Sunday, February 18, 2018

Income Tax Dept : PNB fraud amount may swell

Indian banks could take a hit of more than 20,000 Cr from loans and corporate guarantees provided to diamond companies at the center of a massive alleged fraud at the state-run Punjab National Bank, the tax department has estimated.

As of March 2017, banks had extended loans and guarantees worth 17,632 Cr to companies tied to billionaire jeweller Nirav Modi and his uncle Mehul Choksi, according to the Income  Tax department

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