CBI says PNB fraud going on since 2010
The CBI has alleged that violation of norms in issuing Letters of Undertakings benefiting Nirav Modi and Mehul Choksi's firms had been going on since 2010. Explaining the modus operandi, the CBI said an LoU would be issued to firms linked to the duo and after the money was credited, a new LoU was obtained to "adjust" the earlier one.