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PNB reveals additional fraud of Rs 1,300 crore PNB has disclosed an additional unauthorized transaction related to the scam by Billionaire Nirav Modi and Mehul Chauksi as this increases the estimated size of fraud of Rs 1322 crore. This increase means the total fraud now about Rs 12622 crore. As against the original destination was about 11,300 crore.

The value of the additional Unauthorized transaction is almost equal to PNB’s entire net income of 1320 crore of the year 2017. So, is the government still searching Nirav Modi and Mehul Chauksi? aren’t they? or are they giving chances to let the fraud happen?.

The disclosure made to exchange late on Monday night. The first letter of Undertaking(Lou) Were understood to have discovered after being reported by overseas bank branches, which checked their portfolio in light of the recent fraud. Panjab National Bank said in filling stock exchanges on Monday night “We have to inform that the quantum of reported unauthorized transactions can increase by $204 million”.

PNB also denies media reports that it has been asked to pay fraud liabilities by the government. How these letter of undertaking taken out without any official work?. Is this a security of money we talk about whether money is safe in-house or in banks?.

The unauthorized transactions refer to Letter Of Undertaking in a fraud way issued by Bank mid-corporate branch Brady House in Mumbai

The unauthorized transactions refer to Letter Of Undertaking in a fraud way issued by Bank mid-corporate branch Brady House in Mumbai, in favor of Nirav Modi and Geetanjali Group of companies. On Feb 14, The bank had first reported the Unauthorized Letter of Undertaking.

Against these guarantees, overseas branches of Indian bank have extended loans to suppliers that associated with Nirav Modi as well as Geetanjali Groups. If fraud took place once, okay maybe some people involved in it. But if it occurs repeatedly how can all people or all of them be guilty ?. Is it so?. Why cannot the government is taking action about it.?.

The fraud happened as the borrower failed to pay and overseas branches seek to invoke guarantees to  PNB. It is also a question of concern how these let happen?. The involvement is much bigger, greater and vast. But is this a government plan to clean the fraud?. Damn its increasing day by day. If it’s increasing then the question must be also asked the government How is it possible?. The government must speak on it.

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