Wednesday, 18 September, 2019

PNB detects another fraud at Mumbai branch

Punjab National Bank- File Punjab National Bank- File
Russell Knight | 16 March, 2018, 02:58

Chandri Paper could not immediately be reached for comment.

Mr. Shetty retired from service in May 2017.

The agency registered the FIR following a fresh complaint by PNB on 9 March.

The fraud worth Rs 9.23 crore relates to LoUs (Letters of Undertaking) issued to Chandri Papers and Allied Products by the PNB Brady House branch. "The due date of payment for the LoUs was January 20, 2020", CBI said in its FIR.

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An LoU is a sort of guarantee between two banks that enables the issuer bank's customer to receive foreign exchange from another Indian bank's foreign branch in the form of short-term credit.

Chandri Paper, which deals in wax, lubricants, bitumen in Mumbai, did not respond to Mint's calls or emails seeking a response.

The new development unfolds after the PNB had detected a 1.77 billion United States dollar fraud, wherein noted jewellery designer Nirav Modi had acquired multiple letters of undertaking to avail overseas credit from a number of banks on February 14. The new 91 million fraud has been spotted at the PNB's Brady House Branch in Mumbai where the Nirav Modi scam had unfolded. Accordingly the court filing said that the Gitanjali group of companies controlled by jeweler Mehul Choksi allegedly defrauded PNB of Rs 4,8886.72 crore regarding which the CBI filed a case on February 15. Last month, the PNB detected some fraudulent and unauthorised transactions in one of its branch in Mumbai for the benefit of a few select account holders.

The branch's former deputy manager, Gokulnath Shetty, charged as key facilitator of the scam, has been arrested by the CBI, along with a dozen more officials of the bank.

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