Mehul Choksi in custody: How a fugitive businessman brought the share of India's second largest PSU bank from Rs 200 to Rs 53 in few days

In 2018, Punjab National Bank uncovered a massive Rs 13,500 crore fraud involving Nirav Modi and Mehul Choksi, who manipulated the system to obtain fraudulent Letters of Undertaking. Choksi was recently arrested in Belgium following India's extradition request. The scam involved siphoning off funds under the guise of trade finance with the help of bank officials.