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PNB Scam – Explained

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In what may turn out to be one of the biggest financial scams in the India’s corporate history, Punjab National Bank (PNB) opened up that it had been defrauded of about Rs 114 billion by jeweller Nirav Modi, his maternal uncle Mehul Chinubhai Choksi, and other relatives through a group of patnership companies they own. PNB said two of its employees headed by Gokulnath Shetty, were involved in the scam, where the bank’s CBS was bypassed to raise payment notes to foreign branches of other Indian banks, including Allahabad Bank, Axis Bank, SBI and UCO Bank a, using SWIFT. Below diagram shows what happened in the past sever years, which bypassed all internal audits and reviews of highly protected and monitored banking system.

Let us go through some on the interesting tweets about this whole incidents. As usual Porinju comes up the most sarcastic comment.
Auditors make huge money from PNB – Branch Audit, Concurrent Audit, Internal Audit & many more! They recently observed that Rs.5-pens were lost from branches often & directed the management to tie the pens with strong chains & monitor with security cams 😀
— Porinju Veliyath (@porinju) February 18, 2018
Though the seeds of this scam was well plotted during the then UPA regim, Rahul Gandhi pointed out his fingures against PM.
PM Modi tells kids how to pass exams for 2 hrs, but won’t speak for 2 mins on the 22,000Cr banking scam.

Mr Jaitley is in hiding.

Stop behaving as if you’re guilty! Speak up. #ModiRobsIndia
— Office of RG (@OfficeOfRG) February 18, 2018
Below one looks the most funny tweet about the #PNBscam. Outstanding‟ achievement in “Timely Completion of Disciplinary Proceedings” the award is given to Shri S.K Nagpal CVO, Punjab National Bank for completing 92% of the total disciplinary proceedings within the prescribed timelines.
When the #PNBScam was at it’s peak, PNB received ‘Vigilance Excellence Award’ in March 2017 from CVC….!!! FOR ADHERING TO STRICT RBI GUIDELINES 


— Manak Gupta (@manakgupta) February 17, 2018
The most emotional tweet came from Kanchan Gupta who is behind the Bank to get back an amount which is insignificant, but has immeasurable sentimental value
My Ma left me a small fixed deposit with #PNB. The amount is insignificant but its sentimental value is immeasurable. My Ma died 3 years ago. I’m still trying to get the FD encashed. By now I’ve spent more on my efforts than FD value. Yet same bank blindly hands out 11k crore.

— Kanchan Gupta (@KanchanGupta) February 15, 2018

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