In what has been dubbed as the biggest fraud in India's banking history, PNB, the country's second-biggest state-run lender, said last month it had been defrauded of about $2 billion by two jewellery groups who raised credit from overseas banks based on fraudulent guarantees issued in collusion with rogue PNB staff.
In a court filing on Tuesday, police said the Gitanjali group of companies controlled by jeweller Mehul Choksi allegedly defrauded PNB of Rs 7080 crore ($1.09 billion). PNB had previously pegged its exposure to the Gitanjali companies at Rs 6138 crore.
The new disclosure takes PNB's overall exposure in the still unravelling fraud case to well over the $2 billion mark.
PNB did not immediately respond to requests for comment.
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