An official from the bank told ANI that it would approach the courts of countries where Nirav Modi and his uncle, Mehul Choksi have assets and businesses.
Nirav Modi and Mehul Choksi had acquired separate Letters of Undertaking (LoUs) to avail credit from various sources and did not repay the loan.
The scam, which reportedly began in 2011, was detected in the third week of January this year after which PNB officials reported it to the concerned agencies.
The MEA on Thursday confirmed that the Hong Kong authorities have not sent word regarding Nirav Modi's whereabouts as of yet. They are under a treaty with the Indian Government and are obliged to surrender a fugitive wanted by India.