When people are still not over the fact that Vijay Mallya has looted the country and is never going to return, another businessman ran out of the country after committing a bank fraud of nearly Rs.11,400.


The businessman is none other than Nirav Modi, a jewellery and diamond merchant. Nirav was known for his extravagant style of living. Nirav Modi took advantage of the loop-holes present in the system. He made a master-plan and robbed the second largest bank of India. Nirav Modi collaborated with the employees of Punjab National Bank.

However, the amount is Rs.11,400 but it can be increased if further similar funds are found in other banks as well. The officials of Punjab National Bank has written to other 30 banks, telling them about the modus operandi and asking them to investigate, if Nirav Modi has also targeted them.


Although, till now two employees of Punjab National Bank from it’s Brady House branch, Mumbai, involved in this scam. The two employees who are found involved in the scam, after the investigation as per Punjab National Bank are deputy manager Gokulnath Shetty and clerk Manoj Kharat. These employees have repeatedly issued letters of Understanding to the companies of Nirav Modi. They were not following instructions and guidelines of the bank.


Also, Punjab National Bank have suspended 10 employees in the primary phase of their investigation.

After this news came out, the Social Media is flooded with angry and frustrated posts/tweets of people. Have a look:











What do you think about this fraud? Share your thoughts with us in the comments below.