New Delhi, June 25 -- The Rs 14,000 crore Nirav Modi-PNB scam is not the first and certainly not the last despite elaborate checks prescribed by the regulators, says a new book by B.V. Kumar, a former head of the Directorate of Revenue (Intelligence) who was in the thick of the struggle against scamsters, smugglers and underworld during his 35 years in the Indian Revenue Service (IRS).
"The case of (diamantaire) Nirav Modi and the Punjab National Bank has thrown up the issue of vulnerability of banks to frauds. This was not the first case, tragically and unfortunately, despite several such cases having been detected by the enforcement agencies and even after all elaborate checks prescribed by regulators, such frauds will continue and this ...