Printer Friendly

PNB fraud: LoU granted against fixed commission, reveals CBI.

Summary: New Delhi [India], Feb 18 (ANI): Punjab National Bank officials (PNB) arrested in connection with the fraudulent transaction scam were sanctioned fixed commission for granting Letters of Undertaking (LoU), the Central Bureau of Investigation (CBI) revealed on Sunday.

New Delhi [India], Feb 18 ( ANI ): Punjab National Bank officials (PNB) arrested in connection with the fraudulent transaction scam were sanctioned fixed commission for granting Letters of Undertaking (LoU), the Central Bureau of Investigation (CBI) revealed on Sunday.

As per CBI sources, arrested bank officials, during interrogation, disclosed that for every LoU, a commission was fixed depending on the amount to be sanctioned as loan. Commission in exchange of issuing the aforementioned document was distributed between all employees of PNB involved in it, the CBI said.

Furthermore, the investigative agency stated that the involvement and connivance of more staff members and outsiders, including accused jewellery designer Nirav Modi and relative Mehul Choksi is being probed.

Earlier in the week, PNB detected a 1.77 billion dollars scam in which jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

On Friday, three companies of Choksi were named in the CBI's FIR, namely Gitanjali Gems, Gili India and Nakshatra Brand Ltd.

The Enforcement Directorate (ED) has conducted search operations at over 21 locations across India in connection with the case and seized diamonds, gold, precious stones, metals and jewellery worth Rs 25 crore (Book Value).

Meanwhile, the ED, earlier today, began raids at a Gitanjali store in Raipur in connection with the aforementioned case. ( ANI )

Copyright [c] 2018 aninews.in All rights reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2018 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2018 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Asian News International
Geographic Code:9INDI
Date:Feb 18, 2018
Words:278
Previous Article:Congress MLA's son booked for assault.
Next Article:Fidel Castro is not Justin Trudeau's father, calm down internet.
Topics:

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters