Sources said that officials from Punjab National Bank are likely to visit the office on Wednesday. He was apprehended at Mumbai airport.
"The SFIO will now likely send a more detailed questionnaire to banks asking for more information and since there are 31banks involved, it is likely that the process of collecting information itself will take a few months", said a person aware of the investigation.
This comes in the midst of reports that the Central Bureau of Investigation (CBI) on Monday kept Vipul Chitalia, VP (saving money tasks), Gitanjali Group, at Mumbai airplane terminal in the Punjab National Bank misrepresentation case.
The 12,636-crore PNB scam was allegedly perpetrated by billionaire jeweler Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems.More news: Del Potro victorious in Acapulco
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The Enforcement Directorate (ED) is hoping to recover Rs 3,000-4,000 crore from the real estate assets seized from Nirav Modi and Mehul Choksi, sources told Moneycontrol.
The transactions were carried by diamond jeweller Nirav Modi by acquiring fraudulent letters of undertaking (LoU) from the lender's Brady House branch in Mumbai to secure overseas credit from other Indian lenders. "Our exposure to the Gitanjali group of companies is not the largest among lenders in the consortium", the bank had said, adding that it was "fully co-operating with the investigating agencies in their efforts". "The bank will submit all the required documents to the authorities", said an Axis Bank official.
When the representative argued they had used such facilities in the past without keeping any money as collateral, PNB scanned its records and found no trace of any transactions, according to the bank's account.
BSE has also sought clarification from both Axis Bank and ICICI Bank on the news report.
In case of default, the bank issuing the LoU has to pay the liability to the credit giving bank along with accruing interest.