PNB scandal was not a lone-wolf crime
Add BT as a preferred sourceHong Kong
IT'S disingenuous to think that India's biggest banking fraud was just one bent officer in a bumbling state-run lender enriching an uncle-nephew pair of greedy diamond merchants. That's the spin Punjab National Bank is trying to put on the US$1.8 billion scam that went on for seven years.
According to the lender's version, PNB's former employee Gokulnath Shetty provided billionaire jeweller Nirav Modi and his uncle Mehul Choksi with guarantees - known as letters of undertaking - so they could get loans from other Indian lenders' branches overseas.
TRENDING NOW
ComfortDelGro’s Zig to buy S$10 million worth of BYD cars for private-hire fleet
Singapore telco price war squeezes earnings, strengthens case for StarHub-M1 deal, say analysts
Sats slides 13.6% as investors dump shares on profit-margin squeeze
When every phone becomes a satellite phone, what happens to Asia’s telcos?
