The fraud-hit Punjab National Bank (PNB) has reported an additional Rs 1,300 crore unauthorised transactions, taking the estimated quantum to…
Nirav Modi
The fraud-hit Punjab National Bank (PNB) has reported an additional Rs 1,300 crore unauthorised transactions, taking the estimated quantum to Rs 12,600 crore in the scam related to diamond trader Nirav Modi and owner of Gitanjali Gems, Mehul Choksi.
The latest announcement from the public sector lender assumes significance against the backdrop of the probe going on in connection with the Rs 11,400 crore scam.
In a 11.22 p.m., late night filing with the stock exchanges on Monday, the bank said: “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.”
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The bank also referred to its filing made on February 14 when it first disclosed the fraud and at that time, the “fraudulent and unauthorised transactions” was estimated at USD 1.77 billion (about Rs. 11,400 crore).
The Central Bureau of Investigation on Monday said it questioned PNB Executive Director K.V. Brahmaji Rao, two General Managers and a retired official in connection with its probe into the multi-crore fraud.
The Income Tax Department also said it had attached 66 more bank accounts related to Choksi.
On February 14, the bank had detected the fraud wherein Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders.
The scam was perpetrated by way of fraudulent Letters of Undertaking (LoUs) generated in the name of Punjab National Bank.
(With agencies inputs)
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