Banks may take more than $3 billion hit from PNB fraud: Tax department

As of March 2017, banks had extended loans and guarantees worth Rs 17,632 crore ($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.

from Times of India http://bit.ly/2AmqtRl