Reports say Nirav Modi left the country on January 1

PNB stocks slump for second day

PNB, which is the country's second-biggest state-run lender and fourth-biggest overall by assets, PNB stock price fell almost 7.8% after bank the detected the fraudulent transactions of worth Dollars 1,771.7 million in one of its Mumbai branch.

But there are concerns the fraud could affect other banks, and hurt confidence in India's banking sector.

Police in Mumbai told CNNMoney that the case had been escalated to India's Central Bureau of Investigation (CBI), but did not provide further details. Money related administrations secretary Rajiv Kumar said it gave off an impression of being a disengaged case and was not going to affect different loan specialists.

The bank has informed about the fraudulent transactions to the law enforcement investigating agencies for the further investigations on fraud transactions.

Modi (46), who had figured in the Forbes' list of richest Indians, was booked by the CBI for cheating after PNB sent a complaint to it alleging that the jewellery firm owner, his brother, wife and Choksi entered into a criminal conspiracy with the officials of the bank and cheated it, causing a "wrongful loss". Last week, PNB had filed a complaint with the CBI stating that fraudulent letters of undertaking, worth Rs 280.7 crore, were first issued on January 16. The fraud is said to be linked with famous jewellery designer Nirav Modi.

Following the recent developments in the case, the Enforcement Directorate raided premises of Nirav Modi nationwide and registered a case under Prevention of Money Laundering Act (PMLA) against Nirav Modi and others in this connection.

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"In the bank, these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions", the statement said. The quantum of such transactions is $1.77 billion, it said. "Four big jewellers - Gitanjali, Ginni, Nakshatra and Nirav Modi - are under scanner".

Addressing the jeweller as "Chhota Modi" in a press conference, Surjewala said that Nirav was part of a delegation travelling with the prime minister despite "the complaint against him".

India's Axis Bank said on Thursday that it had dealt in transactions that had been guaranteed with letters of undertaking from Punjab National Bank, but it had since sold those transactions. His answer was in response to a question whether any foreign bank branch was also affected. The two banks did not respond to requests for comment.

PNB's shares plunged by 10 per cent on Wednesday.

The actual amount of money cheated from the bank reportedly stands at a staggering Rs 11,515 crore, which is eight times the net income of the bank. The misrepresentation is worth right around eight times the bank's 2016-17 benefit and nearly 33% of its market top on Wednesday's end cost.

On Wednesday, PNB bank reported that $1.8 billion or over Rs 11,000 crore of taxpayers' money had been illegally transferred overseas to select customers from a single branch in Mumbai.

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