New Delhi, March 23: In February, public lender the Punjab National Bank (PNB) detected a billion dollar fraud involving celebrity jewelry designer Nirav Modi, who acquired fraudulent letters of undertaking from one of its branches.
Modi, who owns Firestarter Diamond International Private Limited, and Gitanjali Group promoter Mehul Choksi, his uncle, have been accused of defrauding PNB of Rs 12,600 crore, including Rs 1,300 crore being added to the fraud kitty on February 26.
Followed by this, five more bank frauds come into the limelight in last 37 days. Here’s a list :
Hyderabad firm Totem Infrastructure Ltd
A Hyderabad-based construction firm Totem Infrastructure Ltd and its directors have been booked for allegedly defrauding a consortium of eight banks led by Union Bank of India (UBI) to the tune of over Rs 1,394 crore.
The loans were declared as NPA on June 30, 2012 after the default payments of interests and instalments. The company has been alleged of diverting funds and inflating expenditure.
Bank fraud of Rs 824 crore involving Chennai based jeweller Kanishk Gold Pvt Ltd (KGPL)
A Chennai based jeweller Bhoopesh Kumar Jain owner of Kanishk Gold Pvt Ltd (KGPL) has been accused of defrauding a consortium of 14 banks led by the State Bank of India (SBI) to the tune of Rs 824 crore in the form of loans that have now been declared as non-performing asset (NPA).
Unlike the PNB scam, allegedly resorted to falsifying records and financial statements to get loans from the banks over a 10 year period starting 2008.
Another PNB fraud involving promoters of Chandri Papers
The state-owned lender exposed another fraud case at a Mumbai branch similar to Nirav Modi, which is at the centre of around Rs 9.9 crore fraud.
In connection with this PNB DGM Gokulnath Shetty along with promoters of Chandri Papers have been booked.
The CBI held two directors of Kolkata based RP Infosystem following the complaint of Canara Bank, which alleged that the company defrauded 27 banks with worth Rs 515.15 crore.
The case has been registered under sections 120B (criminal conspiracy) read with 420 (cheating), 468 and 471 (both related to forgery) of the IPC and the criminal misconduct by a public servant.
Mumbai based Parekh Aluminex Ltd, Rs 4,000 crore bank fraud
A fraud of Rs 4,000 crore has been unearthed, in which Axis Bank has been duped Rs 250 crore. After a complaint was lodged by the private lender, Mumbai police nabbed three directors of a private company for defrauding.