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According to a report, ICICI Bank chief Chanda Kochhar and Axis Bank's Shikha Sharma have been summoned Serious Fraud Investigation Office (SFIO) in the bank fraud case involving jeweller Modi and Choksi.

A consortium of 31 banks led by ICICI Bank has loans close to Rs 5,200 crore to Mehul Chokshi's Gitanjali Group. ICICI Bank and Axis Bank are among 31 banks that lent money to Choksi.

Prior, a senior authority of the ICICI Bank was summoned to the CBI office in Mumbai.

March 06 (ANI): Congress MPs in presence of party president Rahul Gandhi on Tuesday staged a protest near Mahatma Gandhi statue in the Parliament over Punjab National Bank (PNB) scam involving diamond merchant Nirav Modi and his uncle Mehul Choksi. The Central Bureau of Investigation had also questioned ICICI's Executive Director NS Kanan. The SFIO also issued letters to select banks, asking them to explain the working capital facility given to Gitanjali Group. The official handling the case sought 100 per cent cash guarantee before any such letters could be issued to which the company officials said no such guarantee was sought in the past.

"We have no exposure to the Nirav Modi group of companies". The agency, which secured a 12-day remand of four accused arrested on Sunday, explained the modus operandi involved in the alleged Rs 12,636-crore Punjab National Bank (PNB) fraud before the special CBI court.

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One of the after effects is bank branches based overseas calling issuer banks to confirm an LoU is genuine.

In case of default the bank issuing the LoU has to pay the liability.

India's biggest-ever bank fraud of 1.8 billion U.S. dollars is getting murkier with each passing day. "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 officials of PNB scam were sent through an worldwide messaging system for banking called SWIFT.