Minister of State for Finance Shiv Pratap Shukla has said that the finance ministry is working with the Prime Minister’s Office to resolve the 11,400 crore rupees scam at Punjab National Bank. He said that the government will try to extradite and punish billionaire jeweller Nirav Modi who is alleged to be behind the fraud. Mr Shukla said the investigation into the PNB fraud is still on, and the government will not spare any person involved in the scam. He also said that RBI has categorically stated that if the fault is from the PNB side, then the lender will have to repay all the banks who have borne the brunt of the fraud.
The state-owned PNB has detected 11,400 crore rupees scam where Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from PNB in south Mumbai to secure overseas credit from other lenders.