#PNB fraud case

[supremojohndee]

Article 1163 - ObliCon

Art. 1163. Every person obliged to give something is also obliged to take care of it with the proper diligence of a good father of a family, unless the law or the stipulation of the parties requires another standard care.

This article refers to specific or determinate things.

A thing is considered determinate when it is particularly designated or physically segregated from all others of the same class.

Example: Deliver me your red Honda Civic 2022 with plate number XYZ 123.

Contrary: generic or indeterminate thing: a thing is only known to which class it belongs.

Here, the duties of the obliged is to, as provided by the same article:

1.           Preserve/take care of the thing.

2.           Deliver the fruits;

3.           Deliver the thing itself;

4.           Liability for any fortuitous event until one has effected delivery;

5.           Deliver accessions and accessories;

6.           Answer for damages in cases of fraud, negligence, delay, or if he contravenes the tenor of the      obligation.

Diligence that is referred to as of a diligence of a good father is ordinary diligence.

Other standard of care or diligence shall be stipulated by the law or the contracting parties.

Philippine National Bank

vs.

Santos

Facts:

One time deposit account from PNB of a deceased Angel Santos was then converted into a Premium savings account due to non-renewal. The heirs of Angel Santos was to claim the deposited money only to find out that it was withdrawn already by one Bernardito Manimbo with incomplete requirements and doubtful kinship with the deceased.

Issue:

Whether PNB was jointly negligent with the BM in releasing the deposited money to a doubtful claimant.

Held:

PNB and BM Aguilar was jointly liable for the release of the fund to Manimbo. They either have no standards to respect the trust that was vested in them by the public or that they have standards but did so for their convenience.

The PNB, as a bank, is in burden of higher degree of diligence than that of the diligence of a good father of a family as per the General Banking Law: Fiduciary nature of banking requires high standards of integrity and performance.” PNB even failed provide notification for the conversion of account status.

Affirmed with Modifications, PNB and Aguilar are solidarily liable to pay respondents 100,000 for exemplary damages, and the interest was now 12% from April 26, 2988 to June 30, 2013 and 6% from July 1 2013 until satisfaction. Per annum.

[cybercrime-blogs]

Understanding and Defending Against Whaling Attacks

In the ever-evolving landscape of cyber threats, cybercriminals have developed increasingly sophisticated methods to target high-profile individuals within companies. One such tactic gaining prominence is 'whaling,' a focused and strategic approach that meticulously targets senior executives or prominent figures to extract sensitive information or monetary gains.

Understanding 'Whaling' in the Cyber Seas:

Distinguishing itself from broad phishing scams, 'whaling' shares similarities with 'spear-phishing' by honing in on specific high-value targets within organizations. This cybercrime involves the impersonation of top-level company officials to coerce victims into divulging confidential information or performing unauthorized transactions.

Terminology Unveiled: 'CEO Fraud' or 'Whaling':

Often interchangeably referred to as 'CEO fraud,' 'whaling' earned its name due to its focus on high-profile targets, termed 'whales.' Cybercriminals impersonate influential figures like CEOs to dupe unsuspecting victims, leading to financial losses or the compromise of sensitive data.

Also Read: Kashmiri Brother-in-Law could not show Kamal, and pressure on Nagpur police failed

Tactics Employed in 'Whaling' Attacks:

Cybercriminals employ various strategies, including email spoofing, to fabricate convincing messages that mimic authentic CEO correspondence. Social engineering plays a pivotal role, as criminals gather personal information to tailor messages for increased authenticity, enabling successful deception.

Safeguarding Against 'Whaling' Attacks:

Protective measures against 'whaling' attacks involve comprehensive employee education to recognize suspicious requests. Implementing multi-factor authentication (MFA) enhances security for critical accounts. Additionally, stringent email authentication protocols, routine security evaluations, and robust incident response plans are vital defenses against these targeted attacks.

Learning from Noteworthy 'Whaling' Incidents:

Snapchat Payroll Breach (2016): An HR employee revealed payroll information to an attacker posing as the CEO, resulting in a $1 million loss.

Pune Whaling Cases (2022): Six whaling cases were reported in Pune, including one targeting Serum Institute of India, where an employee almost transferred a large sum of money.

Manipal Education Institution Scam (2015): The CFO transferred over ₹6 crores (₹60 million) to an overseas account based on a fake email from the board chairman.

Also Read: Pune Couple's Organized Cyber Blackmailing Scandal Uncovered

Emkay Global Financial Services Scam (2013): The MD transferred over ₹10 crores (₹1 billion) to an overseas account based on a fake email from the CEO.

