#pnb bank fraud

[tfgadgets]

Why Is Karnataka Govt Angry With SBI, PNB and Saying ‘Withdraw All Deposits’ - News18

Why Is Karnataka Govt Angry With SBI, PNB and Saying ‘Withdraw All Deposits’  News18 Karnataka govt cut ties with SBI, PNB over financial frauds  Deccan Herald Karnataka Govt vs SBI and PNB explained: The fallout and bank responses  CNBCTV18 Lenders in talks with govt for “amicable resolution” after Karnataka halts transactions with SBI, PNB  The Indian Express SBI, PNB in talks with K’taka govt…

[townpostin]

ATM Fraud Strikes Mango Resident, Rs. 30,000 Stolen

Victim’s Card Stuck in PNB ATM Leads to Unauthorized Transactions Incident highlights need for caution when seeking assistance with ATM issues. JAMSHEDPUR – Ajit Kumar, a resident of Mango Post Office Road, fell victim to a sophisticated ATM fraud on Thursday, resulting in the loss of Rs. 30,000 from his bank account. The incident unfolded when Kumar’s ATM card became stuck in a PNB ATM on Dimna…

[parentnashik]

Banking Safety Feature: These features of PNB-ICICI Bank will stop fraud, check details

Banking Safety Feature: These features of PNB-ICICI Bank will stop fraud, check details

[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.

[dan6085]

While it's challenging to rank financial scandals, here are brief details on some significant financial controversies in the Philippines:

1. **Pilipinas Shell (1983):**

- **Details:** Pilipinas Shell faced a scandal involving oil overpricing, which led to investigations and public outcry.

- **Effect on Corporate Governance:** Raised concerns about fair business practices and pricing transparency.

2. **Pandacan Oil Depot Controversy (2007):**

- **Details:** The relocation of the Pandacan Oil Depot in Manila sparked debates due to safety and environmental concerns.

- **Effect on Corporate Governance:** Highlighted the need for balancing industrial interests with public safety and environmental concerns.

3. **Philippine Airlines Rehabilitation Scandal (1999):**

- **Details:** Philippine Airlines faced allegations of irregularities in its rehabilitation process.

- **Effect on Corporate Governance:** Emphasized the importance of transparency in corporate restructuring.

4. **RCBC-Maia Santos Dy Group Loans Scandal (1981):**

- **Details:** RCBC was involved in fraudulent loans with the Maia Santos Dy Group, causing financial losses.

- **Effect on Corporate Governance:** Resulted in increased scrutiny of lending practices and risk management.

5. **Legacy Group Investment Scam (2008):**

- **Details:** Legacy Group, a rural bank, engaged in an investment scam, causing financial losses for depositors.

- **Effect on Corporate Governance:** Sparked discussions on the need for better regulation and oversight in rural banking.

6. **Lopez Family Banking Controversy (1999):**

- **Details:** The Lopez family faced allegations of using insider information to profit from stock market transactions.

- **Effect on Corporate Governance:** Raised questions about insider trading practices and ethical conduct.

7. **Philippine National Bank (PNB) Stock Manipulation Scandal (2008):**

- **Details:** PNB faced allegations of stock manipulation, leading to investigations.

- **Effect on Corporate Governance:** Highlighted the importance of fair trading practices and market integrity.

8. **BW Resources Corporation Scandal (1999):**

- **Details:** BW Resources faced issues of stock price manipulation and irregular trading.

- **Effect on Corporate Governance:** Contributed to discussions on market manipulation and regulatory oversight.

9. **Philippine Stock Exchange (PSE) Trading Scandal (2006):**

- **Details:** PSE faced controversies related to the alleged manipulation of stock prices.

- **Effect on Corporate Governance:** Reinforced the need for transparent and fair trading practices.

10. **First Integrated Bond Scam (1992):**

- **Details:** The First Integrated Bond Fund collapsed due to fraudulent activities, affecting investors.

- **Effect on Corporate Governance:** Raised awareness about the importance of investor protection and regulatory oversight.

11. **Legacy Group Rural Bank Closures (2008):**

- **Details:** Legacy Group's rural banks faced closures due to financial mismanagement and irregularities.

- **Effect on Corporate Governance:** Reinforced the need for effective regulation and governance in rural banking.

12. **PNB Capital and Investment Corporation Scandal (2003):**

- **Details:** PNB Capital faced a scandal involving questionable investment practices.

- **Effect on Corporate Governance:** Prompted discussions on the need for transparency in investment firms.

13. **Second Integrated Bond Scam (2004):**

- **Details:** The Second Integrated Bond Fund faced issues of mismanagement and fraud.

- **Effect on Corporate Governance:** Contributed to increased scrutiny of bond funds and investment practices.

14. **Capitol Bank Scandal (2001):**

- **Details:** Capitol Bank faced financial troubles, leading to its closure and affecting depositors.

