PNB reveals additional fraud of Rs 1,300 crore

New Delhi, Feb 27: Punjab National Bank has revealed additional unauthorised transactions related to the scam by billionaire diamantaire Nirav Modi and his uncle and business partner, Mehul Choksi, increasing the estimated size of the fraud by $204 million (Rs 1,322 crore).

In an 11.22 p.m., late night filing with the stock exchanges on Monday, the bank said: "In continuation to our filing with stock exchanges on February 14, 2018, we have to inform that quantum of reported unauthorised transactions can increase by $204.25 million."

V. Brahmaji Rao, two General Managers and a retired official in connection with its probe into the multi-crore fraud.

The Income Tax Department also said it had attached 66 more bank accounts related to accused Choksi.

The fresh letters of undertaking (LoUs) were understood to have been discovered after being reported by overseas bank branches, which checked their portfolio in light of the recent fraud.

Total exposure of banking sector over 20,000 crore