Here's a recap of how Punit Goenka of the Subhash Chandra family (allegedly) defrauded and stole from Punjab National Bank. One of the reasons for Sony to call off its merger with Zee.

This is a story of of how a company can abuse existing financial systems to get its way 🧵 Here’s a fun way to steal money from a bank:

1. Borrow money. Tell the bank that you need it for your company’s operations

2. Don’t use it for your company’s operations. Instead, lend this money to some other companies (that you secretly own)

3. Shut those companies down. The bank goes to your original company for its money but you put your hands up and point to these other companies which don’t exist anymore

4. ??? Profit

The "fake ventilator" business in Gujarat isn't surprising. For two reasons. 1) What is being called a ventilator is murky, around the country. 2) There are false certifications floating around and the government is outright ignorant. Let me explain both points in this thread. So there are two types of ventilators. One is called an "invasive" ventilator, the other "non invasive". The former has tubes going into the nose or mouth of the patient. Useful when there's respiratory failure. The latter is akin to oxygen mask support.