Frauds and lack of due diligence by the other party
ii) In case of PNB Nirav Modi fraud, a few Employees of the Bank fradulently issue LOU worth thosands of Crores. The Indian Banks in foreign countries honour these LOUs without due diligence, when they knew that LOUs in India are issued for 3 months and they have been issued for 1 year. RBI is reportedly said to have advised Bank to honour these fradulent LOUs. Whether it is incumbent on the Bank to honour all the fradulent documents/ transactions, when it is clear that with due diligence such fraud would have been detected by the Indian Banks located in foreign countries? What is the legal position? If a precedent is created in PNB, then all the financial Institutes would be liable to honour transactions made fradulently?
iii) I am a minority share holder in PNB. If they honour fradulent transactions worth thousands of crores, they are intentionally causing huge losses to the Bank and consequently causing loss to all the shareholders. Can I file a case against Bank for wilfully causing loss by honouring fradulent transactions and claim compensation?
iv) Can any Advocate file my case de bono?
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