Punjab National Bank scam: Additional Rs 1,300 cr fraud revealed


Mumbai, Feb 27: The fraud-hit Punjab National Bank (PNB) has detected an additional Rs 1,300 crore unauthorised transactions, taking the estimated quantum to Rs 12,600 crore in the scam involving celebrity jewelry designer Nirav Modi and owner of Gitanjali Gems, Mehul Choksi.

“In continuation to our filing with stock exchanges on February 14, 2018, we have to inform that quantum of reported unauthorised transactions can increase by $204.25 million”, news agency IANS quoted the bank as saying in the late-night filing with the stock exchanges.

The Central Bureau of Investigation on Monday stated it interrogated PNB Executive Director K.V. Brahmaji Rao, two General Managers and a retired official in connection with its probe into the fraud.

The Income Tax Department also said it had attached 66 more bank accounts related to accused Choksi.

PNB detected the scam on February 14, wherein celebrity jewelry designer Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

The state-owned lender registered two financial fraud complaints of Rs. 11,400 crore and Rs 280 crore against Nirav Modi, his family members and Mehul Choksi, owner of Gitanjali Gems.


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