$2.00B
Involved
Punjab National Bank - Nirav Modi Fraud
🇮🇳
India
bank fraud
Prosecution Ongoing
Date Discovered
February 14, 2018
Organization
Punjab National Bank
Perpetrators
Nirav Modi, Mehul Choksi, PNB bank officials
Legal Outcome
Nirav Modi arrested in UK (2019), extradition ongoing. Several bank officials convicted.
Economic Impact
Largest bank fraud in Indian history, PNB stock fell 10%, banking sector reform pressure.
Regulatory Changes
RBI audit reforms, SWIFT messaging controls, PSU bank governance overhaul.