It is alleged that Choksi and Nirav Modi got LoUs and Foreign Letters of Credit issued of Rs 12,636 cr
In a latest salvo in the PNB case, Serious Fraud Investigation Office (SFIO) has issued notices to ICICI Bank's CEO Chanda Kochhar and Axis Bank's Managing Director Shikha Sharma in connection to the Punjab National Bank (PNB) scam worth over Rs 12,000 crore.
It is alleged that Mehul Choksi and Nirav Modi got Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs) of Rs 12,636 crore issued in favour of foreign branches of Indian banks based on fraudulent claims.
A consortium of 31 banks led by ICICI Bank has loaned close to Rs 5,200 crore to Mehul Chokshi's Gitanjali Group. Nirav Modi firms Stellar Diamond and Solar Exports and Diamonds have together borrowed close to Rs 4,000 crore from banks.
Here's a list of banks that issued loans to Mehul Choksi's Gitanjali Gems over the years:
Separately, the ED is also investigating the planned listing of Choksi's Nakshtra World, and Modi's Firestar International.