PNB DISCLOSES ADDITIONAL EXPOSURE

Mumbai, March 13: The Punjab National Bank has told police that it has uncovered additional exposure of about ` 9.42 billion in connection with a massive alleged fraud, according to a court filing seen by Reuters.

In what has been dubbed as the biggest fraud in India’s banking history, PNB said last month it had been defrauded of about $ 2 billion by two jewellery groups who raised credit from overseas banks based on fraudulent guarantees issued in collusion with rogue staff.

In a court filing on Tuesday, police said the Gitanjali group of companies controlled by jeweller Mehul Choksi allegedly defrauded PNB of ` 70.8 billion. PNB had previously pegged its exposure to the Gitanjali companies at ` 61.38 billion.

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