Biggest Banking Scam of India –Nirav Modi/ Pnb Scam

India is a secular nation, Freedom is one of the foundations of this country, which allows the citizens to choose what they passionate about as well as to get what they want. India gave birth to many famous leaders, politicians, scientists, doctors, artists and businessmen.In 2017, India launched 104 satellites and created a world record and spreaded its name all over the world and got respect around the nations. But not only in the prestigious fields but also in scams, frauds and corruption.As the country is emerging, frauds in India are also increasing, every day we get the news about the scams and frauds.


  • 1948 – Jeep Scandle Case

  • 1951 – The Mundhra Scandal (12 million)

  • 1960 – Teja Loan Scandal (220 million)

  • 1974 –Kuo Oil Scandal (22 million)

  • 1981 – Cement Scam (300 million)

  • 1995– C.R.Bhansali scam (11 billion)

  • 1991 – Kargil Coffin Scam

  • 2001 –Ketan Parekh/ UTI Scam (320 million)

  • 2009 – Rice Export Scam ( 25 billion)

  • 2015 – Delhi Power Scam ( 80 billion)

This are the 10 Scams under hundreds of scam of India.

Not only this, In 2015, Lalit Modi who was the part of ex-IPL committee, involved in money laundering, bid rigging, selling franchises to his family members, betting and awarding contracts to his friends and duped 1700 crore and escaped to UK.

After that in 2016 , Vijay Mallya who was known for his kingfisher liquor and airlines and his lavish lifestyle hoaxed India 9000 crore and escaped to UK.

Currently Nirav Modi, who is famous Diamond Merchant and business man with his 3 firms Steller Diamonds , Solar Exports and Diamond R Us. He remained in the forbes top 100 billionaires in India for two consecutive years 2015 and 2016. His net worth in 2017 is 11,237 crores. He was born in the family of diamond trader in India and raised in Belgium.He captured all the world with his diamond business. He made his business international from India to Hong Kong and New York. Nirav Modi jewelleries are worn by all the world including Aishwarya Rai, Kate Winslet, Rosie Huntington-Whiteley, Coco Rocha and Lisa Haydon.

11,400 cr. Import Ponzi Scam at PNB

Today, 47 years old diamantaireNirav Modi and his uncle cum business partner MehulChoksi are the main accused in the Rs. 11,300 crore Punjab National Bank Fraud, termed India’s biggest banking Scandal.NiravModi and MehulChoksi escaped very sharply with untraceable position, even the CBI and Ministery of External Affairs are looking for them and yet not aware about their locations.

According to PNB, Modi and his business partners were involved in fraudulently issuing Letter if undertaking in other words bank guarantee and defrauded the bank for ₹280 crore by conspired by bank official of PNBat the bank’s Mid Corporate Branch in Mumbai’s Brady House to fraudulently obtain Letters of Undertaking for making payments to overseas suppliers, which potentially leaves Punjab National Bank liable.

Nirav modi scam in India

Indian Government’s Cental Bureau of Investigation launched and investigation against Nirav Modi and seized his Visuals of items by Enforcement Directorate. Gold, diamonds & precious stones. Items worth Rs. 5100 crore has been seized by the government.

Nirav Modi, and the firms he controls, allegedly leveraged the loopholes in the banking system.

The CBI arrested Gokulnath Shetty and deputy manager of PNB and trying to merge the pieces and get some valuable information about the case.

This cases of fraud are increasing day by day in India. To stop this scams our Government will have to take strict measures and rules.

Post Author: Jai

I’m Jai, The man behinds Blogging Coffee. I am a professional blogger, Digital Marketer, and Certified Google Partner. I write about Business ,Tech News,Travel, Food Recipe, YouTube Trending Video and Health And Fitness here on Blogging Coffee.

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