Question

Google “business fraud." Describe a recent case of business fraud. Where did it happen? What happened? How was it exposed? How big was the damage?

Answer 1

Nirav Modi was in some cases alluded to as "gem dealer to the stars," with his pieces worn by Priyanka Chopra, Naomi Watts and Kate Winslet. Modi's apparently enchanted life went to a slamming end from the get-go in the year when the second-biggest state-run Indian bank, Punjab National Bank (PNB), documented a police objection against Modi, another goldsmith Mehul Choksi and others, claiming the men had planned with two of its staff to swindle the bank of almost $43 million.

Explanation:

After the Central Bureau of Investigation (CBI) propelled an examination in February, PNB uncovered the aggregate sum engaged with the misrepresentation was nearer to $2 billion. As the test proceeded, controllers found that Modi schemed with bank workers to deceitfully acquire Letters of Undertaking from PNB. Letters of Undertaking go about as an assurance by the giving bank, like Letters of Credit, and are frequently utilized in worldwide financial exchanges. The Letters of Undertaking being referred to be given from PNB by means of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) arrange and were given without legitimate approval. They likewise were not recorded in PNB's record-keeping framework, permitting Modi and Choksi to dodge location while acquiring credits in different nations.

Modi fled India before the embarrassment broke. Because of the extortion, the Reserve Bank of India (RBI) suspended the acknowledgment and issuance of LoUs. The RBI additionally requested the Indian money related foundations to coordinate the SWIFT system with their focal data frameworks. As of print, Modi is as yet thought to be a criminal