Punjab National Bank Fraud: Three arrested by CBI
Punjab National Bank Fraud: Three arrested by CBI. The Central Bureau of Investigation (CBI) on Saturday arrested three in connection with the fraud case in the issuance of Letters of Understanding (LoU) worth Rs. 11,400 crore from Punjab National Bank(PNB). Gokulnath Shetty, the then Deputy Manager (now Retired) of Punjab National Bank (PNB) and Manoj Kharat, SWO (single window operator) PNB and Manoj Hemant Karat, Authorised Signatory of the Nirav Modi Group of Firms have been arrested. They will be produced before the CBI special court in Mumbai on 17 Feb. An F.I.R. was also registered against Gokulnath Shetty and Manoj Hemant Karat. "The fraud was done in matter of issuance of unauthorised and fraudulent Letters of Undertaking in favor of foreign branches of Indian based banks and purported Foreign Letters of Credits in favor of foreign suppliers of accused companies," it added. Earlier yesterday, eight PNB employees were suspended in regards to the same case. The number of suspended employees now stands at 18, which also includes General Manager level officers. Internal investigation of the bank is still underway. -PTC News
