especially in the use of Letters of Undertaking (LoUs) and the SWIFT messaging system. Role of PNB officials The fraud came to light when PNB, a public sector bank, filed a complaint with the ...

Dubbed one of the biggest scams in the history of Indian banking, the scam involved the misuse of financial instruments to ...

Rather, it warms the body up, making it a less-than-ideal choice for hot Indian summers. Ice-creams, especially those with a ...

Seven years after he fled India just before the discovery of an astronomical Rs 14,000 crore scam, fugitive diamantaire Mehul Choksi was arrested in Belgium on Saturday. The Belgian Justice ...

The 65-year-old businessman who is a prime accused in the Rs 13,000 crore Punjab National Bank (PNB) fraud is likely to be ...

“We write as representatives ... Palestinians in the West Bank, strangling the Palestinian economy and building more new settlements than ever,” the letter read. The letter underscores a ...

They allegedly used letters of undertaking (LoUs) and foreign letters of credit (FLCs) by bribing officials of the bank's Brady House branch in Mumbai. Choksi and Modi fled India in January 2018 ...

The alleged fraud was executed through the misuse of Letters of Undertaking (LoUs), which are bank guarantees issued for overseas credit. Between 2011 and 2018, two employees at PNB's Brady House ...

his firm Gitanjali Gems and others “committed the offence of cheating against PNB in connivance with certain bank officials by fraudulently getting the LOUs (letters of undertaking) issued and ...

As the CBI investigation in the fraud case, Choksi connived with his associates and officials of the bank from 2014 to 2017 and fraudulently obtained Letters of Undertaking and Foreign Letters of ...