The Punjab National Bank scam is now worth ₹13,578 crore, with the bank filing a supplementary complaint with the CBI against Mehul Choksi, his companies and their senior functionaries for an additional amount of ₹942.18 crore.
In a statement, the bank said ₹942.18 crore was part of the regular limits sanctioned to Mr. Choksi’s Gitanjali group under consortium lending, and was the standard credit exposure at the time of detection of the fraud. “Now, this exposure is being added to the existing fraudulent amount.
“This amount has nothing to do with any new fraudulent Letters of Undertaking/Letters of Credit,” said the bank. The CBI has registered three cases against diamond merchants Nirav Modi and his uncle Mr. Choksi, besides others. Two FIRs are based on allegations of fraudulent transactions through the PNB’s Brady House branch in Mumbai that were facilitated by the then Deputy Manager Gokulnath Shetty.
“The supplementary complaint for the additional amount was lodged on March 4,” said a CBI official. Accordingly, in the Choksi case, the total amount allegedly defrauded between 2013 and 2017 is now about ₹7,080.86 crore, said the agency.
It is alleged that of various 143 unauthorised and fraudulent Letters of Undertaking were issued in favour of overseas branches of Indian banks and the value of 313 purported Foreign Letters of Credit was enhanced in favour of foreign suppliers of the accused companies.
Amount likely to go up
The amount involved in the third FIR against Mr. Modi, as a director of Firestar International Limited and Firestar Diamonds International, and others, is also expected to go up. It currently stands at ₹321.88 crore in the PNB case that pertains to the authorised credit facilities extended between 2013 and 2017.
Meanwhile, Vipul Ambani, president, finance, at the Nirav Modi-controlled Firestar Group of Companies, on Tuesday moved the Bombay High Court challenging his arrest in the PNB fraud case, and sought bail.
