Nirav Modi's firms received an LoU every two days for 7 yrs
Nirav Modi's firms allegedly received one Letter of Undertaking every two days from PNB for about seven years, the Enforcement Directorate chargesheet revealed. The firms borrowed nearly â¹24,000 crore using 1,206 bank guarantees while the outstanding amount is about â¹6,500 crore. The ED alleged that Nirav Modi used 35 companies in 3 countries to create a complex web of transactions.