PNB reports Rs. 13,416.91 Cr. loss in fourth quarter

New Delhi, May 15 The Punjab National Bank (PNB) has announced a net loss of Rs 13,416.91 crore for the fourth quarter ending March 2018.

In a same quarter a year prior, the bank had pivoted due to compose back in benefits arrangements to report a benefit of Rs 261.9 crore as against an enormous loss of Rs 5,367.1 crore in March-end quarter 2016, moneycontrol reported.

On a related note, the PNB in February distinguished the multi-crore trick, wherein Diamantaire Nirav Modi and his uncle cum business accomplice Mehul Choksi had supposedly duped the bank to the tune of Rs. 114 billion, with the purported involvement of a couple of workers of the bank.

Earlier on May 3, the Enforcement Directorate (ED) told the Delhi High Court that the sworn statements documented by Modi's uncle and business partner Mehul Choksi's firm Gitanjali Gems in the court were 'false and misleading.'

In connection with the pleas filed on the Gitanjali Gems in the court, the ED stated, "The Company astutely cloak any reference to Mehul Choksi, who left India in the dusk of the trick going to the notice of the law requirement offices".

On April 6, the court issued a notice to the ED on a request of Gitanjali Gems, looking for suppress of an illegal tax avoidance body of evidence against the organization.

The scam, which reportedly started in 2011, was recognized in the third seven day stretch of January this year, after which the PNB authorities revealed it to the concerned organizations.

The ED had enlisted the illegal tax avoidance body of evidence against Nirav and others based on a CBI FIR.

As of now, the probe agencies are investigating the issue and have additionally seized many properties of Nirav and Choksi.