• Sunday, May 29, 2022

Business

Bank fraud charge sheet reveals details

By: Eastern Eye Staff

SENIOR executives at India’s Punjab National Bank (PNB) misled the central bank in late 2016 over the lender’s handling of the financial messaging system and credit guarantees that were at the centre of a more than $2 billion (£1.5bn) fraud, Indian police alleged in a charge sheet filed in court last week. PNB, India’s second-largest state-run bank, said earlier this year that two jewellery groups, headed by Nirav Modi and his uncle Mehul Choksi, had defrauded it of about $2.2bn (£1.6bn) by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at…

You do not have access to this content. You need to subscribe.

Eastern Eye

Related Stories

Eastern Eye

Videos

Mrunal Thakur on Dhamaka, experience of working with Kartik Aaryan,…
Nushrratt Bharuccha on Chhorii, pressure of comparison with Lapachhapi, upcoming…
Abhimanyu Dassani on Meenakshi Sundareshwar, how his mom Bhagyashree reacted…