Billionaire jeweller Nirav Modi is at the centre of the Rs13,000 crore PNB fraud. Photo: Aniruddha Chowdhury/MintNew Delhi: Hit hard by the Rs13,000 crore scam perpetrated by billionaire Nirav Modi, the Punjab National Bank (PNB) has decided to tighten loan disbursement and set up a monitoring mechanism to check loan slippages and fraud. These changes are being made as part of Mission Parivartan drive which the bank launched earlier this week. Billionaire jeweller designer Modi and his uncle Mehul Choksi, in connivance with certain bank officials allegedly cheated the PNB of Rs12,968 crore through fraudulent letters of undertaking (LoUs). A Mumbai branch of Punjab National Bank had issued as many as 1,590 letters of undertaking (LoUs) fraudulently for the group of companies belonging to Nirav Modi since March 2011.

Source: Mint March 22, 2018 15:00 UTC