SUBSCRIBERS
Punjab National Bank official was bribed in fraud case
Add BT as a preferred sourcePublished Sun, Mar 4, 2018 · 09:50 PM
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Mumbai
AN OFFICIAL of India's Punjab National Bank received gold and diamond jewellery from a billionaire jeweller accused of being involved in a US$2 billion bank fraud, the federal police told a court on Saturday.
The state lender in January uncovered the alleged fraud in which several bank officials were suspected of colluding with jeweller Nirav Modi and his uncle Mehul Choksi to issue fraudulent letters of undertakings (LOUs), for their companies to raise loans from overseas branches of mostly Indian banks.
Share with us your feedback on BT's products and services
