PNB issued 1,213 fake LoUs to Nirav Modi's firms since March 2011: Jaitley

The Mumbai branch of Punjab National Bank had issued as many as 1,213 letters of undertaking (LoUs) fraudulently for the group of companies belonging to Nirav Modi since March 2011, Finance Minister Arun Jaitley said in a written reply in the Rajya Sabha on Tuesday.
 
Executives at PNB’s Brady House branch in Mumbai had started issuing LoUs to foreign branches of Indian banks from March 5, 2011, according to details of the alleged scam submitted by the bank, Jaitley said. The first few LoUs issued by branch employees, working in connivance with group of companies belonging to Nirav Modi’s