UCO Bank admits exposure over USD 412 mn in PNB scam
State-owned UCO Bank today said it has exposure of USD 411.82 million in the Rs 11,400-crore PNB fraud committed by billionaire jeweller Nirav Modi and his associates. UCO bank has said its Hong Kong branch has granted loans against letters of credit issued by PNB and was assured of receiving the payment. PNB has detected fraudulent transactions worth $1.77 billion at a single Mumbai branch last week.