After unearthing mega fraud, PNB appoints group Chief Risk Officer

According to PNB, Modi, Choksi and their associates worked with rogue PNB employees

IANS | Mumbai Last Updated at February 28, 2018 00:07 IST

ALSO READ
I-T dept attaches Rs 12-bn SEZ unit of Gitanjali Gems in Hyderabad PNB scam: Passports of Nirav Modi, Mehul Choksi revoked, say MEA sources PNB scam: ED attaches 21 properties worth Rs 5.23 bn of Nirav Modi group PNB fraud: Issuing of LoUs going on since 2008, CBI tells court

It may be seen as a classic case of shutting the door after the horse has bolted, but the multi-crore fraud hit Punjab National Bank appointed A.

K. Pradhan as Group Chief Risk Officer, a regulatory filing by the bank said here on Tuesday.

The PNB reported an additional Rs 13 billion unauthorised transactions, taking the estimated quantum to Rs 126 billion in the scam related to diamond trader Nirav Modi and owner of Gitanjali Gems, Mehul Choksi.

In a late night filing on Monday with the stock exchanges, the bank said: "In continuation to our filing with stock exchanges on February 14, 2018, we have to inform that quantum of reported unauthorised transactions can increase by $204.25 million."

According to PNB, Modi, Choksi and their associates worked with rogue PNB employees and used fake guarantees to obtain loans from abroad which were then illegally rolled over.

Read our full coverage on Nirav Modi scam at PNB

First Published: Wed, February 28 2018. 00:07 IST

Message:	Recipients' Email:	Type address separated by commas
Your Email:		Enter the characters shown in the image.
Send me a copy:

After unearthing mega fraud, PNB appoints group Chief Risk Officer

According to PNB, Modi, Choksi and their associates worked with rogue PNB employees

email this article

ALSO READ

RECOMMENDED FOR YOU