 "pnb, punjab national bank")
Punjab National Bank (PNB) on Wednesday made a startling revelation that it has detected a colossal fraud worth Rs 114 billion (Rs 11,400 crore) in one of its Mumbai branches.
PNB said that it had been defrauded of about Rs 114 billion by jeweller Nirav Modi, his maternal uncle Mehul Chinubhai Choksi, and other relatives through some firms they own with the help of the bank employees. According to TV reports, Nirav Modi said he willing to pay back Rs 50 billion (Rs 5,000 crore).
So what really happened?
How the PNB scam unfolded
Last week, PNB had
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