Yesterday, the Punjab National Bank (PNB) reported a shocking revelation in the ongoing Rs. 11,400 crore scam. PNB in a stock exchange message said the unauthorized transactions by Nirav Modi and Mehul Choksi skyrocketed with an additional Rs. 1,300 crore. The total amount of the fraudulent transactions now is Rs. 12,700 crore.
PNB in a report to the Bombay Stock Exchange (BSE) said, “We have to inform that quantum of reported unauthorized transactions can increase by $ 204.25 million (approximately.)” At least 30 banks declared Modi and Choksi received funds from them based on Letter of Undertakings (LoUs) issued by PNB.
The CBI requested at least 5 banks to share the details from their international branches on buyer’s credit availed by Modi and Choksi’s firms. The 5 banks are Axis Bank, State Bank of India (SBI,) Union Bank of India, Allahabad Bank and UCO Bank. The duo, Modi and Choksi are reported to have duped several banks with fake LoUs from PNB for several years.