Topic: 5904 banks frauds in 3 months in India - page 7. (Read 2029 times)
What happens to India? I thought that this country has good citizens. In fact, when I read the history about India, it is a country where we can find warm hearted people because of their beliefs. As of now, I am just currently scammed by an Indian Project also and all I can say that some Indians, destroy the goodness of their countrymen. Almost 6K banks are fraud in India, well it is quiet unrelated in cryptocurrency but the worst here is that, we should take care of our money because even banks, they are untrustworthy.
That might seems huge amount for us but in perspective of whole country it is really not much amount. However it will does affect the bank economic sphere for sure because it is huge amount in that much sphere. PNB will have to repay ex share to the reserves as that amount has been confiscated forever now and may not be obtained by the bank itself. They might cease the Nirav Modi's assets in India but that surely wont be enough. As whole I dont see any effect of this on the country's economy at all. I mean there would have been some sort of loan over India taken from another country which they failed to payback then that could have been worst case scenario.
What a waste! They don't see the reality that it isn't about the currency (fiat/crypto) , it's about the people who uses it.
They know what's going on, but they just don't care because they have to continue running their criminal empire in the way they have been doing it for decades. Bitcoin is a disturbing factor because it grants people an alternative option, which is something people didn't really have before. Banks want to drag you further down by showering you as average person in debt.
All they care about is that you continuously are filling up their pockets, and that's exactly what has been happening.
Banks are amongst the worst criminals ever and they don't ever try to better themselves, because why would they? This system allows them to do it. They keep gambling on financial markets with people's assets, and when the book billions in profits they privatize them, and when they book billions in losses, they socialize all the losses where the average person ends up paying for their actions.
It's ironic that these banks doesn't want to recognize bitcoin due to its bad reputation towards scam/illegal activities and yet here they are, putting their investors money from their hand to frauds. What a waste! They don't see the reality that it isn't about the currency (fiat/crypto) , it's about the people who uses it.
Think, what will happen if Bitcoin/cryptocurrencies is legalized in India when a billionaire scams a bank among top 5 banks
It's ironic that these banks doesn't want to recognize bitcoin due to its bad reputation towards scam/illegal activities and yet here they are, putting their investors money from their hand to frauds.
What a waste! They don't see the reality that it isn't about the currency (fiat/crypto) , it's about the people who uses it.
What a waste! They don't see the reality that it isn't about the currency (fiat/crypto) , it's about the people who uses it.
It is not a problem for the economy. Money has changed its owner but they continue to work for the economy. If you sell any product then what do you care who will buy it? Even if the money scammers will not spend they will not leave the economy. Sterilization of this amount will reduce inflation.
Too bad those money are no longer in India and probably will never return there.
Kind of funny how the UK always manages to attract funds, all the scammers, dictators, oligarchs are pouring money in that country
.I wonder why banks subject to fraud do not have their stock price significantly decline the way bitcoin's does after an exchange is hacked.
Because its a state-owned national bank.
Wow, that is heartbreaking. Banks have been doing this for long to the average citizen who works hard to get money, and they just scoop their earnings from them. This is very bad for the economy and it leads to less investments which is very bad. What saddens me more is that they'll later accuse te cryptocurrency market of scam (true somehow due to activities of certain members of the crypto community), but the fact is that there are many banks out there cheating citizens day in and day out.
It's not a story of banks that have scammed the average citizen but about a citizen that has scammed the bank.
Oh, and the cryptocurrency scene in India is innocent?
Quote
India’s biggest cryptocurrency scam is continuing to unravel.
On June 05, British businessman Raj Kundra—the husband of Bollywood actor Shilpa Shetty—was questioned by India’s enforcement directorate (ED). He was allegedly involved in a scam that saw Amit Bhardwaj, founder of bitcoin firm GainBitcoin, reportedly duping investors of around Rs2,000 crore ($300 million).
On June 05, British businessman Raj Kundra—the husband of Bollywood actor Shilpa Shetty—was questioned by India’s enforcement directorate (ED). He was allegedly involved in a scam that saw Amit Bhardwaj, founder of bitcoin firm GainBitcoin, reportedly duping investors of around Rs2,000 crore ($300 million).
That is so horrible.Knowing too many fraud banks in a country will surely affect the economy.Many investors who got scammed might not invest anymore.If only theres a strict regulations regarding in building a business in India it wouldnt happened.For sure theres an influencial people behind those illegal doings.
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 Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.
How is this for economics ??
The biggest bank fraud is Punjab National Bank (PNB) and Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.
How is this for economics ??
It could have a worst effect for the economy of India. $2b is not a joke. But as for what I have observed, it should be the bank's responsibility to recover that huge amount of money. Though it could be recovered but it would take time to do it.
These are the steps of the destruction of the economy of India. It is right that the hand of the ruling personalities are involved in it as some other said but in this the people of India are also involved because these ruling personalities are on these positions because of the votes of the people of India. If they will do the same then they will be against of their country economy.
Those managers who got $10,000 to $50,000/month salary for many years. How will the banks survive ??
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 Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.
How is this for economics ??
These are the steps of the destruction of the economy of India. It is right that the hand of the ruling personalities are involved in it as some other said but in this the people of India are also involved because these ruling personalities are on these positions because of the votes of the people of India. If they will do the same then they will be against of their country economy. The biggest bank fraud is Punjab National Bank (PNB) and Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.
