Earlier it was Lalit Modi. Modi’s firm and others took money from other public and private sector banks including Allahabad bank and Axis bank on the basis of a fake Letter of Understandings, which was issued by PNB officials.
The transactions had been going on for the last seven years, where officials are suspected to be hand in glove and it's only now these dubious transactions came to light. These Modis must have some high connections with the present Government who kept silent and allowed them to flee the country.