Punjab National Bank head Sunil Mehta likely to appear before SFIO today

PNB Scam CBI detains Gitanjali Group's Vipul Chitalia at Mumbai Airport

ICICI Bank is a part of the consortium of 31 banks that extended loans and guarantees of Rs 5,280 crore to the Gitanjali Group promoted by Choksi. Sources indicate the senior officials are only being questioned for clarifications and not as accused in the fraud case. The SFIO has summoned ICICI Bank Chief Chanda Kochhar and Axis Bank's Shikha Sharma for interrogation in connection with the big bank scam. We have not issued any Letter of Undertaking (LOU) nor do we have any purchaser's acknowledge introduction against LOUs for regard to the Nirav Modi gathering of organizations and in addition the Gitanjali gathering of companies...

"We have summoned Mehta (the head of the beleaguered state-run bank) and he is expected to appear before us tomorrow", an SFIO official told PTI.

ICICI Bank Ltd has an exposure of Rs750 crore to the Gitanjali group of companies and Rs500 crore to Gitanjali Gems.

The CBI filed a second FIR on February 15 for a Rs 4,886.72-crore fraud against Choksi's Gitanjali Group.

The ICICI Bank scrip shed 2.64 per cent to close at Rs 295.10 a piece on BSE, while Axis Bank lost 1.31 per cent to Rs 516.80.

SFIO has also summoned the PNB managing director Sunil Mehta for recording of his statement in the case.

In a related development, mastermind of the PNB fraud and VP of Gitanjali Group of companies Vipul Chitalia was intercepted by the immigration authority at Mumbai airport after he landed from Bangkok. "The bank will submit all the required documents to the authorities", said an Axis Bank official. He didn't unveil some other insights about Chitalia's affirmed part in the PNB misrepresentation.

When the representative argued they had used such facilities in the past without keeping any money as collateral, PNB scanned its records and found no trace of any transactions, according to the bank's account.

The transactions were carried by diamond jeweller Nirav Modi by acquiring fraudulent letters of undertaking (LoU) from the lender's Brady House branch in Mumbai to secure overseas credit from other Indian lenders.

They were sent through an global messaging system for banking called SWIFT, which is used to pass instructions among banks globally to transfer funds.

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