Choksi and his nephew Nirav Modi, in connivance with certain bank officials, allegedly cheated Punjab National Bank (PNB) of about Rs 14,000 crore through issuance of fraudulent letters of undertaking. A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2CzWbL7
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