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Over Rs 17,000 Crore Exposure To 32 Banks. Ten Things To Know
As a growing number of skeletons come out of the closet in the Rs 11,300 crore PNB Fraud, a Thomson Reuters news report suggests that at least three other banks have significant amount of exposure to Nirav Modi-Mehul Choksi and their firms of gigantic proportions. The total loan amount is reported to be Rs 17,632 crore in March last year, an amount that surpasses the valuation given so far to the PNB fraud so far. The exposure is on account of the letters of undertaking (LoUs) issued by the Punjab National Bank (PNB) to the branches of Indian banks located abroad. On the basis of the LoUs (or bank guarantees), Nirav Modi-Mehul Choksi firms have reportedly raised short term loans from the Indian banks for making payment to their suppliers.