PNB officials admit to taking bribes in Nirav Modi case
Punjab National Bank officials, arrested over the Nirav Modi scam, have revealed that a commission was distributed among involved employees for granting Letters of Undertaking (LoUs), the CBI has said. The commission was fixed depending on the amount to be sanctioned as loan, the CBI added. The fraudulent LoUs were used to get overseas credit worth $1.77 billion. 