Nirav Modi obtained his first fraudulent guarantee from PNB on March 10, 2011.
In a major clampdown on banks after the Punjab National Bank (PNB)-Nirav Modi case, the Reserve Bank of India (RBI) on Tuesday barred banks from issuing letters of undertaking (LoUs) even as fresh details emerged about possibly the biggest fraud in India's banking history. Besides, the government revealed on Tuesday that alleged fraudster Mr Modi, whose whereabouts are not known, got 1,213 fraudulent guarantees in six years. Separately, the government also asked banks to 'name and shame' wilful defaulters publicly. Meanwhile, the National Stock Exchange (NSE) levied penalties on 24 firms, including on Gitanjali Gems - owned by Mr Modi's uncle Mehul Choksi - for failing to file financial results.