Frauds That Shook Indian Financial Sector
                     FRAUDS THAT 
SHOOK INDIAN 
FINANCIAL SECTOR
•Rs 14,000 crore | 2018 | 
•Most highlighted news of the 
year, Nirav Modi case. 
•Diamond trader by occupation 
was accused of defrauding Punjab 
National Bank Mehul Choksi, his 
uncle also accused of helping in 
the scam. 
•It is one of the biggest frauds in 
India in the financial sector.  
•Rs 12,000 crore | 2018 | 
Gold trader Nilesh Parekh from Calcutta was arrested for 
defrauding 25 banks for allegedly siphoning off 1,700 kg of 
imported duty-free gold 
Directorate of Revenue Intelligence sleuths arrested him. It is 
the second major scam by him. 
He was arrested before by CBI for purportedly siphoning off 
bank loans worth Rs 2,672 
•Rs 9,000 crore | 2017 |
•  Scam by Vijay Mallya is one of the most 
publicized alleged fraudulent in India's 
banking history.
• He is the first offender under (PMLA) 
Special prevention of Money Laundering 
Act, 2019.
• He accused of financial fraud and money 
laundering.
•Rs 8,000 crore | 2014 | 
•Bribe-for-loan scam
•CBI found a connection between companies and top 
bank officials. 
•These officers took money for sanctioning loan of  
Thrcompany.
• Some officers got arrested. ( Ex-chairman and MD of 
Syndicate Bank, SK Jain)
•Rs 6,000 crore | 2015 |
• Another case of money laundering/fund siphoning.
•Scam was done by bringing back illegal money from 
parked vehicles with the help of exploited loopholes.
•Scammers were assisted by various banks officers 
such as Oriental Bank of Commerce, and Bank of 
Baroda.
•RS 1,000 crore | 2016 |
• Chief Manager of Syndicate Bank and some bank 
officers were accused of scam.
• They gave fake cheques, letters of credit, and LIC 
policies to withdraw money. 
•Rs 836 crore | 2017 |
• It was a Rs 836-crore fraud case.
•Pune based Padmakar Deshpande, a Bank of 
Maharashtra officer, assisted to the director of Siddhi 
Vinayak Logistics Limited (private logistics company, 
Surat).
•CBI caught them.
•Rs 437 crore | 2014 |
• officials of  firm Electrotherm India (Ahmedabad) 
cheated
• Central Bank of India CBI complain against the 
company directors.ompany directors.
•Rs 212 crore | 2015 |
 EX - deputy general manager of Central Bank of 
India and three directors of Jain Infraprojects Ltd 
( MK Jain, Rekha Jain, and Sunil Kumar Dangi) 
Defrauded bank.
They plead guilty.