Thu, Feb 15, 2018
PNB has detected a USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from other Indian lenders.
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India`s Punjab National Bank, the second-biggest state-run lender, stunned the country`s financial sector when it announced this week it had discovered fraudulent transactions worth $1.77 billion at a single branch in Mumbai.
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