PNB Scam: CBI books two more bank officials

PNB detects new fraud at Mumbai branch at heart of $2 billion fraud

Ltd and its directors-Aditya Rasiwasia and Ishwardas Agarwal-in the FIR.

On January 31, the CBI had registered an FIR against Modi, his companies, and Choski.

He also said that following an audit by each PSB of their LoUs and Letters of Comfort (LoCs) transactions, which systems were scrapped by the regulator Reserve Bank of India (RBI) earlier this week, it had been reported at the workshop that there are no more fraudulent transations on this account since the PNB fraud.

Bankers aware of the development said as the matter was under investigation by the CBI, no final call on LoU payouts could be taken as of now.

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A letter of undertaking is a service whereby the bank guarantees a customer's payment obligation of a specified amount to an overseas bank.

"LoUs and LoCs have been a system peculiar to India", Shastri said, adding that traders who have been doing business through these two instruments will now have to shift their transactions to Letters of Credit and Bank Guarantees, which would increase the cost of credit.

CBI's latest FIR comes in the wake of the Rs12,636 crore scam at PNB with jewellers Nirav Modi and Gitanjali gems promoter Mehul Choksi being the prime accused in the scam.

It was first revealed after it came to the fore that Mr Shetty and Mr Kharat acted at the behest of Mr Modi and Mr Choksi and issued 143 fraudulent LOUs to the tune of over Rs 11,400 crore to Allahabad and Axis Bank branches in Hong Kong.

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On 17 February, CBI had arrested Shetty, a former deputy manager at PNB, and Kharat.

Rajesh Jindal, the then head of PNB's Brady House branch, had yesterday moved a bail application in the court saying his custodial interrogation was not necessary.

The LOUs were issued to SBI's Antwerp branch in Belgium on April 25 a year ago with payment due date till January 20, 2020."There was no credit limit available for the accused company nor was there any 110 per cent margin retained by the bank as per the bank records", stated a CBI officer.

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