How did Mehul Choksi cheat Punjab National Bank of ₹13,500 crore?

Fugitive businessmen Mehul Choksi and Nirav Modi are the key accused in the alleged ₹13,500 crore Punjab National Bank fraud case. The duo orchestrated the fraud, which is one of India's biggest banking scams, by allegedly obtaining fake Letters of Undertaking to obtain credit from overseas branches of Indian banks. They claimed they needed the money to import pearls.