99% of all PNB frauds in 2016-17 related to loans
Loan-related frauds accounted for 99.3% of all PNB frauds in 2016-17, according to data by the RBI. Of the â¹2,808 crore lost by the bank in frauds, only â¹20 crore wasn't related to loan-related frauds. Notably, PNB has accused billionaire jeweller Nirav Modi and his uncle Mehul Choksi over fraudulent transactions worth $1.77 billion.