PNB Fraud (2018): PNB transferred over ₹12,000 crores (₹1,200 billion) based on fake SWIFT messages instructing transfers to overseas accounts.

Source: https://www.the420.in/protecting-against-whaling-attacks/

[blogynews]

"The Untold Saga: CBI Presses for Trial on 20 PNB Fraudsters While Nirav Modi's Return to India Remains in Limbo"

The Central Bureau of Investigation (CBI), currently investigating the Punjab National Bank fraud case, has approached the special court to commence the trial against the 20 accused individuals who have been booked by the agency. This is due to a delay in bringing Nirav Modi back to India. However, the CBI may separate the case against Nirav Modi and his younger brother, Nishal Modi, since their…

[blogynewz]

"The Untold Saga: CBI Presses for Trial on 20 PNB Fraudsters While Nirav Modi's Return to India Remains in Limbo"

The Central Bureau of Investigation (CBI), currently investigating the Punjab National Bank fraud case, has approached the special court to commence the trial against the 20 accused individuals who have been booked by the agency. This is due to a delay in bringing Nirav Modi back to India. However, the CBI may separate the case against Nirav Modi and his younger brother, Nishal Modi, since their…

[blogynewsz]

"The Untold Saga: CBI Presses for Trial on 20 PNB Fraudsters While Nirav Modi's Return to India Remains in Limbo"

The Central Bureau of Investigation (CBI), currently investigating the Punjab National Bank fraud case, has approached the special court to commence the trial against the 20 accused individuals who have been booked by the agency. This is due to a delay in bringing Nirav Modi back to India. However, the CBI may separate the case against Nirav Modi and his younger brother, Nishal Modi, since their…

[ganganews]

Preeti Kothari, the wife of fugitive jeweller Mehul Choksi, has approached a Mumbai special court seeking the cancellation of a bailable warrant issued against her

[haniyashah007]

What Is KYC: An Introduction to Know Your Customer

We are living in a world that is being increasingly interconnected with the usage of digital technologies. This is why we need to adopt as many safeguards as possible against cybercrime, especially financial ones, and an important part of this is knowing what is KYC and understanding it. KYC or Know Your Customer can be defined as a vital process that has become an important element when it comes to establishing trust, complying with regulatory & legal requirements, and preventing fraud. It is a highly purposeful and significant procedure that is immensely helpful for businesses, especially financial ones, as far as building reliable and secure relationships with their customers is concerned.

What is Know Your Customer?

As we have said already, KYC is a process undertaken by businesses, mostly ones dealing in financial products and services, to verify the identities of their customers and authenticate them. This process calls for collecting and then verifying essential information about customers. The most prominent details sought in this case are names, dates of birth, & addresses of customers along with documents issued by the central government to them. You already know KYC meaning – well, then you should also know that the primary goal here is to confirm the identities of customers and ensure they are not criminals.

The importance of KYC

Apart from knowing KYC definition it is important to know why the process is important. For starters, it helps prevent financial crimes and maintain compliance with necessary rules and regulations. It helps build trust between companies and the customers they are transacting with. It is also supposed to help companies mitigate business risks. When a company verifies the identity of its customers it can find out if criminals are using its facilities for illegal activities and deter them from doing so. It also helps them follow applicable rules and regulations in India.

A great way to gauge the quality of a business – especially a financial service provider – is to check if it follows a KYC process or not. This is why, you would never see the top companies such as PNB MetLife letting up in these cases. After all, this is a crucial process that helps set a foundation of trust between a business and the people it is doing business with. It makes sure that there are no financial crimes and that companies are complying with the regulatory standards in place in India in this particular regard.

[seemabhatnagar]

Financial Fraud

PNB & Another v. CBI & 5 Others Before The Hon’ble Kerala High Court W P No. 631/2023 Hon’ble Mr. Justice BK Thomas J, disposed the WP at the Stage of Admission itself with direction to CBI.   Punjab National Bank, Link Road Branch Kozikhode, Kerala filed Writ Petition before Kerala High Court seeking probe of financial fraud committed by the Sr. Manager of the Bank which initially appeared to be 98,00,000/-lakhs swelled to Rs.12,81,39,000/- Crores during the Course of Investigation.

