PNB fraud case: Lenders seek forensic audit of Gitanjali group's books

Bankers said the Gitanjali group had a standard account with IDBI Bank and Dena Bank

Lenders to the Mehul Choksi-led Gitanjali group have ordered a forensic audit of the jewellery firm after Punjab National Bank (PNB) named him in a complaint filed with the Central Bureau of Investigation (CBI) against jeweller Nirav Modi and his relatives through a clutch of companies they own. 

  

With a large-scale fraud in the gems and jewellery industry, banks would now be reluctant to take additional exposure to this sector, senior public sector bank (PSB) executives said. 

Banks, including PNB, had earlier taken a hit for their exposure to Winsome Diamonds, whose promoters were declared wilful defaulters.

The Gitanjali stock was