Cover Story

A mega bank scam

Print edition : March 16, 2018

Nirav Modi, the alleged mastermind in the Punjab National Bank scam.

Mehul Choksi, Nirav Modi's uncle and business partner. Photo: AFP

Central Bureau of Investigation officials escort Vikram Kothari (centre), owner of Rotomac Global Pvt. Ltd., to a court in New Delhi on February 23. Photo: REUTERS

Vipul Ambani, one of the accused in the PNB scam, after his appearance in the special CBI court in Mumbai on February 21. Photo: AFP

Prime Minister Narendra Modi in a group photograph with the Indian CEOs in Davos on January 23. That Nirav Modi (second row, third from left, without necktie) was caught on camera in a group photograph with the Prime Minister in Davos, after his antics were made aware to the Prime Minister's Office, cast the Prime Minister in a poor light. Photo: PTI

The scandal at Punjab National Bank reveals dangerous cracks in the Indian financial system. The Reserve Bank of India, the Finance Ministry and bank managements have much to answer for the lessons not learnt from the great Indian securities scam of 1992, which is immortalised in the name of Harshad Mehta.
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