MUMBAI: Union Bank of India has direct credit score exposure of about 1.2 billion rupees ($18.4 million) to corporations managed by way of jeweller Nirav Modi, and any other 1.75 billion rupees ($26.nine million) to Gitanjali team of companies, its leader executive informed Reuters on Friday
Companies belonging to Modi and his uncle Mehul Choksi, who heads the Gitanjali team, have been accused by way of Punjab National Bank of defrauding the bank of over $2 billion. The bank alleges corporationsmanaged by way of the duo colluded with rogue PNB group of workers to protected fraudulent guarantees that were used tocarry credit score from out of the country branches of Indian banks.
Both Modi and Choksi have denied wrongdoing, and so have two key accused PNB staff in the case, which has thus far led to 19 other people being arrested.
The newest Union Bank figures are become independent from the $300 million exposure it had in the past reported as a result of the fraudulent PNB guarantees, mentioned Rajkiran Rai, Chief Executive of state-run Union Bank.
This week, the Central Bureau of Investigation (CBI) filed a new complaint against jeweller Modialleging that companies he managed had misused even authentic loans and guarantees.
Lenders together with Union Bank have recalled loans to Modi's and Choksi's corporations after the news of the fraud, in accordance to the government.
Companies belonging to Modi and his uncle Mehul Choksi, who heads the Gitanjali team, have been accused by way of Punjab National Bank of defrauding the bank of over $2 billion. The bank alleges corporationsmanaged by way of the duo colluded with rogue PNB group of workers to protected fraudulent guarantees that were used tocarry credit score from out of the country branches of Indian banks.
Both Modi and Choksi have denied wrongdoing, and so have two key accused PNB staff in the case, which has thus far led to 19 other people being arrested.
The newest Union Bank figures are become independent from the $300 million exposure it had in the past reported as a result of the fraudulent PNB guarantees, mentioned Rajkiran Rai, Chief Executive of state-run Union Bank.
This week, the Central Bureau of Investigation (CBI) filed a new complaint against jeweller Modialleging that companies he managed had misused even authentic loans and guarantees.
Lenders together with Union Bank have recalled loans to Modi's and Choksi's corporations after the news of the fraud, in accordance to the government.
Union Bank says it has $45 million direct exposure to Nirav Modi, Gitanjali firms
![Union Bank says it has $45 million direct exposure to Nirav Modi, Gitanjali firms]()
Reviewed by Kailash
on
March 10, 2018
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