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PNB exposure to alleged fraud swells to well above $2 billion

Reuters  |  MUMBAI 

By Abhirup Roy and Krishna V KurupMUMBAI (Reuters) - India's Punjab National Bank has told police it has uncovered additional exposure of about 9.42 billion rupees ($145.2 million) in connection with a huge alleged fraud, according to a court filing seen by Reuters.In what has been dubbed 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.The bank accused two jewellery groups - one controlled by diamond tycoon Nirav Modi and the other by his uncle, Mehul Choksi - of colluding with rogue ...

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First Published: Tue, March 13 2018. 18:58 IST
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