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Indias Biggest Bank Frauds: Mehul Choksi, a fugitive diamantaire, is at the top of the list of Indias worst willful defaulters after defaulting on loans totaling Rs 7,848 crore.
Punjab National Bank (PNB) CEO Atul Kumar Goel has revealed that the bank plans to recover Rs 50-100 crore from bank accounts associated with Nirav Modi, who siphoned off Rs 14,000 crore from PNB in connivance with some bank officials. Earlier, PNB unearthed that Modi and companies associated with him colluded with some of its officers and had fraudulently acquired guarantees worth Rs 11,400 crore to obtain loans from the overseas branches of Indian claiming to need the cash to import pearls.
The Red Notice was issued against Mehul Choksi in December 2018 on a request from the CBI and Enforcement Directorate.
The international police agency Interpol has revoked the red corner notice (RCN) alert against Mehul Choksi,
The CJ said that the CBI would have to pay its counsel despite the matter being adjourned and hence said that the cost is to be paid to the central agency.