Public Sector Banks are facing a huge loan default of Rs.29 lakh crore by large corporates. Out of this, Punjab National Bank is facing defaults of Rs 2.59 lakh crore, waiting to be recovered from large defaulters nationwide. As per The Pioneer Report, The bank has filed 7,374 civil cases across the country to recover the amount.
| Company / Group | Loan Default Amount (₹ Crore) |
|---|---|
| Gitanjali Gems & Nakshatra Brands (Mehul Choksi, Nirav Modi) | 27,544 |
| Lanco Group | 9,422 |
| ABG Shipyard | 7,609 |
| Gili India | 7,234 |
| Aban Holdings Pte Ltd | 6,573 |
| Surana Group | 5,762 |
| Winsome Diamonds | 5,262 |
| Vandana Vidyut | 4,748 |
| Frost International | 4,736 |
| Forever Precious Jewellery & Diamonds | 4,361 |
| Aban Offshore (Singapore) | 2,536 |
| Siddhi Vinayak Logistics | 2,480 |
| Shakti Bhog Foods | 2,358 |
| Zoom Developers | 2,303 |
| Jas Infrastructure & Power | 2,726 |
| Sunil Hitech Engineers | 2,042 |
| Emmson International | 2,038 |
| Moser Baer Group | 2,050 |
| PC Jewellers | 1,896 |
| Coastal Project | 1,890 |
| Dishnet Wireless (C. Sivasankaran) | 1,869 |
| Shrenuj & Co | 1,690 |
| S Kumars | 1,458 |
| VISA Resources India | 1,360 |
| Divine Alloys & Power | 1,374 |
| Krishna Knitwear | 1,371 |
| Pioneer Gas Power | 1,342 |
| Shri Lakshmi Cotsyn | 1,272 |
| Satluj Spintex | 1,205 |
| Abhinav Steel & Power | 1,098 |
| Actiff Corporation | 1,035 |
| Kamachi Industries | 904 |
| Simbhaoli Sugars | 906 |
| Gupta Power Infrastructure | 890 |
| Gupta Coal India | 950 |
| Jubilant Offshore Drilling | 600 |
According to TransUnion CIBIL data up to January 2026, Choksi and Nirav Modi’s companies — Gitanjali Gems and Nakshatra Brands — have unpaid loans totaling INR 27,544 crore. After Choksi and Nirav Modi fled India, the Government removed PNB’s MD Usha Ananthasubramanian. Top bankers indicate that such large loan disbursals require political backing and coordination among consortium banks. The consortium included Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bank of India, Canara Bank, CBI, Corporation Bank, Dena Bank, ICICI, IDBI, IFCI Ltd, Indian Overseas Bank, Syndicate Bank, SBI, UCO Bank, Union Bank, Vijaya Bank, Exim Bank of India, IndusInd Bank, and Karnataka Bank Ltd.
Other notable defaults include former Congress MP L Rajagopal’s Lanco Group (INR 9,422 crore from PNB), ABG Shipyard (INR 7,609 crore), Singapore-based Aban Offshore (INR 2,536 crore), and Aban Holdings Pte Ltd (INR 6,573 crore). Rajagopal gained notoriety for using pepper spray in the Lok Sabha, objecting on the division of Andhra Pradesh.
Mumbai-based jeweler Gili India received INR 7,234 crore, PC Jewellers INR 1,896 crore (also facing a INR 6,773 crore case with Union Bank), and Winsome Diamonds INR 5,262 crore. Bankers connivance is clearly visible in splitting these huge laons into small amounts.
Additional large defaulters include Zoom Developers (INR 2,303 crore), Shakti Bhog Foods (INR 2,358 crore), Congress leader Kamal Nath’s family-owned Moser Baer Group (INR 2,050 crore), Surana Group (INR 5,762 crore), S KUMARS (INR 1,458 crore), Siddhi Vinayak Logistics (INR 2,480 crore), Simbhaoli Sugars (INR 906 crore), Gupta Power Infrastructure (INR 890 crore), Frost International (INR 4,736 crore), and Forever Precious Jewellery and Diamonds (INR 4,361 crore).
Fugitive C Shivankaran’s Dishnet Wireless received INR 1,869 crore, Vandana Vidyut INR 4,748 crore, VISA Resources India INR 1,360 crore, Divine Alloys and Power INR 1,374 crore, Pioneer Gas Power INR 1,342 crore, Krishna Knitwear INR 1,371 crore, Abhinav Steel and Power INR 1,098 crore, Satluj Spintex INR 1,205 crore, Kamachi Industries INR 904 crore, Shri Lakshmi Cotsyn INR 1,272 crore, Shrenuj and Co INR 1,690 crore, Jas Infrastructure and Power INR 2,726 crore, Actiff Corporation INR 1,035 crore, Sunil Hitech Engineers INR 2,042 crore, Costal Project INR 1,890 crore, Gupta Coal India INR 950 crore, Emmson International INR 2,038 crore, and Jubilant Offshore Drilling INR 600 crore.
