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Title: India's Punjab National Bank reports $1.8bn fraud
Source: [None]
URL Source: http://www.aljazeera.com/news/2018/ ... -bn-fraud-180215131603991.html
Published: Feb 16, 2018
Author: Zeenat Saberin
Post Date: 2018-02-16 06:47:13 by BTP Holdings
Keywords: None
Views: 34

India's Punjab National Bank reports $1.8bn fraud

by Zeenat Saberin

an hour ago

PNB says it has suspended at least 10 employees [Adnan Abidi/Reuters] more on Business & Economy

India is investigating a $1.77bn fraud case at the state-run Punjab National Bank (PNB), according to government officials.

The bank in a statement issued on Wednesday said it had "detected some fraudulent and unauthorised transactions in one of its branches in Mumbai for the benefit of a few select account holders."

PNB has said a few of its executives colluded with perpetrators by illegally issuing "letters of undertaking" to aid Nirav Modi, 47, a billionaire jeweller, and companies linked to him.

Letters of Undertakings, or LoUs, are a banking instrument issued by a bank providing a form of guarantee or an assurance to meet a liability on customer's behalf.

"Based on these transactions other banks appear to have advanced money to these customers abroad," PNB said in a statement.

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