The US$1.8b Indian bank fraud that went unnoticed
The scam involving Punjab National Bank, India's second-largest state-run lender, has shaken confidence in the state banking sector
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New Delhi
THE Punjab National Bank branch in south Mumbai sits just down the road from both the Bombay Stock Exchange and the Reserve Bank of India, at a physical centre of one of the world's fastest growing major economies.
The branch, clad in a stately colonial edifice, is now also at the heart of a fraud case linked to billionaire jeweller Nirav Modi that has shaken confidence in a state banking sector that accounts for some 70 per cent of India's banking assets.
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