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The Nirav Modi case, a high-profile financial scandal that rocked India's banking sector, involved fraudulent transactions worth billions of rupees. Nirav Modi, a prominent diamond jeweller, and his companies colluded with officials from the Punjab National Bank (PNB) to obtain fraudulent letters of undertaking (LoUs), enabling them to borrow funds from overseas branches of other Indian banks. These LoUs were used to secure credit from international banks without adequate collateral, resulting in a massive debt burden on PNB. The scam, which came to light in early 2018, exposed systemic loopholes in India's banking system and raised questions about regulatory oversight. Nirav Modi fled India before the scandal broke and took up residence in the United Kingdom, where he was arrested in March 2019. Legal proceedings for his extradition to India followed, with ongoing efforts to bring him back to face trial. The case prompted widespread public outrage and led to increased scrutiny of corporate governance practices and banking regulations in India. It also highlighted the need for stronger measures to prevent fraud and protect the interests of stakeholders in the financial system.