(PTI)
The CBI today questioned a general manager of Punjab National Bank, who handles the treasury section, in connection with the alleged Rs 12,636-crore fraud perpetrated by billionaire jeweller Nirav Modi and his uncle Mehul Choksi, officials said.
The questioning came a day after the CBI arrested four people — two employees and an auditor of Nirav Modi’s group of companies, and a director of Gitanjali Group of Companies. “PNB General Manager (Treasury) S K Chand is being questioned by the CBI in the bank fraud case,” an agency official said.
It is alleged that Choksi and Modi got Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs) of Rs 12,636 crore issued in favour of foreign branches of Indian banks based on fraudulent claims.The accused officials of PNB did not enter the instructions for these LoUs and in their internal software to avoid scrutiny. They were sent through an international messaging system for banking called SWIFT, which is used to pass instructions among banks globally to transfer funds.
