On Thursday, Shankar Sharma tweeted that the Punjab National Bank Scam is a marriage made in heaven & the Banking and Jewellery Sectors to be the most opaque sectors in India. While the debate over which one is the biggest corporate fraud in India is on, his fresh tweet in a sarcastic manner took over the whole tweeter on Thursday!
Recently, Punjab National Bank has alleged a fraudulent transaction of huge Rs 11,400 crore and two big names got involved in this scam. Prime Minister Narendra Modi’s brother businessmen Nirav Modi along with Mehul Choksi of Gitanjali Group were alleged to be a part of this money scam.
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Though Punjab National Bank or PNB holds the second position as the central government-owned bank, this scam has dragged down its shares by 1.31 % as a whole. This scam came to light on 14 th February. Though many industry leaders consider it as an unfortunate incident that just affected to the whole banking sector, Shankar Sharma’s tweet makes it clear that the Jewellery sector and banking sector in India are the most opaque sectors.
According to Mohsin Chamadia, the capital infusion which was announced by the government last year is not accurate and sufficient. As the capital allocation for PNB was only Rs 5,473 crore, then how can the scam amount as high as Rs 11,400 crore? After this, the jewelry sector has also lost its previous shine after the fiasco.