PNB Fraud: Highlights Of Rs. 11,300 Crore Case Involving Nirav Modi

PNB Rs 11,300 crore fraud has allegedly been perpetrated by PNB staffers Gokulnath Shetty and Manoj Kharat. They are suspected of steering fraudulent loans to companies linked to billionaire jeweller Nirav Modi and entities tied to jewellery retailer Gitanjali, which is led by Modi's uncle, Mehul Choksi.

When the banking sector is busy counting its losses in one of the most gigantic banking frauds, the law enforcement agencies, CBI and ED, have raided properties linked to diamantaire Nirav Modi and Mehul Choksi's Gitanjali Jewels. The CBI has already arrested three persons, including the 2 PNB staffers, who have been sent to the judicial custody till March 3. The ED raided dozens of Nirav Modi's premises and seized diamonds, gold and jewellery worth Rs 5,670 crore. The banks that are likely to be affected include UCO Bank and State Bank of India (SBI), while Axis Bank says that it has already sold its exposure to Nirav Modi and his firms.