February 17, 2018 / 1:08 PM / 6 months ago

Indian banks may take more than $3 bln hit from PNB fraud - tax dept

NEW DELHI, Feb 17 (Reuters) - Indian banks could take a hit of at least $2.7 billion from loans and corporate guarantees provided to Punjab National Bank in a $1.77 billion fraud case, the tax department said on Saturday.

As of March 2017, banks had extended loans and guarantees worth 176.32 billion rupees ($2.74 billion) to companies tied to billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the tax department said in a note seen by Reuters.

But the total hit to Indian banks “may well exceed” that amount the department said in its note.

$1 = 64.2400 Indian rupees Reporting by Sanjeev Miglani; Editing by Rafael Nam

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