Background A criminal case under section 409*, 420** IPC was registered by the PNB Link Road Branch Kozikhode, at Kozhikode Town Police Station. The gist of the allegations is that, between the period 12.10.2022 and 25.11.2022, the accused who was the former Senior Manager of the bank had cheated and defrauded the Punjab National Bank as well as the Kozhikode Corporation for an amount more than Rs.98,00,000/- lakhs. Prayer of the PNB before the Hon’ble Kerala High Court Investigation be directed to be handed over to CBI in view of clause 6.1 of the Banking Regulation Act, 1949, accordingly, the financial frauds involving more than three crores’ rupees and above has to be investigated by the Anti-Corruption Branch of the CBI. Direction of the Court The Inspector of police conducting investigation was directed to inform the crime to the CBI who shall thereafter, take over investigation of the aforementioned crime and complete the investigation as early as possible.   409 IPC* Criminal breach of trust by public servant, or by banker, merchant or agent.—Whoever, being in any manner entrusted with property, or with any dominion over property in his capacity of a public servant or in the way of his business as a banker, mer­chant, factor, broker, attorney or agent, commits criminal breach of trust in respect of that property, shall be punished with 1[imprisonment for life], or with imprisonment of either descrip­tion for a term which may extend to ten years, and shall also be liable to fine.   420 IPC** Cheating and dishonestly inducing delivery of property. —Whoever cheats and thereby dishonestly induces the person de­ceived to deliver any property to any person, or to make, alter or destroy the whole or any part of a valuable security, or anything which is signed or sealed, and which is capable of being converted into a valuable security, shall be punished with imprisonment of either description for a term which may extend to seven years, and shall also be liable to fine.

  Seema Bhatnagar

[abhi1004]

PUNJAB NATIONAL BANK SCAM(Nairav modi)

Nirav Modi is an Indian businessman and jewelry designer who was involved in a major banking fraud involving the Punjab National Bank (PNB), one of India's largest public sector banks. The fraud came to light in 2018, when it was discovered that Modi and his associates had used fake documents to obtain credit from the PNB, totaling more than $1.8 billion.

Modi, who was already facing allegations of fraud and money laundering in India, had fled the country before the fraud was uncovered, and was subsequently arrested in the UK in 2019. Modi was accused of conspiring with PNB officials to obtain letters of undertaking (LoUs) from the bank, which allowed him to obtain credit from other banks without sufficient collateral. Modi and his associates then used the money to buy diamonds and other high-value items, which were then smuggled out of the country.

The PNB fraud was one of the biggest banking scams in India's history, and it had a major impact on the country's financial system. The scam highlighted the need for stronger banking regulations and oversight, and led to major reforms in India's financial sector.

Modi is currently facing extradition to India to face charges of fraud and money laundering, and his assets have been seized by Indian authorities. The case is still ongoing, and it remains one of the most high-profile fraud cases in India's recent history.

REFERENCE:https://www.business-standard.com/about/what-is-pnb-scam

[thenationaltv243]

Nirav Modi Scam: PNB Gets ₹24 crore as First Tranche Of Recovery From US

State-owned Punjab National Bank on Tuesday informed the government that it has received ₹24.33 crores as the first tranche of recoveries in the Nirav Modi fraud case. “Punjab National Bank Ltd. (PNB) has informed the Ministry of Corporate Affairs (MCA) which spearheaded the corporate governance litigation in a foreign jurisdictional Court,

[mankavitlawacademy]

The fugitive economic offender, Nirav Modi, lost his appeal at the UK High Court and now faces extradition to India in the PNB fraud case. . . ADVERTISEMENT Modi was declared an offender as per Fugitive Economic Offenders Act, 2018 in December 2019 by the Special PMLA Court. . Swipe to know more. #law #supremecourtofindia #legalknowledge #niravmodi #vijaymallya #fugitive #uk #uklaws #extradition #internationallaw #deport #ukhighcourt #fraud #bankfraud #pnb #pnbscam #constitutionofindia #judiciary #judicialmatter #india #legal #legalissues #extraditionlaw #rishisunak #currentaffairs #clatpg2023 #financialfrauds #financialfraud #extraditiontreaty https://www.instagram.com/p/ClBBtDZPs1B/?igshid=NGJjMDIxMWI=

[squarwell-breakingnews]

PNB scam: UK court rejects Nirav Modi's plea against extradition to India - Times of India

PNB scam: UK court rejects Nirav Modi’s plea against extradition to India – Times of India

NEW DELHI: In a fresh setback to Nirav Modi, a UK court on Wednesday rejected the fugitive diamantaire’s appeal against his extradition to India in connection with the Punjab National Bank (PNB) fraud case. Nirav, when extradited, will fraud and money laundering charges for his role in the multi-crore fraud. Lord Justice Jeremy Stuart-Smith and Justice Robert Jay, who presided over the appeal…

[cybercrime-blogs]

Cyber Crime: BCA Student was selling clone apps of these banks, CID exposes cybercrime racket

Online banking has become a crucial part of our lives in today's digital age. It has revolutionized banking by making it more accessible, convenient, and faster. However, it has also brought with it a new set of challenges in the form of cybercrimes, including online frauds and scams. Hackers and cybercriminals are always looking for new ways to exploit vulnerabilities in the online banking system.

