It was in the month of February that PNB informed the bourses that a Rs 11,700 crore has occured at its Brady House branch in Mumbai. The bank informed the bourses that a few of its former employees in connivance with billionaire diamond merchant Nirav Modi’s firms have generated faKe letters of undertakings (LoUs) which were used by them to seek loans from a few foreign branches of the Indian banks.

It was in the month of February that PNB informed the bourses that a Rs 11,700 crore has occured at its Brady House branch in Mumbai. The bank informed the bourses that a few of its former employees in connivance with billionaire diamond merchant Nirav Modi’s firms have generated faKe letters of undertakings (LoUs) which were used by them to seek loans from a few foreign branches of the Indian banks.,p>Both Nirav Modi and Mehul Choksi are absconding since the day the scam came out in public light. However, both have said time and again that due to their cancellation of passports, it’s difficult for them to return to India.

Meanwhile, PNB along with country’s largest lender State Bank of India (SBI) has put its non-performing assets on sale. Both banks have put their 15 non-performing assets worth Rs 1,063 crore for sale, PTI reported. The public lenders have informed that they will conduct e-auction on 20th of this month. SBI alone has put 12 of the accounts with total outstanding of Rs 848.54 crore for sale.