PNB reveals additional â¹1,300-crore fraud in Nirav Modi case
PNB on Monday said the amount of fraudulent transactions, involving Nirav Modi and Mehul Choksi, could be over â¹1,300 crore more than the current estimate of â¹11,400 crore. The amount of over â¹12,700 crore relating to the faulty transactions, which were carried out using fraudulent Letters of Undertaking to get overseas credit, is nearly 10 times PNB's 2016-17 net profit.