Indian State Bank Busted in $2 Billion Fraud

03/04/20187 Comments

It has all the elements of a Hollywood heist movie: A well-known jeweler-to-the-stars and his shady accomplice. A risky gambit to exploit a banking loophole. Inside help from a high-ranking official. A $2 billion swindle. And the whole house of cards crashing down in spectacular, front-page fashion.

But here's the Bollywood twist: The well-known jeweler is Nirav Modi. The high-ranking official is Gokulnath Shetty, deputy manager of the Punjab National Bank. And the amount pilfered is 11,700 crore rupees.

For those not in the know, Nirav Modi is known as the bold upstart who bought up a slew of top-shelf diamonds in the depths of the 2008 economic crisis and made a fortune designing and selling his own line of "haute diamantaire" for the Hollywood glitterati. Read any rundown of the red carpet in recent years and you're likely to read descriptions of Ms. So-and-so wearing a "dazzling Nirav Modi statement necklace" or some such twaddle.

But Modi's zero-to-hero, "Mumbai boy makes it big" story came to a crashing halt last month when India's Central Bureau of Investigation unveiled a complaint from Punjab National Bank alleging a multi-billion dollar swindle run by Modi and his business partner, Mehul Choksi. Soon, Indian authorities were sealing off Modi's expensive properties, seizing his diamond inventories, and beginning a game of "Where In The World Is Nirav Modi?" that took several eyebrow-raising twists and turns, including the tidbit that his last known public appearance was at the World Economic Forum in Davos.

So what was the swindle, exactly?

Find out the details of India's largest-ever bank fraud and what it could mean for the future of our biometrically-"secured" banks of the future in this week's Corbett Report Subscriber newsletter.

For full access to the subscriber newsletter, and to support this website, please become a member.

For free access to this editorial, please CLICK HERE.

This content is restricted to site members. If you are an existing user, please log in. New users may register here.

Existing Users Log In

Filed in: Newsletter
Tagged with:

Comments (7)

Trackback URL | Comments RSS Feed

  1. scpat says:

    Re: “ThemTube” is Purging but we have a solution

    Found this in the comments section. I think it’s a good idea.

    “What ALL of you still at COMMUNIST YOUTUBE should do is not post there AT ALL and just have videos with a small teaser introduction , and then say “If you want to see more please go to STEEMIT , MINDS , BitChute or whatever other platform that is still FREE”. So yes don’t kill your accounts over there , but just use them as a VASSALS as they have used us . Keep fighting my brother ❗️THATS THE SPIRIT?”

    • HomeRemedySupply says:

      “What ALL of you still at COMMUNIST YOUTUBE should do is not post there AT ALL and just have videos with a small teaser introduction ,

      …and then say “If you want to see more please go to STEEMIT , MINDS , BitChute or whatever other platform that is still FREE”.

  2. bladtheimpailer says:

    Only $2 billion….what a bunch of punters. This type of fraud is seen as a hardy ha ha by elites when those ultimately responsible for paying the bill are the hapless taxpayer, whose job apparently is to bail out one set of rich when another set of the rich has one over on them.

    John Titus of the “Best Evidence” web site has done yeomen service is chronicling the gargantuan malpractice of western banking elites and their total immunity from criminal prosecution for their crimes.

  3. scpat says:

    Dubai Plans to DNA Test All 3 Million of Its Residents

    Lets assume that the mass DNA testing program in Dubai is for a eugenic purpose. If we were to take the Dubai government’s word for their motives for wanting to DNA test everyone — to prevent disease and “genetic disorders” so people will live longer — it would expand the population, not decrease it. This would be counter to the true motive of eugenicists. Again, if we are to believe the people behind this idea have eugenic motivations, their publicly stated goals are the exact opposite of what they truly want. Quite ironic.

    If these authoritarians do not have eugenic goals, then what exactly is their motivation to forcefully DNA test everyone? Obviously it is not because they care about people living longer and happier lives. Could this just be about a money-making deal between government and big pharma or other industries that could profit from the DNA? I saw the idea floated that this could partially be about separating Emeratis from non-citizens for welfare purposes. Any ideas?

  4. HomeRemedySupply says:

    I am so very impressed with the writing and journalistic research skills of this article by James Corbett: Indian State Bank Busted in $2 Billion Fraud.
    Captivating. Like a prescript outline for a movie.

    In a sane world, we would see this article featured by The New York Times or Bloomberg or Forbes or The Financial Times.

    I even contacted “” telling them that they should use some of Corbett’s work, such as this article and “How Big Oil Conquered the World”.

Leave a Reply

You must be logged in to post a comment.

Back to Top