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Indian banks taking hit of $3 bn due to PNB fraud is false news: Govt

The fraud involved issue of illegal letters of undertaking and foreign letters of credit favour Nirav Modi and Gitanjali group of companies which were unauthorised by bank

IANS  |  New Delhi 

arun jaitley
Union Finance Minister Arun Jaitley Photo: PTI

The ministry on Monday clarified that news circulating that has estimated Indian could take a hit of more than $3 billion pertaining to $1.8 billion (PNB) fraud, is false.

"News appearing in certain section of media that has estimated that Indian could take a hit of more than $3 billion due to alleged fraud at PNB, is false & factually incorrect," the ministry clarified through a tweet.

The fraud involved issue of illegal letters of undertaking and foreign letters of credit favour Nirav Modi and Gitanjali group of companies which were not authorised by the bank. The Central Bureau of Investigation and the Enforcement Directorate the Rs 114 billion bank fraud.

 

First Published: Mon, February 19 2018. 22:42 IST
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