PNB fraud case: Scam money was used to clear pending bank loans

The scam, reportedly, started in the year 2010. Nirav Modi and Mehul Choksi are allegedly involved with scam money coming in Modi share is Rs 4,800 crore and Choksi having a bigger share of Rs 6,000 crore.

Image: ABP Live

New Delhi: In the latest revelation in the Punjab National Bank (PNB) fraud case, it has come to light that scam money was used to pay the pending loans of the bank. The scam, reportedly, started in the year 2010. Nirav Modi and Mehul Choksi are allegedly involved with scam money coming in Modi share is Rs 4,800 crore and Choksi having a bigger share of Rs 6,000 crore. Meanwhile, sources said that diamond lover Nirav Modi, who left India, may be hidden somewhere in Europe. He was constantly travelling from one country to another country and was in constant touch with some people, sources further said. As per reports, Nirav Modi's business partner and jewellery chain promoter Mehul Choksi, who also fled from India, is in America. ALSO READ: Government will try to extradite and punish Nirav Modi: MoS for Finance Shiv Pratap Shukla The state-owned bank PNB has detected a Rs 11,400 crore scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from the Brady House branch of the bank in south Mumbai to secure overseas credit from other lenders.