This isn’t your typical money fraud story. It’s the tale that made every Indian bank double-check their safety locks.
Let’s break down the basic tool of this scam – the LOU
Imagine LOU as:
A bank’s written promise
Like your mom telling your aunt, “Don’t worry, my child will return your money”
Other banks see this promise and happily give loans
So what’s the twist in this tale?
Here’s Nirav Modi’s masterplan:
Made two PNB employees his partners in crime, who gave him fake bank promises (LOUs)
The crazy part? PNB had no clue about these promises!
He waved these fake promises at foreign banks like magic wands
And poof! Just like a magician, he disappeared – but with ₹11,400 crores of public money.
🎥 Curious about how credit changed the world’s money game?
Don’t miss our 3rd episode of Man vs Money: “How credit solved world’s biggest problem”—click” the link below!
https://youtu.be/hatbCUYvJ-Q?si=Na614nr5GGj1rnd8
