Indian banks have reportedly witnessed 8670 fraud cases worth 61,260 crore INR in the last 5 years.
In 2014, a bribe-for-loan scam involving Rupees 8000 crore was uncovered, and in 2015, multiple banks defrauded to move Rupees 6000 crore in a forex scam. In 2017, Vijay Mallya defaulted Rupees 9000 crore worth loans, and Nilesh Parekh caused loss of Rupees 2223 crore to about 20 banks.
India has clearly had its fair share of bank scams. Recently, Punjab National Bank, the second largest bank in the country detected a scam of $1.77 billion in Mumbai in which a Billionaire jeweler Nirav Modi is involved. Investigation is being done and currently his passport has been suspended for a period of 4 weeks. He was reportedly spotted last in an apartment in New York city.
