Recollect any 3 news about cyber fraud cases related on internet and mobile banking published recently in the media but do you view where the core reasons for such products to materialize?
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Recently exposed Rs 11346 crore fraud by renowned jewellers Nirav Modi and three other jewellers to country’s second-largest public sector bank PNB has caused a stir in banking industry. It may be the biggest banking scam till date. RBI has directed PNB to pay entire Rs 11346 crore to the lenders or it may lead to turmoil in financials of the banks. Following are some other scams which hit the news earlier:
On 14th Feb 2018, PNB noticed fraudulent transactions worth Rs 11,346 crore at one of its branches in Mumbai. Apparently the branch staff issued fake LoU (Letter of understanding) for buyer’s credit to companies of Nirav Modi and Gitanjali Group. Companies like Gitanjali Gems, Gili India, Nakshatra and Nirav Modi are said to be involved in this scam
former director of Andhra Bank and directors of Gujarat based pharma company Sterling Biotech were arrested on 13th Jan 2018 in Rs 5000 crore fraud case for withdrawing cash from the bank accounts of several benami companies. Company had taken loan of Rs 5000 crore from a consortium led by Andhra Bank. Later the loan turned into non-performing assets.
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