Which are the biggest banking scams India has witnessed? - Letsdiskuss
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Kanchan Sharma

Content Writer | Updated 24 Jul, 2018 |

Which are the biggest banking scams India has witnessed?

Prreeti Radhika Taneja

Entrepreneur | Posted 20 Feb, 2018

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.