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.

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

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?

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.

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.

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.

[First77]

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

[dev9t9ok]

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. 

[krishnaverma]

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.

[brickafterbrickwalldpt]

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.

[vintages]

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.

[zakariajaki]

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

[ladydark]

Note: If you like my topics/threads and posts give me "+merits". See on the right side of each post (top right corner) there is "+Merits"

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 ??

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.

[First77]

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

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

[ChaChaiTL]

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

[btcdevil]

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

[pickledmuffin]

Note: If you like my topics/threads and posts give me "+merits". See on the right side of each post (top right corner) there is "+Merits"

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 ??

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.

[First77]

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.

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

[krishnaverma]

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.

[malikusama]

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.

[uray]

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 ??

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.

[pereira4]

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.

[First77]

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.

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

[First77]

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

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

[thirdkiller]

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 ??

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!