On February 14, 2018, the Nirav Modi scam hit the nation. India’s second largest state-controlled lender, Punjab National Bank, informed the Bombay Stock Exchange that it had detected some “fraudulent and unauthorised transactions” pertaining to the letters of undertaking (LoU) it had issued at an estimated value of over Rs 114 billion.
ALSO READ: PNB scam: CBI arrests 4 officials of Nirav Modi, Mehul Choksi's companies The amount involved was later revised to Rs 126 billion as more such transactions came to light. Companies owned by ...
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First Published: Mon, March 05 2018. 06:00 IST
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