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.