Situation Analysis
In 2018, India's biggest bank fraud shocked the nation. Punjab National Bank (PNB), one of the oldest public sector banks, was said to be involved in fraudulent transactions worth a whopping USD 1879 billion with Indian jeweller Nirav Modi. As new details poured in each day, questions regarding the safety of public money, the size and impact of the fraud and the possible involvement of the bank's leadership loomed large. Unfamiliar with this unprecedented public scrutiny and media criticism, PNB decided to stop communicating with media even as negative news related to the fraud grew. Analysis revealed that...