PNB fraud LIVE: FinMin writes to four Hong Kong banks that got LOUs

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This blog will give you the latest news and updates on the Rs 11,400-crore PNB fraud case.

Finance Ministry has written to four Hong Kong banks that got LOUs

Finance Ministry sources told ANI that they will write letters to SBI, Axis Bank, Allahabad Bank and Bank of India telling them to reconcile accounts and check for irregularities. The sources added that several regulatory measures are put in place - all banks are to reconcile LoUs they have given, PSU banks are to appoint special representative or agency to monitor status for all loans above Rs 250 crore and consortium cannot exceed 7 banks.


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PNB tops the list in losing Rs 1,790 crore due to 9 jeweller defaulters: Report


Punjab National Bank (PNB) tops the list in a data report which shows that gems and diamonds traders have cost banks over Rs 5,000 crore through 90 defaults.

The Federation of Bank of India Staff Unions (FBISU) compiled data, accessed by The Times of India, shows that PNB, due to nine defaulters, has lost Rs 1,790 crore earlier.
Even though the data shows that State Bank of India (SBI) has the most number of defaulters - 15 - the loss incurred by them was Rs 410 crore, still lower than PNB.

Among other banks, Union Bank of India and Oriental Bank of Commerce also come on top of the list, with nine and eight defaults, respectively.

Punjab National Bank may appoint PwC to investigate fraud

Punjab National Bank (PNB), which is already reeling under a multi-crore rupee financial fraud, has appointed auditor PwC to conduct an investigation into the alleged Rs 11,300-crore fraud involving two luxury jewellers Nirav Modi, Mehul Choksi and their companies.

An Economic Times report stated quoting sources that the auditor company has been asked to gather evidence against Nirav Modi and his associates so that it can be presented in court.

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