Recently, the CID of Jharkhand achieved major success in catching cyber fraudsters who were committing fraud with people by creating clone apps of SBI, ICICI, HDFC, and PNB banks. The team arrested three cybercriminals from the Dhanbad district who were involved in this illegal activity. The accused were found to have 12 mobile phones, 4 laptops, and 2 routers.

Also Read: Kashmiri Brother-in-Law could not show Kamal, and pressure on Nagpur police failed

The mastermind behind this operation was a BCA student named Rajesh Kumar Mandal. He used to sell clone apps to other cybercriminals and commit cyber frauds with people. He had created clone apps of popular banks, including SBI, ICICI, HDFC, and PNB, to deceive people into giving their personal and financial information.

The SBI officials had filed a complaint with the CID regarding this case, after which a team was formed to investigate the matter. The investigation revealed that these cybercriminals were not only selling clone apps to criminals in Ranchi but also to cybercriminals from other countries through social media. They used to sell data with the help of JUSTDIAL.

The CID DGP Anurag Gupta revealed that they used to sell these apps for Rs. 2,000 each. This operation of the cybercriminals was not only illegal but also posed a significant threat to the online banking system's security. It is commendable that the CID team was able to apprehend these criminals and prevent further damage.

Also Read: Cybercrime in Nagpur - Cyber Blackmailer Couple Arrested in Pune for Extorting Money

The case highlights the need for individuals and institutions to be vigilant and take precautions to safeguard themselves against cybercrimes. While online banking has made banking more convenient, it has also made it easier for cybercriminals to commit fraud and scams. It is essential to take steps such as using strong passwords, keeping software updated, and avoiding suspicious emails and links to prevent such incidents.

In conclusion, the cybercrime case in Jharkhand is a wake-up call for everyone to be aware of the risks involved in online banking and take measures to protect themselves against cybercrimes. The authorities must continue to monitor such activities and take strict action against those involved in such illegal activities. We must all do our part to keep ourselves and our digital assets safe in this ever-evolving digital world.

[znewstech]

Nirav Modi loses appeal as UK High Court orders extradition to India to face fraud and money laundering charges - Times of India

Nirav Modi loses appeal as UK High Court orders extradition to India to face fraud and money laundering charges – Times of India

NEW DELHI: Fugitive diamantaire Nirav Modi who is an accused in the Punjab National Bank (PNB) fraud case has lost the appeal as UK High Court orders extradition to India to face fraud and money laundering charges. Nirav is the subject of two sets of criminal proceedings, with the CBI case relating to a large-scale fraud upon PNB through the fraudulent obtaining of letters of undertaking (LoUs)…

[newslobster]

Supreme Court Says No To CBI Request Against Nirav Modi's Relative

Supreme Court Says No To CBI Request Against Nirav Modi’s Relative

New Delhi: The Supreme Court told the CBI on Monday it cannot stop Mainak Mehta, the brother-in-law of fugitive diamantaire Nirav Modi, who is an accused in the Punjab National Bank (PNB) fraud case, to travel abroad without any “sold material”. A bench of justices D Y Chandrachud and Hima Kohli asked the Central Bureau of Investigation (CBI) to come up with some “solid material” in its plea…

[sarkariresultjosh]

Punjab National Bank(PNB) SO Online Form 2020

Punjab National Bank(PNB) SO Recruitment 2020 notification has been recently updated. Punjab National Bank(PNB) is going to hire 535 Post of SPECIALIST OFFICERS. If you want to apply for the Punjab National Bank(PNB) SO Recruitment 2020 then you fill the application from 08 to 29 September 2020. For more details, regarding Punjab National Bank(PNB) SO Recruitment read full notification carefully or Keep visiting sarkariresultjosh.info. You can find more detail regarding the Punjab National Bank(PNB) SO Recruitment 2020 below.