The Punjab National Bank-fraud to the tune of around Rs 12,600 crore involving the celebrity diamond merchant, Nirav Modi, has again brought to light the various issues plaguing the banking sector in India. The Nirav Modi case is not the first big ticket fraud involving the banking sector. In recent years, India has witnessed various banking frauds, in fact, in 2017, a facsimile fraud involving Jatin Mehtas Winsome Diamond Group was discovered. The total amount involved in the Winsome Diamond matter was around Rs 6,800 crore, out of which Punjab National Bank had the highest exposure of around Rs 1,800 crore.