PNB fraud case: Companies with no registration got bank help

Mumbai: The Central Bureau of Investigation’s (CBI) probe into the Punjab National Bank (PNB) fraud case against absconding accused diamond businessman Nirav Modi allegedly found that Solar Exports, one of the three firms promoted by him that are accused in the case, was not registered with Mumbai’s registrar of companies

Despite this, the three firms got sanctioned 150 letters of undertakings (LoU) from the bank’s Mumbai branch in an allegedly fraudulent manner in 2017. The three firms were issued LoUs worth Rs 6,498 crore. Among the three firms, Solar Exports was sanctioned LoUs worth Rs 2,158 crore by the bank. The two other firms that are accused in the case are Diamond R US and Stellar Diamonds, said sources.