Beleaguered jewellery tycoon Nirav Modi and his business partner Mehul Choksi own as much as Rs 13,066 crore to as many as 32 Indian banks, initial investigation of the Income Tax Department is understood have revealed. Stocks of Punjab National Bank -- a government-owned bank -- which is at the centre of the scam, have tumbled since the fraud and misuse of credit facilities surfaced.
The exposure of Indian banks in just four of Nirav Modi's companies M/s Stellar Diamonds, M/s Solar Exports, M/s Diamonds "R" US and M/s Firestar International Private Limited - the flagship company of Nirav Modi - is staggering Rs 7817.90 crore. And, Gitanjali Gems and its subsidiaries have alone taken about another Rs 7500 crore as loans from various banks. However, they returned some amount to the banks.

Beleaguered jewellery tycoon Nirav Modi and his business partner Mehul Choksi own as much as Rs 13,066 crore to as many as 32 Indian banks, initial investigation of the Income Tax Department is understood have revealed. Stocks of Punjab National Bank -- a government-owned bank -- which is at the centre of the scam, have tumbled since the fraud and misuse of credit facilities surfaced.
The exposure of Indian banks in just four of Nirav Modi's companies M/s Stellar Diamonds, M/s Solar Exports, M/s Diamonds "R" US and M/s Firestar International Private Limited - the flagship company of Nirav Modi - is staggering Rs 7817.90 crore. And, Gitanjali Gems and its subsidiaries have alone taken about another Rs 7500 crore as loans from various banks. However, they returned some amount to the banks.