How is this for economics ??
I wonder why banks subject to fraud do not have their stock price significantly decline the way bitcoin's does after an exchange is hacked. In terms of financial fraud / theft I think the majority of the time, its an inside job. Either disgruntled ex-employees who were fired or laid off are responsible. Or its sanctioned by leadership. There may not be many random cases of this type of event happening.
Without knowing details, this reminds me of phishing being the main cause of ICO funding theft. There could be parallels there which show regulated industries like banking aren't necessarily any safer than unregulated markets like ICOs.
Without knowing details, this reminds me of phishing being the main cause of ICO funding theft. There could be parallels there which show regulated industries like banking aren't necessarily any safer than unregulated markets like ICOs.
Totally right, most incidents about bank fraud is inside job. With this kind of incident India's economy will surely suffer as it will lose trust from investors as well as in stock exchange.
Well in crypto there are a lot of fraud and scam happening and it is like everywhere and yes it is not regulated unlike in banks wherein there's a chance of getting the money back(insured).
I wonder why banks subject to fraud do not have their stock price significantly decline the way bitcoin's does after an exchange is hacked. In terms of financial fraud / theft I think the majority of the time, its an inside job. Either disgruntled ex-employees who were fired or laid off are responsible. Or its sanctioned by leadership. There may not be many random cases of this type of event happening.
Without knowing details, this reminds me of phishing being the main cause of ICO funding theft. There could be parallels there which show regulated industries like banking aren't necessarily any safer than unregulated markets like ICOs.
Without knowing details, this reminds me of phishing being the main cause of ICO funding theft. There could be parallels there which show regulated industries like banking aren't necessarily any safer than unregulated markets like ICOs.
Wow, that is heartbreaking. Banks have been doing this for long to the average citizen who works hard to get money, and they just scoop their earnings from them. This is very bad for the economy and it leads to less investments which is very bad. What saddens me more is that they'll later accuse te cryptocurrency market of scam (true somehow due to activities of certain members of the crypto community), but the fact is that there are many banks out there cheating citizens day in and day out.
That is worst fraud one can see ever in a country. I cant believe what the country was doing by the time they came to know this big fraud has happened really. Lolz.Reserve bank of India will decide ultimate fate of the earning now and will try to catch up the economy to its original state I believe.
Scammer Nirav Modi was standing few feet away from Prime Minister Narendra Modi at the Davos Summit in Switzerland in 2018. So his loan was cleared by top managers of Punjab National Bank without checking the documents.
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 Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.
How is this for economics ??
The biggest bank fraud is Punjab National Bank (PNB) and Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.
How is this for economics ??
That is worst fraud one can see ever in a country. I cant believe what the country was doing by the time they came to know this big fraud has happened really. Lolz.
Yes surely that is going to hamper countries economy a little but depending upon what pay back options are available this can be sorted out promptly. However it was not expected from a bank to get into trouble with that kind of money in the first place.
Reserve bank of India will decide ultimate fate of the earning now and will try to catch up the economy to its original state I believe.
It is really sad news in india but today i saw the good news in Reserve bank of INDIA. Cryptocurrency is legalised in india because RBI is accepting the new technology and some new regulation is possible so exactly july 20 supreme court is approving because RBI also supporting to cryptocurrency. After accepting the crypto bitcoin will going to peak.
This is Bitcoin forum so I started this topic
People are wounding economies either consciously or inadvertently and yet the thrive of bitcoin and cryptocurrencies, which are an improvement of the traditional systems are being dwindled.
Lolz. Off course it is worst for the economy. Have you seen the conditions of the economic system in India? Its worstly managed. Do you know that India could be the richest country of all time if they properly manage their system? But know why they are behind in every other aspect? Because they are having people like Vijay Mallya, Nirav Modi and many moire fruadsters who has literally looted the banks and dumped them to the ground. If there comes more cases like this then it could be worst case scenario for the India as they will have to face major economic crisis.
Those bank managers get $10,000 to $50,000/month salary but in 3 months there is fraud amounting to $5 billion.
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 Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.
How is this for economics ??
It is not a problem for the economy. Money has changed its owner but they continue to work for the economy. If you sell any product then what do you care who will buy it? Even if the money scammers will not spend they will not leave the economy. Sterilization of this amount will reduce inflation.The biggest bank fraud is Punjab National Bank (PNB) and Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.
How is this for economics ??
I disagree, this money will be replaced in some way by insurance etc and there's always a knock on, from a micro point of view it could mean spending or job cuts in certain companies or sectors such as banking or insurance. From a macro point of view it's more complicated, if we make some assumptions such as that the scammed money will leave the country or not be spent in traditional ways (i.e on the black market) then it won't show in any economic figures and would be a negative.
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 Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.
How is this for economics ??
It is really sad news in india but today i saw the good news in Reserve bank of INDIA. Cryptocurrency is legalised in india because RBI is accepting the new technology and some new regulation is possible so exactly july 20 supreme court is approving because RBI also supporting to cryptocurrency. After accepting the crypto bitcoin will going to peak. The biggest bank fraud is Punjab National Bank (PNB) and Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.
How is this for economics ??
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