PNB reports Rs. 13,416.91 Cr. loss in Q4

The Punjab National Bank (PNB) has reported a net loss of Rs 13,416.91 crore for the fourth quarter ending March 2018.

In the same quarter a year ago, the bank had turned around due to write-back in pension provisions to report a profit of Rs 261.9 crore as against a massive loss of Rs 5,367.1 crore in March-end quarter 2016, moneycontrol reported.

On a related note, the PNB in February detected the multi-crore scam, wherein Diamantaire Nirav Modi and his uncle cum business partner Mehul Choksi had allegedly cheated the bank to the tune of Rs. 114 billion, with the purported involvement of a few employees of the bank.

Earlier on May 3, the Enforcement Directorate (ED) told the Delhi High Court that the affidavits filed by Modi's uncle and business partner Mehul Choksi's firm Gitanjali Gems in the court were 'false and misleading.'

In connection with the pleas filed on the Gitanjali Gems in the court, the ED said, "The Company cleverly veils any reference to Mehul Choksi, who left India in the twilight of the scam coming to the notice of the law enforcement agencies".

On April 6, the court issued a notice to the ED on a plea of Gitanjali Gems, seeking quashing of a money laundering case against the company.

The scam, which reportedly began in 2011, was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.

The ED had registered the money laundering case against Nirav and others on the basis of a CBI FIR.

Currently, the probe agencies are investigating the matter and have also seized many properties of Nirav and Choksi.