Bank fraud charge sheet reveals details
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…
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