Which are the biggest banking scams India has witnessed?

India has seen several major banking scams over the years, including the Nirav Modi-PNB scam, Vijay Mallya loan default case, Harshad Mehta securities scam, and the Yes Bank crisis. These cases became huge national discussions because they involved massive amounts of money and raised questions about banking oversight and corruption. The Harshad Mehta scam especially changed how many Indians looked at the stock market and financial systems. After such scams, banking regulations and monitoring systems usually become stricter. Honestly, these scams shocked people because they showed how loopholes and weak controls can sometimes continue unnoticed for years.

India has been shaken by major banking scams, including the Harshad Mehta case, the Nirav Modi-PNB case, and the Yes Bank crisis, as well as Vijay Mallya's loan default, highlighting gaps in financial regulation.

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.