Punjab National Bank Scam

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The Punjab National Bank scam refers to the fraudulent letter of undertaking (LoU) scam worth ₹14,357 crore (approximately US$2 billion in 2018). The LoUs were issued by Punjab National Bank (PNB) at its branch in Fort, Mumbai, making the bank liable for the amount. The fraud was allegedly orchestrated by Nirav Modi, his associates, and related business entities. Modi, his wife Ami, his brother Nishal, and his uncle Mehul Choksi were named in a Central Bureau of Investigation (CBI) charge sheet, along with the partners of the firms Diamond R US, Solar Exports, and Stellar Diamonds. Several PNB officials and employees were also accused. Modi and several family members left India in January 2018, shortly before the fraud was publicly disclosed. The Enforcement Directorate (ED) confiscated movable and immovable assets worth ₹692.90 crore belonging to Nirav Modi and his associates under the Fugitive Economic Offenders Act, 2018 according to media reports in September 2024. Modi was declared...

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