Recovering money: Letter to BS on Nirav Modi's Rs 114-bn scam at PNB

But what can the banks do about assets which are not offered as securities?

The last fortnight has been flush with reports about the Nirav Modi-Mehul Choksi duo allegedly swindled money from the Punjab National Bank (PNB). What is being reported is that letters of undertaking were procured by them from the bank by gaming the system with the connivance of a lower executive of the bank. So they were neither an applicant of loan nor were they a borrowers. They had committed a fraud. Now since no loan was sanctioned to them, presumably there are no documents with the bank such as original deeds of the properties or equitable mortgage agreements. No current