( *Dont forget to check your Email and Whatsaap daily)* *Punjab National Bank (PNB) Fraud (2018)* *Overview* : 💳 In 2018, Punjab National Bank (PNB) was the victim of a massive fraud involving diamond merchant Nirav Modi and his uncle Mehul Choksi, who defrauded the bank of over $1.8 billion through fraudulent letters of credit. *Key Points* : 😃 ➡ Fraudulent Letters of Credit: The duo used unauthorized credit facilities to siphon off money from the bank. ➡ Bank's Oversight Failure: PNB's lack of internal controls allowed the fraudulent transactions to continue for years. ➡ Legal and Political Fallout: Nirav Modi and Mehul Choksi fled the country, facing charges of money laundering and fraud. Takeaways: 😎 ➡ Internal Controls: Banks must have stringent internal controls to detect fraudulent activities. ➡ Regulatory Oversight: Regulators must ensure banks have proper checks and balances to prevent such large-scale fraud. *Drop* ❤️ *if you find this informative.*