ICICI's Chanda Kochhar, Axis Bank's Shikha Sharma summoned in PNB fraud case

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These top bankers have been issued summons over the Rs 3,280 crore working capital loan to Mehul Choksi's Gitanjali group.

ICICI Bank led a consortium of 31 banks that lent money to the Gitanjali Group.

Quoting sources, media agency ANI said the SFIO had issued letters to some banks asking to explain about the working capital facility given to Gitanjali group.

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Meanwhile, the CBI told a Mumbai court on Monday that violation of norms for issuance of Letters of Undertaking (LoUs) to benefit billionaire jeweller Nirav Modi and his uncle Mehul Choksi had been going on since 2010.

SFIO has summoned consortium of 31 banks that include ICICI, Axis and PNB.

Bombay Stock Exchange (BSE) has sought clarifications from both banks about the news, but neither had responded.

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According to court filings, the exposure to three companies controlled by Modi has been estimated at Rs6,498 crore ($999 million), while firms controlled by Choksi have been accused of defrauding the bank of Rs6,138 crore. Sources indicated that the SFIO may soon summon other banks who are part of the consortium.

"ICICI Bank has no exposure to the Nirav Modi group of companies, nor has it issued any Letter of Undertaking; nor has any buyer's credit exposure against LOUs with respect to the Nirav Modi group of companies as well as the Gitanjali group of companies", the ICICI Bank response said.

WorldStage Newsonline-- Indian lawmakers on Tuesday asked the Prime Minister, Narendra Modi to speak on a $2-billion bank fraud case that brought business to a standstill in both houses of India's parliament.

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The SFIO, which is the investigating arm of the Ministry of Corporate Affairs, earlier today recorded statements of senior officials of private sector lenders Axis Bank and ICICI Bank in connection with its probe into the alleged scam at the Punjab National Bank. The other details about Chitalia's alleged role in the PNB fraud were not revealed.