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Nobody will be spared: FinMin on PNB fraud case

Press Trust of India  |  New Delhi 

The today said the assets in the fraud case involving state-owned (PNB) will be recovered and nobody will be spared.

has detected a USD 1.77 billion (about Rs 11,400 crore) scam where billionaire allegedly acquired fraudulent letters of undertaking from a branch in to secure overseas credit from other Indian lenders.

The today conducted multiple searches in connection with a money laundering case against Modi and others following a complaint by

Talking to reporters on the fraud case, Financial Services said the will make the required provisioning and it has "sufficient" funds for it.

"Whole lot of assets will be recovered. Nobody will be spared," Kumar said.

The further said that the issue is an "isolated case of a single branch" and all possible action will be taken against the guilty persons.

"This is not likely to escalate to other banks. We have already frozen the case," he said, adding all other banks have been alerted about the case.

has suspended 10 officers and referred the matter to CBI for investigation.

The CBI has received two complaints from the against and a jewellery company alleging fraudulent transactions.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 15 2018. 17:45 IST