SBI’s Rs 1,360 And Allahabad Rs 2,000 Crore Swindled In PNB Scam

Nearly Rs 2,000 Crore of Allahabad Bank in the scam worth Rs 11,400 Crore based on the credit cards issued by Punjab National Bank (PNB). Apart from this, the country’s largest lender, State Bank of India (SBI), has also given a loan of Rs 1,360 Crore.

SBI’s Rs 1,360 And Allahabad Rs 2,000 Crore Swindled In PNB Scam

One source said that Allahabad Bank has given a loan of Rs 2,000 Crore on the basis of PNB’s fraudulent guarantee letters. On the basis of these credentials, foreign branches of other banks gave loans to companies of Nirav Modi. The source said that this money was transferred from Hong Kong branch of Allahabad Bank to Nostro account of PNB. The source said that the bank has already made a claim for recovery of this money.

On the basis of the letter of credit issued by PNB, SBI has given a loan of $ Rs 1,360 Crore. However, this public sector bank has not given any loan directly to Nirav Modi. SBI Chairman Rajneesh Kumar said in Kochi on Friday, “We have not given any direct loan to Nirav Modi but have definitely given some money to PNB.” He informed that the bank has given it on the basis of the credit or guarantee letter (LOU) issued by PNB of Rs 21.2 Crore to Modi.

Kumar said that SBI has definitely given some loan to Mehul Chowksi of Gitanjali James, who is Nirav Modi’s relative. However, this is not a huge amount and we are not worried about it. When asked about SBI’s gems and jewelry sector loan, Kumar said that it is less than 1% of the bank’s total home loan. He said, ‘Our home loan book is Rs. 16 lakh crore. It has a share of gems and jewelry sector worth Rs 13,000 Crore which is less than 1%.

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