30 banks paid funds to Nirav, Choksi against PNB guarantees
As many as 30 banks, including foreign lenders, reportedly paid out funds to Nirav Modi and Mehul Choksi's firms based on fraudulent guarantees issued by PNB. Both the jewellers have been accused of defrauding PNB of $2 billion. A parliamentary committee has reportedly said that under the circumstances, the recapitalisation of banks may amount to throwing "good money after bad".