Last month, Punjab National Bank (PNB)detected a Rs 126 billion scam, in which diamond trader Nirav Modi acquired fraudulent letters of undertaking from one of its Mumbai branches for overseas credit from other Indian lenders. The scam started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies. On Sunday, CBI arrested four officials of Nirav Modi, Mehul Choksi's companies.
Today, Vipul Ambani and five others were sent to 14-day judicial custody. Here are top 10 developments 1. CBI questions PNB general manager in Nirav Modi fraud case The CBI today questioned a general manager of Punjab National Bank, who handles the treasury section, in connection with the alleged Rs 12,636-crore fraud perpetrated by billionaire jeweller Nirav Modi and his uncle Mehul Choksi. "PNB General Manager (Treasury) S K Chand is being questioned by the CBI in the bank fraud case," an agency official said.
2. S&P expects further losses at India's PSBs "We expect further losses at India's public sector banks but the bulk of previously unacknowledged stressed assets have already been recognised," S&P Global Ratings analyst Deepali Seth-Chhabria said. "However, tighter regulatory standards combined with generous capital injections should strengthen bank balance sheets," S&P said.
Last month, PNB reported that it has detect...