In February last year, state-run Punjab National Bank disclosed that it had been hit by a massive fraud. Companies associated with diamantaires Nirav Modi and Mehul Choksi had found a way to use fake letters of undertaking to defraud banks of over Rs 14,000 crore. It was the largest bank fraud in Indian history.A year later, Punjab National Bank, which was at the center of the fraud, has just about finished making provisions against ...