This Punjab National Bank scam of Rs 13000 crore around is being investigated by two main central agencies like Central Bureau of Investigation and Enforcement Directorate. Recently the government has also issued non bailable warrants against Nirav Modi . The Punjab National Bank scam is regarded as the second largest bank of India this fraud has left the PNB in a massive controversy. This fraud came into limelight on 14 february for the first time . These days the central agencies like CBI and ED are investigating the matter and they raided and seized the assets of Nirav Modi. CBI first reported this case when a Deputy General complains to them about that 8 letters of undertaking amounting to Rs 280 crore were issued for Hong kong based banks.
After that raids has been conducted in offices of Nirav Modi . On 5 february 2018 CBI charges and register a FIR against Modi family for causing a loss of Rs 280 crore. Nirav Modi his wife and uncle Mehul Choksi left the country in the first week of January . On 17 february 2018 Nirav Modi and Mehul Choksi passport has been suspended by government in connection with the PNB fraud.
The CBI had also emailed Nirav Modi to come and join the investigation but in reply the jeweller said that he has many businesses abroad and he will not able to join the investigation . This fraud of Rs 13000 crore around left PNB in a very ridiculous manner. The first lesson to be learned from this scam is that banks need to better manage their operational risks . The other thing is that banks needs to improve their attitudes towards banking business.