Nirav Modi Bank Scam

The Nirav Modi scam, one of India's most significant financial frauds, came to light in 2018. Billionaire jeweler Nirav Modi, along with his family and associates, allegedly defrauded Punjab National Bank (PNB) of over $2 billion. Modi and his accomplices reportedly obtained fraudulent Letters of Undertaking (LOU) to secure credit from various banks, misusing these funds for personal enrichment and to maintain a lavish lifestyle. This scandal sent shockwaves through India's banking sector, exposing systemic vulnerabilities and prompting extensive scrutiny of regulatory oversight and corporate governance practices.

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