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PNB discloses Rs 9.42 bn additional exposure in Nirav Modi, Choksi fraud

The new disclosure takes PNB's overall exposure in the still unravelling fraud case to well over the $2 billion mark

Reuters  |  Mumbai 

The Punjab National Bank has told police that it has uncovered additional exposure of about Rs 9.42 billion ($145.2 million) in connection with a massive alleged fraud, according to a court filing seen by Reuters. In what has been dubbed as the biggest fraud in India's banking history, PNB, the country's second-biggest state-run lender, said last month it had been defrauded of about $2 billion by two jewellery groups who raised credit from overseas banks based on fraudulent guarantees issued in collusion with rogue PNB staff. ALSO READ: PNB will pay lenders Rs 60 bn ...

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First Published: Tue, March 13 2018. 20:26 IST
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