India’s PNB discloses $145 million additional exposure in fraud probe – document
MUMBAI (Reuters) – India’s Punjab National Bank has told police that it has uncovered additional exposure of about 9.42 billion rupees ($145.2 million) in connection with a massive alleged fraud, according to a court filing seen by Reuters
The new disclosure takes PNB’s overall exposure in the still unraveling fraud case to well over the $2 billion mark.
A lawyer for Gitanjali group’s head, Mehul Choksi, said he was unaware of the new allegations and declined to comment. Choksi and his nephew Nirav Modi, who is the other main accused in the case, have both denied any wrongdoing.