New Delhi: This could be Nirav Modi Version 2.0. Another big bank scam seems to have been exposed after Nirav Modi and Mehul Choksi of Gitanjali Jewelers, as he took loan worth Rs11,000Cr rupees from Punjab National Bank, have been busted. This time the main victim of the scam is SBI. SBI has reportedly mentioned in the complaint to the CBI that Kanishka Jewelers has committed fraud of around Rs. 854 crores.

SBI, the country’s largest public sector bank, sought a CBI probe against Kanishka Gold Private Limited and reportedly said that the company has committed fraud of Rs 842.15 crore in the debt case. According to the media reports, however, the CBI has not yet filed an FIR against Kanishka Jewelers on SBI’s complaint.

The CBI is an important bank in 14 government and private banks, which gave a loan of Rs 824 crore to this company. According to the letter written by SBI, Kanishka Gold started borrowing from 2007 and later increased its credit limit.