Standard Chartered Fraud Rocks Bengaluru: 80 Cr Vanish, RM Arrested

• Standard Chartered Bank expands probe into alleged Priority Banking fraud at Bengaluru's M.G. Road branch.
• Irregularities involve at least 80 crore rupees from affluent customers; Karnataka CID takes over investigation.
• Relationship Manager Nakka Kishore Kumar arrested for forging signatures, diverting FD funds, and issuing fake bonds.
• Bank assures full compensation to affected customers and has hired PwC for an independent internal investigation.
• The fraud's modus operandi is similar to a Citibank wealth management scam from 15 years ago.

Why It Matters: Standard Chartered Bank investigates 80 Cr fraud in Bengaluru, assures compensation, RM arrested.