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PNB discloses Rs 9.42 bn additional exposure in Nirav Modi, Choksi fraud

PNB, punjab national bankThe Punjab National Bank has told police that it has uncovered additional exposure of about Rs 9.42 billion ($145.2 million) in connection with a massive alleged fraud, according to a court filing seen by Reuters.In what has been dubbed as the biggest fraud in India’s banking history, PNB, the country’s second-biggest state-run lender, said last month it had been defrauded of about $2 billion by two jewellery groups who raised credit from overseas banks based on fraudulent guarantees issued in collusion with rogue PNB staff.ALSO READ: PNB will pay lenders Rs 60 bn that Nirav Modi owes, but with conditions

Source: Business Standard