Banks may take more than $3 billion hit from PNB fraud: IT Dept
pnb bank
As of March 2017, banks had extended loans and guarantees worth 176.32 billion rupees ($2.74 billion) to companies tied to billionaire jeweller Nirav Modi and his uncle Mehul Choksi
Indian banks could take a hit of at least $2.7 billion from loans and corporate guarantees provided to Punjab National Bank in a $1.77 billion fraud case, the tax department said on Saturday.
As of March 2017, banks had extended loans and guarantees worth 176.32 billion rupees ($2.74 billion) to companies tied to billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the tax department said in a note.
But the total hit to Indian banks "may well exceed" that amount the department said in its note.
Meanwhile, a court on Saturday ordered three people arrested on suspicion of involvement in a $1.77 billion fraud at the Punjab National Bank to remain under police custody until March 3.
The three were arrested late on Friday, marking the first arrests in a fast-widening probe into the country's biggest bank scam.
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The court in Mumbai ordered they remain under police custody and said the agency must get a fair chance to investigate the case, citing the potential consequences to the country's economy.