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PNB Fraud: Lender Asks Gitanjali Group to Pay Rs. 1,000 cr
February 23, 2018
In the wake of the PNB fraud, the lender has asked Gitanjali Group, a key entity involved in the fraud, to repay the outstanding dues amounting to Rs. 1,045 crores.
The Jewellery firm recently replied to clarifications sought by the stock exchanges regarding its involvement in the fraud and attached four letters written to its firms Gili India, Nakshatra Brands, Asmi Jewellery India, and Gitanjali Gems, by PNB.
The letter says that in light of the “fraudulent activities” by the firms, “it has been decided by the bank to recall facilities being enjoyed by the company with our bank with immediate effect”.