- **Effect on Corporate Governance:** Raised concerns about banking practices and the need for stronger regulation.

15. **RCBC-Innodata Computer Services Scandal (1998):**

- **Details:** RCBC faced allegations of fraudulent loans involving Innodata Computer Services.

- **Effect on Corporate Governance:** Emphasized the importance of due diligence in lending practices.

16. **Urban Bank Closure (2000):**

- **Details:** Urban Bank faced financial difficulties, leading to its closure and affecting depositors.

- **Effect on Corporate Governance:** Reinforced the need for sound banking practices and regulatory oversight.

17. **PNB FCDU Fraud Scandal (2000):**

- **Details:** PNB faced a scandal involving fraudulent activities in its Foreign Currency Deposit Unit.

- **Effect on Corporate Governance:** Raised concerns about internal controls and risk management in banking.

18. **Equitable PCI Bank Stock Price Manipulation (2006):**

- **Details:** Equitable PCI Bank faced allegations of stock price manipulation, leading to investigations.

- **Effect on Corporate Governance:** Contributed to discussions on market integrity and fair trading practices.

19. **Alphaland and Asian Terminals Scandal (2013):**

- **Details:** Alphaland and Asian Terminals faced controversies related to questionable transactions.

- **Effect on Corporate Governance:** Highlighted the importance of transparency in business dealings.

20. **Zamboanga del Norte Electric Cooperative (ZANECO) Scandal (2009):**

- **Details:** ZANECO faced allegations of mismanagement and financial irregularities.

- **Effect on Corporate Governance:** Raised concerns about governance practices in electric cooperatives.

These scandals in the Philippines underscore the importance of strong corporate governance, regulatory oversight, and ethical business practices to maintain trust in financial institutions and markets.

[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…

[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

[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.

[wordexpress]

Former BSE Chairman, Sethurathnam Ravi: India Continues To Build Back Better In Key Sectoral Industries with Constant Signs of Economic Recovery

Mr. Sethurathnam Ravi is the former Chairman of Bombay Stock Exchange Limited (BSE) (November 2017 to February 2019) and Founder and Managing Partner of Chartered Accountants’ firm Ravi Rajan & Co., an advisory and accountancy firm, headquartered in New Delhi, India. Mr. S Ravi is a Post Graduate in Commerce and holds a diploma in Information System Audit (DISA). He is an Associate Member of Association of Certified Fraud Examiners (CFE), USA and is also registered as an Insolvency Resolution Professional.

S Ravi BSE former chairman was appointed by Government of India and RBI as Chairman of the Technical Experts Committee for Punjab & Sind Bank’s Strategic Turnaround. He was also appointed by Government of India as a member of the Strategic Revival Group for UCO Bank, where he played an instrumental role in formulation of the revival plan and its subsequent implementation. He has also served as Chairman of PNB Mutual Fund.

According to Sethurathnam Ravi BSE Former chairman, India continues to build back better in key sectoral industries with constant signs of economic recovery. Today India is the sixth largest economy in the world. Significantly, the attribution also lies in the agricultural sector, which is 29.7% of total GDP. But India is witnessing a new wave of agrarian crisis. The farmers are expressing their despair and alienation with the policy framework, from MSP to loan waiver. Hence, the agricultural belts have become synonymous to suicide belts where a number of farmers are forced to take their own lives, indicating the gravity of the crisis. This is a critical issue that could put a massive strain on the economy, if it further continues.

Despite a booming economy and an increasing labour force, the process of job creation is sluggish and has become one of the principle problems that India faces. There has been a sharp increase in the employment of informal workers, but the same has to apply to the formal sector (with skills), which holds important aspect of a progressive economy.

According to Mr. Sethurathnam Ravi, “Diagnosing unemployment is a golden key to unleash our economic power”. The latest CMIE data shows that the unemployment rate in India was 8.2% in February 2019. Besides the unemployment crisis, we should also shed light on balancing the male-female employment ratio. By balancing the ratio, 235 million women will be in the workforce which can make the country richer by 27%, the former BSE Chairman highlights.

In S Ravi’s point of view, there must be a shift, where development is more focused towards labour intensive sectors to create more jobs to ease the employment crisis. At the same time, there must be attention paid to social development investments like, health, education, nutrition, water sanitation (directly related to health), to improve our productivity, human capital, per capita income; and most importantly there must be a greater focus on progressive taxation where additional revenue generated can be invested in social security and other essential services that can significantly boost our economic strengths and capabilities. In a nutshell, this is where we are and what we can actually work on, Sethurathnam Ravi concludes.

[best2daynews]

Punjab National Bank reports Rs 3,688 cr borrowal fraud by DHFL

State-run Punjab National Bank (PNB) has reported a borrowal fraud of Rs 3,688.58 crore in the NPA account of the now bankrupt Dewan Housing Finance Ltd (DHFL).

[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,