India’s biggest financial fraud is based on a product with no international regulation

Let that sink in. “Standardisation of commodities is already a problem with developing countries – no one will touch which is out of the system,” a financial analyst tells me. Didn’t our bankers know this? I started reading and watching the Punjab National Bank (PNB) Nirav Modi – Mehul Choksi financial scandal with a deep sense of disbelief. India’s second-largest public-sector lender PNB said earlier this week that two junior officers at a single branch illegally granted $1.77 billion in fraudulent loans to companies. Many of these companies were led by billionaire jeweller Nirav Modi reportedly in hiding in New York.
Click this link for the report / article by Chitra Subramaniam  .
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