Live
- Loneliness is a reason for your late-night chocolate cravings says study
- Championing creativity: Celebrating literature & diversity
- Aishwarya Rajesh makes her Sandalwood debut opposite Dhananjaya in 'Uttarakaanda'
- BRS writ in HC directing EC to act against Konda Surekha for code violation
- This WhatsApp feature will let you respond quickly to status updates
- YS Jagan assures of support for revival of Visakha steel plant, says strived to stop privatisation
- Unlocking Wellness
- KCR bid to topple govt is Revanth’s lie
- Xiaomi Unveils Redmi Pad SE, Buds 5A, and More: Prices and Features
- Tinkle Comics empowers women with debut of ‘Minnal Murali’ graphic novel at Mumbai Comic Con
Allahabad Bank discloses Rs 2,000 crore exposure in PNB fraud
Allahabad Bank has an exposure of around Rs 2,000 crore by way of Letter of Undertakings issued by Punjab National Bank to Nirav Modi, the billionaire diamond merchant in the centre of over Rs 11,000-crore fraud.
KOLKATA: Allahabad Bank has an exposure of around Rs 2,000 crore by way of Letter of Undertakings issued by Punjab National Bank to Nirav Modi, the billionaire diamond merchant in the centre of over Rs 11,000-crore fraud.
HIGHLIGHTS
- Allahabad Bank has an exposure of around Rs 2,000 crore by way of Letter of Undertakings issued by Punjab National Bank to Nirav Modi
- Other banks which were involved in giving credit based on LoUs issued by PNB were Axis Bank, Union Bank and the SBI
"We have an exposure of around Rs 2,000 crore in the fraud detected by PNB two days back," a source in Allahabad Bank told PTI.
PNB has said that group companies of Nirav Modi and his relative Mehul Choksi's Gitanjali Gems in collusion with two of their officials from its Brady House Mumbai branch, were fraudulently receiving LoUs since 2011.Foreign branches of a few Indian banks gave credit against these LoUs to Nirav Modi's companies to repay overseas suppliers.
The source said that money had been credited to the Nostro account of PNB from the Hong Kong branch of Allahabad Bank.The bank has already filed for claims, the source said.
Other banks which were involved in giving credit based on LoUs issued by PNB were Axis Bank, Union Bank and the SBI.
