New Delhi [India], Mar 15 (NT): The Punjab National Bank (PNB) on Thursday has exposed another fraud case at a Mumbai branch, which is at the centre of around Rs 9.9 crore swindle, according to a complaint with the police.

The new development gives details after the PNB had detected a 1.77 billion US dollar fraud, wherein well-known jewellery designer and Gem seller Nirav Modi had acquired multiple letters of undertaking to avail overseas credit from a number of banks on February 14.

In this look upon the state-owned lender had filed cases in opposition to Nirav Modi and his uncle, Mehul Choksi, the owner of Gitanjali Gems Pvt Ltd.

Last Thursday, the Central Bureau of Investigation (CBI) registered a fresh case against two firms of Nirav Modi.

The billionaire businessman, who is the owner of  Firestarter Diamond International Private Limited, and Choksi have been prime accused of defrauding PNB of Rs 12,600 crore, including Rs 1,300 crore being added in the scam to pool money on February 26.

The biggest scam in Indian Banking history that started in 2011, was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies. (NT)