Indian banks 'may take more than US$3b hit from PNB scandal'
Tax dept warns of losses over loans to diamond companies involved in massive alleged fraud
Mon, Feb 19, 2018 - 5:50 AM
Two employees of state-run Punjab National Bank and a third man have been detained in a fast-widening probe into the country's biggest bank scam. A police source said the CBI had sent a notice through Interpol in its search for billionaire jeweller Nirav Modi.
INDIAN banks could take a hit of more than US$3 billion from loans and corporate guarantees provided to diamond companies at the centre of a massive alleged fraud at the state-run Punjab National Bank (PNB), the tax department has estimated.