Cases of financial institutions being defrauded are not uncommon worldwide. The following are a few specific cases that show the detailed process of financial institutions being defrauded.： ### 1. **Internet fraud case of the Central Bank of Bangladesh (2016)** -**Background**: In 2016, the Central Bank of Bangladesh became the victim of a large-scale online fraud, losing up to US881 million. -** Process**: Hackers hacked into the computer system of the Central Bank of Bangladesh and sent dozens of false transfer instructions through the SWIFT (Global Interbank Financial Telecommunications Association) system. These directives require the transfer of funds to bank accounts in the Philippines and Sri Lanka. Due to an internal security breach in the bank, these instructions were successfully executed, and funds were quickly transferred to multiple accounts and eventually laundered. -**Result**: The Central Bank of Bangladesh has recovered some funds, but most of the funds are still unaccounted for. This case exposed the weaknesses of the global financial system in terms of cyber security. ### 2. **Internal fraud case of Societe Generale (2008)** -**Background**: In 2008, a trader at Societe Generale, Jerome Kerviel, caused the bank to lose 4.9 billion euros through a series of fraudulent acts. -**Process**: Kerviel used his authority as a trader to conduct a large number of unauthorized transactions and covered up these behaviors through forged documents and false transaction records. He used complex financial instruments and market fluctuations to try to make a profit through high-risk trading, but eventually led to huge losses. -**Result**: Kerviel was sentenced to 5 years in prison, of which 3 years were suspended, and was required to compensate for bank losses. This case revealed serious shortcomings in the internal control and risk management of financial institutions. ### 3. **Malaysia 1MDB scandal (2015)** -**Background**: The Malaysian national investment fund 1MDB (One Malaysia Development Corporation) has been accused of large-scale corruption and money laundering, involving billions of dollars. -*****: 1MDB's funds are accused of being misappropriated by former Malaysian Prime Minister Najib Razak and his associates for personal luxury consumption and asset purchases. Financial institutions including Goldman Sachs Group were accused of fraud in the issuance of bonds and failed to fulfill their due diligence obligations, resulting in the illegal transfer of funds. -** Result**: This case led to a large-scale investigation by the Malaysian government, and a number of officials and executives of financial institutions were charged. Goldman Sachs Group finally agreed to pay more than美元2.9 billion to settle related charges. ### 4. **PNB Bank Fraud Case in India (2018)** -** Background**: In 2018, the Punjab National Bank (PNB) of India disclosed a fraud case involving an amount of up to US11.8 billion. -**Process**: Jeweler Nirav Modi and his accomplices obtained huge loans from PNB through forged letters of credit (LoUs). These letters of credit were issued by PNB employees without authorization and sent to other banks through the SWIFT system, causing these banks to provide loans to Modi without their knowledge. -** Result**: This case caused PNB to suffer huge losses, a number of bank employees were arrested, and Modi fled abroad. This case exposed serious problems in the internal control and compliance management of the Indian banking industry. ### 5. **Wells Fargo Fake Account Scandal (2016)** -** Background**: In 2016, Wells Fargo was exposed that employees opened millions of fake accounts without the consent of customers. -** Process**: In order to achieve sales goals and obtain bonuses, Wells Fargo employees opened credit cards, savings accounts and other financial products without the consent of customers. These behaviors have led to a decline in customer credit scores and an increase in account fees. -**Result**: Wells Fargo was fined US1185 million, a number of executives resigned, and the bank's reputation was seriously damaged. This case revealed the improper management of financial institutions in terms of sales goals and employee incentives. ### 6. **Agricultural Bank of China Bill Fraud Case (2016)** -** Background**: In 2016, the Agricultural Bank of China Beijing Branch was involved in a bill fraud case involving an amount of RMB 390 million. -**Process**: An employee of the bank colluded with external personnel to illegally transfer funds to an external account through forged bank acceptance drafts and false transactions. These bills were discounted many times, which eventually led to huge losses for the bank. -**Result**: The persons involved were arrested, and Agricultural Bank of China strengthened its internal control and bill management processes. This case exposed the loopholes in the management of bill business in the Chinese banking industry. ### 7. **Bank fraud case of Monte Paschi, Italy (2017)** -**Background**: In 2017, Monte dei Paschi di Siena was exposed to large-scale accounting fraud involving hundreds of millions of euros. -**Process**: The bank concealed its true financial situation through complex financial transactions and false accounting records. These transactions include derivatives transactions and asset transfers, and the purpose is to beautify the bank's balance sheet and financial statements. -** Result**: This case led to the prosecution of a number of senior executives and the bank was forced to undergo a large-scale restructuring. This case has revealed serious problems in financial transparency and compliance management of financial institutions. ### 8. **