5904 banks frauds in 3 months in India - page 4.

First77

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Quote from: sserge009 on June 26, 2018, 04:01:32 PM

The trend is not unique to India. In many countries where the financial sector is closely linked to the government, similar things happen. More often than not, these countries are trying to regulate crypto markets as tightly as possible.

But why would somebody commit $2 billion ? Even $50 million is lots of money for a luxury or super-rich life.

Some $200,000,000,000 is involved in Bitcoin. After $1,000 to $8,000, if people want more they are getting and Bitcoin could be hub for scams and frauds.

sserge009

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The trend is not unique to India. In many countries where the financial sector is closely linked to the government, similar things happen. More often than not, these countries are trying to regulate crypto markets as tightly as possible.

furry04

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This i a big hole for economics and especially for the bank system if it really happened. So now governments should ban the banks as they claim to protect investors from scam ICO`s and investors.

First77

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Quote from: thirdkiller on June 26, 2018, 03:58:41 AM

I think that the movement of such significant masses of money, always affect economy positive or negative way. And in this case I think the trust of people to bank system in India would be really hardly harmed!

If top rank managers who speak to qualified chartered accounts (CAs) and lawyers, they cannot find out the real or fake documents amounting to $100 million or $1 billion, then think of the fear created in the minds of other people for the fake documents or how vulnerable are other people to fake documents.

thirdkiller

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Quote from: First77 on June 15, 2018, 07:25:30 AM

There have been 5904 bank frauds in India in first 3 months of 2018. Source CNBC TV18
The biggest bank fraud is Punjab National Bank (PNB) and billionaire Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.
How is this for economics ??

I think that the movement of such significant masses of money, always affect economy positive or negative way. And in this case I think the trust of people to bank system in India would be really hardly harmed!

First77

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Quote from: First77 on June 24, 2018, 06:47:24 PM

Punjab National bank (PNB) share prices on stock markets have fallen from Rs 92 to Rs 82 since I started this topic/thread. Grin

Today Punjab National bank (PNB) share price is Rs 79 and falling....... Cheesy

First77

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Quote from: uray on June 25, 2018, 12:31:35 PM

How come he was able to secure that much amount of loan without any collateral, does the banks in India give out loans simply because he is a billionaire. What ever it may be it looks like it is a bigger scam with the bank officials as well as the political support, other than that how is he able to be secure that much amount of money.

Yes, they are billionaire's slaves. No question asked if they have lunch and tea with Prime minsters or President or they are billionaires.

pereira4

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India will face huge problems due massive overpopulation and will be lacking water supply in the future:

https://www.zerohedge.com/news/2018-06-18/water-wars-india-facing-worst-crisis-its-history

If you haven't seen it before, then I recommend you search for crazy train videos in India there is massive amounts of passengers hanging out of the train.

But even more insane is the markets next to train rails in Thailand:

https://www.youtube.com/watch?v=MENjFkEAj9g

There are pretty crazy places in this world, hard to believe that is a functional market. They are still there so someone is buying.

uray

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Quote from: First77 on June 15, 2018, 07:25:30 AM

There have been 5904 bank frauds in India in first 3 months of 2018. Source CNBC TV18

The biggest bank fraud is Punjab National Bank (PNB) and billionaire Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??

How come he was able to secure that much amount of loan without any collateral, does the banks in India give out loans simply because he is a billionaire. What ever it may be it looks like it is a bigger scam with the bank officials as well as the political support, other than that how is he able to be secure that much amount of money.

malikusama

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There is always a great impact of banks over economy of a country. National banks are totally operated under government and they are more sensitive in that case as they can directly effect economy of country.
Surely the economy will suffer with the increase in these fraudulent activities linked with the banks.

krishnaverma

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Quote from: First77 on June 25, 2018, 09:00:37 AM

HSBC (world's second bank) was involved in $100,000,000,000 money laundering in 2015

If we compare the global scenario with Indian banks, later ones are really having a very bad reputation.

Earlier the fraud and scams were limited to government banks only. But now many such cases had been reported in banks like ICICI and HDFC also. Recently, the chairman of one of the leading private banks in India was asked to on leave for giving preference to a particular company in giving loan.

First77

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Quote from: brickafterbrickwalldpt on June 24, 2018, 03:11:25 PM

How do India citizens feel about banks? What about the media? If I was living in India, I would consider using a foreign bank or keeping my savings only in cryptocurrencies. Fortunately, banks in my country rarely freeze accounts and steal money. However, I don't trust banks anymore. What a shame that crypto isn't accepted anywhere, many people would prefer to use it.

HSBC (world's second bank) was involved in $100,000,000,000 money laundering in 2015

pickledmuffin

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Quote from: First77 on June 15, 2018, 07:25:30 AM

Note: If you like my topics/threads and posts give me "+merits". See on the right side of each post (top right corner) there is "+Merits"

There have been 5904 bank frauds in India in first 3 months of 2018. Source CNBC TV18

The biggest bank fraud is Punjab National Bank (PNB) and billionaire Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??

I don't think these statistics would shock that many people. The less fortunate people always get taken advantage of the most. Someone is always paying the price for frauds like this and I bet it's not the bank fat cats sitting on their golden thrones.

btcdevil

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Their is one more recent scam or you can say like cheating is going to happen , is none other then anil ambani who is declaring reliance power and communication company as bankrupt and the amount is nearly 50k cr. He got other company from where he can pay the debt but they won't

ChaChaiTL

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In India there are numerous banks accused of fraud. When incidents and various government agencies conduct investigations, one thing is clear: damage is aggravated for a variety of reasons - public poor management, weak risk management and inadequate regulatory supervision

First77

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Quote from: zakariajaki on June 24, 2018, 05:08:33 PM

read the news I am sorry, but when linked with the economy it will not have a big impact, because the bank itself also follows the procedures and rules of the bank eg one with insurance, and if the bank is not insured may be the bank will be colleps but not in an economy there in the country of India, hopefully the perpetrators can be secured immediately, and successful for us all

Punjab National bank (PNB) share prices on stock markets have fallen from Rs 92 to Rs 82 since I started this topic/thread. Grin

ladydark

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Quote from: First77 on June 15, 2018, 07:25:30 AM

Note: If you like my topics/threads and posts give me "+merits". See on the right side of each post (top right corner) there is "+Merits"

There have been 5904 bank frauds in India in first 3 months of 2018. Source CNBC TV18

The biggest bank fraud is Punjab National Bank (PNB) and billionaire Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??

That's the worst part taking place in India.A rally of bank scams.All the big shots scamming and flying away to other countries.

zakariajaki

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read the news I am sorry, but when linked with the economy it will not have a big impact, because the bank itself also follows the procedures and rules of the bank eg one with insurance, and if the bank is not insured may be the bank will be colleps but not in an economy there in the country of India, hopefully the perpetrators can be secured immediately, and successful for us all

vintages

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Well, I hope this makes the government to understand that not only cryptocurrency is subjected to fraud activities. Its keen to say that there is always fraud in human everyday lives and opportunities should be given to cryptocurrency just like it is given to fiat currency.

brickafterbrickwalldpt

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How do India citizens feel about banks? What about the media? If I was living in India, I would consider using a foreign bank or keeping my savings only in cryptocurrencies. Fortunately, banks in my country rarely freeze accounts and steal money. However, I don't trust banks anymore. What a shame that crypto isn't accepted anywhere, many people would prefer to use it.

Topic: 5904 banks frauds in 3 months in India - page 4. (Read 2031 times)