According to the tax department estimates, there may be more than $ 3 billion losses due to loans and corporate guarantees given to diamond companies in the huge fraud case of Punjab National Bank in Indian Bank.
As of March 2017, the billionaire jewelery has extended loans and guarantees worth 176.32 billion rupees ($ 2.74 billion) to companies associated with Nirav Modi and his uncle Mehul Choksi, the tax department said in a Reuters note.
Since then loans and guarantees have increased in comparison to last year and the lowest "location" of the Indian bank can exceed "3 billion dollars", in the case of Indian domestic notes, the case prepared by tax deduction for the initial investigation of the primary bank fraud of Indian authorities.
Based on a complaint from PNB, the biggest fraud in Indian banking history is that of two junior officers in a bank branch in Mumbai, who give "letter of agreement" to Modi and Chhoksi related organizations for borrowing from other branches of Indian Indians.
The bank said that this fraudulent transaction happened within a few years and 1.77 billion US dollars
There is no such letter in the bank's internal software system - basically credit guarantees - it was sent through the SWIFT interbank messaging system, "thus avoiding the initial identification of fraudulent activity", the tax note said.
It relates to 32 banks operated by Chaksi, owned by Gitaganji James and his associate Choxi. Corporate Corporation Corp Corp. Mozammel Hossain in the chairmanship of the chairman of the board of directors Md.
United Bank of India, another public lender, announced on Friday that it has a $ 300 million exposure as a counter-party lender. Private sector lender Ex Bank said it sold all its shares related to fraud.
Among the tax department's results, there were a number of organizations in which Modi and his uncle were involved in a limited number of people listed as a number of partners. Those individuals were not identified in the tax department note.
The total debt of three organizations of Narendra Modi, Staler Diamond, Solar Exports and Diamond Industries was 39.99 billion Indian rupees. However, the total capital of the partners was 4 million Indian rupees.
It said that three agencies "bills are acceptable" or customers have been paid "more than the total transaction of three companies involved in fraud" or not being operated "
Modi and Choksi have not made any comments yet. Federal police say they are both left in India in January January and there are unknown.