Punjab National Bank (PNB) has said that the alleged fraud perpetrated by jewellers Nirav Modi and Mehul Choksi may be around $2 billion, over $204 million more than previously estimated.
In a late Monday night filing to stock exchanges, the state-owned lender said that “the quantum of reported unauthorised transactions can increase by $204.25 million.” The bank had earlier put the defrauded amount at Rs 11,394.02 crore ($1.77 billion). Adding another Rs 1,323 crore would take this to Rs 12,717 crore.