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Lookup NU author(s): Dr Saurabh BhattacharyaORCiD
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In February 2018, Punjab National Bank (PNB) in India reported a US$1.8-billion fraud related to the illegal issuance of letters of undertaking. The fraud was engineered by one of the leading diamond jewellers of India, Nirav Modi; his uncle, Mehul Choksi; and employees of PNB’s Brady House branch in Mumbai. Indian investigative agencies found that the previous top management of PNB along with other employees had also been involved in or had prior knowledge about the fraud. PNB's current chief executive officer, Sunil Mehta, was trying to steer PNB out of the crisis. What key challenges did Mehta face with respect to managing the operational risks of PNB? Was Mehta right to consider the fraud a people issue and not a systems issue?
Author(s): Agnihotri A, Bhattacharya S
Publication type: Online Publication
Publication status: Published
Series Title: Ivey Publishing
Year: 2019
Description: Business Case Study
Acceptance date: 07/03/2019
Publisher: Ivey Publishing
Place Published: London, OT, Canada
URL: https://www.iveycases.com/ProductView.aspx?id=101059
DOI: https://www.iveycases.com/ProductView.aspx?id=101059
