<p>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.</p>

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<p>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. &nbsp;</p>

<p>But the total hit to Indian banks &quot;may well exceed&quot; that amount the department said in its note.</p>

<p>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.</p>

<p>The three were arrested late on Friday, marking the first arrests in a fast-widening probe into the country&#39;s biggest bank scam.</p>

<p>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&#39;s economy.</p>


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. 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.

Banks may take more than $3 billion hit from PNB fraud: IT Dept

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Banks may take more than $3 billion hit from PNB fraud: IT Dept