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The Tragic Demise of PNB: Uncovering the Story

The Fraudulent Scandal: Unraveling the Mystery In early 2018, the Punjab National Bank (PNB), India’s second-largest state-owned bank, shocked the world with one of the biggest banking frauds in Indian history. The scandal involved fraudulent letters of undertaking (LoUs) issued by rogue PNB employees to diamond merchant Nirav Modi and his associates, enabling them to obtain loans from other banks…