Tuesday, 27 February 2018

PNB fraud case: Gitanjali Group exposure may leave a Rs 5,200-crore hole in the pockets of 31 banks

Thirty-one banks, including Punjab National Bank (PNB), ICICI Bank, Allahabad Bank, Bank of Baroda and Corporation Bank, are preparing to take a Rs 5,200 crore hit, on account of credits gave to Mehul Choksi-drove Gitanjali Group. The Rs 11,400 crore PNB misrepresentation case now undermines to leave a Rs 21,000-crore gap in the saving money division's pockets. PNB, ICICI Bank, Allahabad Bank, Bank of Baroda, Central Bank of India and Corporation Bank together record for over Rs 2,000 crore of the introduction, as per a researching office's evaluation.

The report, seen by Moneycontrol, distinguishes presentation of individual banks, for example, Bank of Baroda, Central Bank of India, Syndicate Bank, among others at over Rs 200 crore each.

Here's the full rundown of 31 banks and their presentation in the Rs 11,400 crore PNB extortion case:

PNB: Rs 587 crore

ICICI Bank: Rs 405 crore

Organization Bank: Rs 297 crore

Bank of Baroda: Rs 265 crore

National Bank of India: Rs 206 crore

Syndicate Bank: Rs 231 crore

Canara Bank: Rs 195 crore

Indian Overseas Bank: Rs 176 crore

Bank of India: Rs 173 crore

State Bank of Hyderabad (now converged with SBI): Rs 140 crore

Dena Bank: Rs 121 crore

J&K Bank: Rs 121 crore

Oriental Bank of Commerce: Rs 121 crore

Association Bank of India: Rs 121 crore

Exim Bank: Rs 109 crore

IDBI Bank: Rs 99 crore

Karnataka Bank: Rs 87 crore

State Bank of Bikaner and Jaipur (now converged with SBI): Rs 87 crore

SBI: Rs 52 crore

Vijaya Bank: Rs 63 crore

IndusInd Bank: Rs 58 crore

Karur Vysya Bank: Rs 30 crore

Lakshmi Vilas Bank: Rs 30 crore

Bank of Maharashtra: Rs 24 crore

Allahabad Bank: Rs 419 crore

Andhra Bank: Rs 240 crore

Joined Bank: Rs 207 crore

Standard Chartered Bank: Rs 100 crore

SBM Bank Mauritius Limited: Rs 75 crore

Catholic Syrian Bank: Rs 50 crore

Punjab and Sind Bank: Rs 29 crore

On February 14, PNB educated stock trades about Rs 11,400 crore worth of unapproved exchanges at its Brady House branch in view of manufactured letters of undertaking (LoUs). The bank asserted that two of its authorities had issued produced LoUs, which permitted Gitanjali Group and Nirav Modi Group of Companies to acquire cash from abroad banks, with PNB as the underwriter of the advances.

The Enforcement Directorate (ED) is wanting to recuperate Rs 3,000-4,000 crore from the land resources seized from Nirav Modi and Mehul Choksi, sources told Moneycontrol. This is notwithstanding the jewels and valuable stones seized by ED from the two gatherings, which is esteemed at Rs 5,816 crore. The ED's gauge of the estimation of valuable stones seized from the two gatherings depends on the stock esteem, which is constantly higher than the market estimation of the stones.

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