Nirav Modi is an Indian jeweler who is the founder of Nirav Modi global diamond jewelry house. In 2018, he has been accused of a $1.8 billion/Rs 11,400 crore fraud case and is being investigated into by the Central Bureau of Investigation in India. According to reports, it is said that Modi has been accused of colluding with certain employees working in Punjab National Bank to issue letters of undertakings which would help him become eligible for loans from other banks. A letter of undertaking is an instrument used in the banking industry which says that the bank would cover the individuals if they are not able to pay the loans. Based on this letter of undertaking, Modi was eligible for overseas loans from other banks in the country which …show more content…
Following the news about the scam, people have lost confidence on such government lending agencies as they have been alleged to divert the funds towards the richer individuals. In my opinion, the Central Bureau of |Investigation is doing a good job trying to come to the bottom of this case. Seizing all of the assets was the first step as to recover funds but the next crucial step would be locate Nirav Modi as he is nowhere to be found. He has left India in the month of January and he has only communicated back to the bank and with his employees via email about his situation and he has stated that he is not to be blamed for this scam. Giving reports back to the public on what is going on is very important in order to gain public confidence. After the news of the scam had come out, there were many investigations that have started to track back all of the misplaced funds. I strongly believe that this is a case of importance due to the magnitude at which it has rised and the problems that it has come with it. Such scams should be dealt with zero tolerance as they have a nationwide effect of the ideologies of people regarding the state run banking services and systems. The party at fault must be determined with correct evidence in order to bring
For Tenth National Bank, we have reason to believe that the client intercepted the paper confirmation. After we sent the paper confirmation to the bank, we received an email from Lou Jennings stating that the bank forwarded the confirmation directly to their office instead of sending it to the audit team. In addition, Mr. Jennings provided login credentials and a link to the bank’s website, which did not appear to be reliable. As per the video, “How to Fight Confirmation Fraud”, presented by the founder of confirmation.com, Brian Fox, a fictitious website can be created easily. Our skepticism toward the reliability of the website is based on the unresponsiveness of most of the links on the site; the only link that works is the login button. In addition the website appeared dated and rudimentary. Another factor we found quite strange is that the website only offers paper statement deliveries, which we find highly unusual since paper statements are easier to modify. Furthermore, based on the tracking provided by USPS, the letter is still in the shipping process with no indication that Tenth National Bank has officially received the request for confirmation. This further supports our theory that Lou Jennings intercepted the Tenth National Bank confirmation letter. In our o...
Thank you for referring Gentian Balashi, a 37-year-old gentleman of Albanian origin who immigrated to Australia 18 year ago. Gentian is a current smoker of 10-15 cigarettes per day and in total has smoked for five years. He works as a farmer and keeps pet dogs. His only regular medication is Nexium.
At the same time as Lamb learned about the moral system that ties families together, she also explained about the concern that people in Mangaldihi had in regards to weakening of family connections (Lamb 2000, p.70). This is explained through a series of events including family conflicts and modernity. Many conflicts can be seen after marriage. As new member of another family usually the bride moves into the husbands household. The new status of married couples can cause tension between mother and son, mother in law and daughter in law (bou), father and son, but also between mother and daughter (Lamb 2000, p.71). The relationship between mother and daughter in law seems to generates the most problems. It is said that the bond between a mother
—. Spotlight on Foreign Corrupt Practices Act. 14 November 2012. Web. 20 February 2014. .
As social workers, one way we can understand a person is through a multidimensional approach that specifically looks at a person through different dimensions. These dimensions are who they are as a person, the impacts of their surrounding environment, and the effects of time. A case study has been completed on Manisha. Her life and human behavior will be examined by the multidimensional approach.
According to Scheb & Scheb, (2011), the main aim for the reformation of this system was that it was to temporarily curb the pending review and reform the law relating to fraud, offensiveness and indecency as well as shaping the view of society as a whole. The law has now been reformed by the Fraud Act 2006 in which the government waits to see how the law operates so as to come up with relative changes or abolish common law conspiracy to defraud. The ministry of justice in June 2012 published a post legislative assessment of the fraud act 2006, Cmnd 8372 which was of the idea of the retention of conspiracy to fraud and so it may be a longtime before there is any change.
The Transformation of the “Indian Problem”. In this paper, I plan to examine the marked transformation and the history of the so-called “Indian Problem.” The idea of an “Indian Problem” began with the arrival of white settlers in North America, and for them, it was a problem of safety, security, and land acquisition. Around 1890, the “Indian Problem” became an issue of how to help the Indians go extinct humanely, or to assimilate into white culture.
...ble to realize that the case was genuine though tracing the criminal will be the problem since he was able to hack into systems and perform all his fraud without leaving any trace.
The Bank also said that they are going to refund the money to all the customers that were affected by the fraud and that they are also willing to pay all the penalty fees. In my opinion, giving the clients, their money back is a good start good but that is only an external fixture. In order for them to fix the problem from the root, they need to work on it internally too.
VERY VERY DISAPPOINTED: There are bad things that happen and you can let them go but when they become a routine not only to you but also to close friends, it is important to create awareness to the general public. Now "To my friends of all categories, relatives of all kinds, enemies known and unknown, be aware that there some people probably Crooks who are using other people's names inappropriately to swindle/embezzle money from you. This is the third time my friends/relatives have been ripped off lot of money using my name and something to do with someone coming to USA and a sibling or child missed the flight and now there is a fine needed urgently to catch up the next flight and the only person who can save the situation !!!. It happens that
Rohan Perera, was unable to submit audit report at dead line given by the Central Bank. He requested to extend the deadline by stating that more time required for conducting the external audit. The bank also did not have customer grading system. Therefore it lost the chance of customer monitoring. When granting a loan to a customer the bank adopted poor policy. The credit department did not have followed the written manual offered by the Central Bank which should follow before granting a loan. The bank has granted loans without proper evaluations about the customers. Loans had granted to the customers who had no any contractual agreement. Granting fresh loans to recover overdue loans was a general practice followed by the
Chapter Three deals with the current state of country India in terms of laws present and procedure followed in the case of fixing.
Vasco da Gama landed at Calicut, sailing via the Cape of Good Hope in 1498. This marked the beginning of
Government officials trusted by the people are nowadays the ones involved in the major issue in the country which is Priority Development Assistance Fund (PDAF) Scam, or the pork-barre...
Corruption and fraud is a relevant topic in South Africa and will continue to be so until it is able to be limited. Corruption is committed mainly by people in power as they neglect and take advantage of this power in order to better themselves at the expense of others. Fraud and corruption is the wrongful or criminal deception that results in financial or personal gain. Government officials, police officers and some unexpected individuals such as law officials have been known to commit corruption and fraud. There have been cases of corruption in the 2014 elections and the political parties have seen that it is something the community is concerned over. Each party has addressed this concern and suggested ways in which to limit this corruption. Not only is corruption morally wrong, but it causes trust problems between the community and people in power, the people who are meant to help society. (1)