<h1>Punjab National Bank Uncovers $1.77 Billion Fraud by Nirav Modi; Involves Multiple Banks and Suspends 10 Officers.</h1> Punjab National Bank (PNB) has uncovered a $1.77 billion fraud involving billionaire jeweler Nirav Modi, who allegedly obtained fraudulent letters of undertaking (LOUs) from a PNB branch to secure overseas credit from other Indian banks. Ten PNB officers have been suspended, and the case has been referred to the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) for further investigation. The scam reportedly involves other banks such as Union Bank of India, Allahabad Bank, and Axis Bank, and three additional jewelers are under scrutiny. The finance ministry has urged banks to tighten their systems to prevent future frauds.