STOCK MARKET BSE NSE

PNB fraud: Another Mumbai firm booked over false LoU issuance

The latest case was registered by the CBI on March 9 following a complaint from PNB deputy general manager Avneesh Nepalia the same day.

Published: 16th March 2018 02:29 AM  |   Last Updated: 16th March 2018 05:21 AM   |  A+A-

The logo of Punjab National Bank is seen on a branch office window in New Delhi. (Photo | Reuters)

By Express News Service

NEW DELHI: The Central Bureau of Investigation has registered a fresh case of fraudulent issuance of Letters of Undertaking (LoU) worth Rs 9 crore by Punjab National Bank’s Brady House Branch to a Mumbai-based firm.

It conducted searches at the premises of the accused firm and its directors.

The PNB is embroiled in nearly Rs 14,000 crore credit fraud case involving diamantaires Nirav Modi and Mehul Choksi.

The latest case was registered by the CBI on March 9 following a complaint from PNB deputy general manager Avneesh Nepalia the same day.

“It is alleged that for the issuance of the two LoUs, neither was there any available credit limit to the (accused) company Chandri Paper & Allied Products Pvt Ltd, nor any 110 per cent margin retained by the bank,” the FIR said.

The agency has booked former deputy manager of PNB’s Brady House Branch Gokulnath Shetty and Single Window Operator Manoj Hanumant, besides the directors of Chandri Paper & Allied Products Pvt Ltd, Aditya Rasiwasia and Ishwardas Agarwal.

Both Shetty and Hanumant are accused in separate cases registered by the CBI in connection with the fraud relating to Modi and Choksi.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp