The CBI has registered a disproportionate assets case against the retired deputy manager of PNB Gokulnath Shetty, a key accused in the Rs.11,400-crore scam involving Nirav Modi, for allegedly amassing wealth 200% more than his known sources of income, officials said on Friday. According to the CBI FIR, the couple had amassed disproportionate assets to the tune of Rs.2.63 crore during the period.

While India's PNB has been struggling to recover the fraudulently obtained loan money from fugitive diamond jeweller Nirav Modi, two foreign banks HSBC New York and IDB have been successful in securing payoff from Nirav Modi-owned companies in the US. The US-based companies controlled by Nirav Modi have entered into a payoff agreement with the two banks, in order to pay the outstanding amount.

Shares of PNB were trading higher after the government of India increased stake in the bank by 5.83% to take its shareholding to 71.92%. PNB informed bourses that government bought additional 63.82Cr shares in the bank. With this, government's stake in the bank has increased to 71.92% from 66.09% earlier. The state-owned bank had a registered a-net-profit of Rs.561Cr in the same quarter last-year.