In a letter dated Januto the CBI, SBI charged Kanishk with 'manipulating records, shutting shop overnight.' While the principle loaned is about Rs 824 crore, adding the interest due would indicate a loss of more than Rs 1,000 crore to the banks. 'Ghosts of frauds past' haunt Indian jewelers as banks raise alarmĪfter Nirav Modi scam, banks have become very cautious about lending to the segment and steps are being taken to ensure that credit is given only to genuine exporters and not those engaged in so-called round tripping SBI was the lead bank in a consortium of 14 public and private sector lenders to give loans to Kanishk.