PNB fraud: Funds borrowed by Nirav Modi much higher than estimated, says report

The total amount borrowed by business tycoon Nirav Modi is much higher than what was estimated earlier, Business Standard reported, citing people aware of forensic examination of the PNB fraud, the biggest fraud in the history of the Indian banking system.

According to the report, the bank officials declined to give the exact numbers of the letters of undertaking (LoUs) issued and the exact value of loan given to Nirav Modi, who is the prime accused in the fraud, the amount of which was estimated to be Rs 13,500 crore earlier.

"Only 40 percent of the forensic information required was made available by PNB and as such, there is no way that one can put a cap on the total value of LoUs issued," one of the persons familiar with the forensic probe was quoted as saying in the report.