1. LoU/LC is a short term funding (normally 90 days) approved after regressive checks (applicant has to submit dispatch bill, other invoices as documentary proof and generally funds are transferred directly in vendor's/supplier's/exporter's a/c). How is it possible that lenders who lent short term loans on guarantee of PNB never approached PNB/Nirav Modi in the past 6 years for recovery of money they lent? Even if PNB employees used SWIFT to provide guarantee to Nirav Modi, why lender bank never bothered to cross check and validate those transactions? Are our Indian banks working in silos and, thus, very vulnerable to financial frauds?

2. How come the fraud went undetected for almost six years in spite of mandatory and periodic statutory audits?

3. How come when every banking transaction has to be accounted for on a daily basis at the end of business hours and RBI ensures auditing of every bank's books and ledgers, such huge transactions remained unnoticed for years in a row?

4.When an ordinary account holder fails to maintain a minimum balance, banking’s automated system triggers reminders to such a/c holder to maintain the minimum balance. The same is with borrowers, if they miss few installments, reminder is sent to them along with legal notice and such borrowers are treated as defaulters, so why that didn't happen in case of Nirav Modi who owes millions to the bank? Why did the bank fail to send reminders and legal notices to him treating him like a regular defaulter?

5. High value transactions require multiple approvals from seniors, so how come just two employees, that too, of very junior level, the deputy manager and clerk, were able to carry on with the fraud for years? Were they never given different responsibilities, promotion and mobility in last five years?

The above points hint towards something bigger, definitely the reality is something very different from what the media is portraying and what PNB is saying.

However, the most important point which we all are missing here is that it’s not PNB's money or government's money which has been embezzled, its the public’s hard earned money. Ironically, it’s very difficult or at times next to impossible for an ordinary and genuine borrower to get even a small loan from a bank if he or she has missed some installments of a previous loan. Such people are immediately tagged by banks as defaulters. But then, why some people with influence get preferential treatment? Why Industrialists who have no intent to run the business ethically and zero intention to repay the loans, are able to get billions from banks? Why Indian banks are making losses when they have such stringent norms to sanction the loans? Why they are only followed in normal course of business and those guidelines are violated when it comes to these so called privileged class industrialists?