Axis Bank's exposure to Nirav Modi, Gitanjali Group Rs200cr

Axis Bank's exposure to Nirav Modi, Gitanjali Group Rs200cr

Axis Bank's exposure to Nirav Modi, Gitanjali Group Rs200cr

With Axis Bank and ICICI Bank complying with the SFIO summons, other lenders are likely to follow the suit.

According to industry sources, ICICI Bank was the lead bank in a consortium that advanced over Rs 5,000 crore as working capital loans to Gitanjali Gems. ICICI Bank alone had given Rs 405 crore loan to Gitanjali Gems.

Sources said the SFIO has asked top officials of a few private and public lenders to appear in person or through a legal representative for questioning on the loan facility given to the jewellery firms. Its exposure to the Gitanjali group, it said, is not the largest among the lenders in the consortium. "We would like to question both of them".

Bosamiya, then additional general manager (operation) and Pandya, then finance manager of Firestarter Diamond International Pvt Ltd., a Nirav Modi's diamond firm, were arrested for their alleged role in the preparation of applications for the fraudulent Letter of Understandings (LoUs) submitted to the PNB.

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An LoU is a guarantee which is given by an issuing bank to Indian banks having branches overseas to grant short-term credit to the applicant. As per PTI, V Srinivasan, Deputy Managing Director of Axis Bank was seen coming out of the SFIO office in Mumbai on Tuesday. "Money belongs to we Indian", Banks are not safe as bankers are being cheated and central government is not arresting the accused and let them free and they need to be arrest and bring back to country and take action as per law of land they demanded. He didn't unveil some other insights about Chitalia's affirmed part in the PNB misrepresentation.

Axis Bank revealed that it has a Rs 200-crore exposure to the scam-tainted companies promoted by Nirav Modi and his uncle Mehul Choksi.

Last week, a special court issued a non-bailable warrants (NBWs) against diamond traders Nirav Modi and Mehul Choksi in the alleged Rs 12,700-crore Punjab National Bank scam.

The accused officials of PNB did not enter the instructions for these LoUs and in their internal software to avoid scrutiny.

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