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PNB Scam - Explained

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.
Though the seeds of this scam was well plotted during the then UPA regim, Rahul Gandhi pointed out his fingures against PM.
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.
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

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