Case Study: A Basic Introduction to the Punjab National Bank Fraud Case

A ground-up walkthrough of one of India's largest bank frauds, the roughly 14,000 crore rupee Punjab National Bank scam uncovered in 2018. Meet the people involved, Nirav Modi, Mehul Choksi and the PNB branch officials accused of enabling them, and understand the two banking tools at the centre of it, Letters of Undertaking and the SWIFT messaging system, and how they were misused for years without showing up in the bank's own core systems. Walk through how the fraud was finally discovered, what RBI, the CBI and the ED did afterwards, and what the case teaches about internal controls, reconciliation and compliance culture in Indian banking.