While we were wondering how to file our income tax returns and deposit the premiums of our insurance policies, a jewellernamed Nirav Modi, had finished fraudulent transactions worth Rs 11,300 crores from the Mumbai branches of Punjab National Bank (PNB) second-largest money lender in India.
It is not just PNB that has been affected by the fraud, six other lenders including Allahabad Bank, Axis Bank and Union Bank which lent money based on PNB’s letters of undertaking have also been hit.
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