Question

Mention a case of Fraud, or computer crime or kickback that was in the news in the past five years.

Short paragraph about 5 sentences.

Answer 1

In the year 2018, a fraud by Nirav Modi, who was known as “jeweler to the stars”, with his pieces being worn by film stars and celebrities like Priyanka Chopra and Kate Winslet, was detected. After the enquiry by CBI, it came into notice that he defrauded the Punjab National Bank of India and the fraud amounted to almost $2 billion. He used to indulge in malpractices by the alleged employees of the bank and got the letter of undertakings issued illegally. He used these LOUs in foreign banking transactions and was able to take loans on these. Though he left the country long before the scandal came into light, the central banking authority of the country discontinued the practice of issuing LOUs.