The CBI has arrested eight Punjab National Bank (PNB) officials and two Directors of Mumbai-based private firm, for alleged misuse of Letter of Undertakings (LoUs) worth over Rs 9 crore.The arrested PNB officials include-single-window operators at the branch, Manoj Kharat, Amar Jadhav and Sagar Sawant, manager Yashwant Joshi, chief manager Bechu Tiwari, branch officer Prafful Sawant, branch head Sanjay Prasad, and chief internal auditor Mohinder Sharma.

CBI had registered a case on 09.03.2018 against then Deputy Manager(Retd), then Single Window Operators(SDO), Punjab National Bank, MCB, Brady House, Mumbai; two Directors of Mumbai based private firm and others on a complaint received from Punjab National Bank. The case was registered on the allegations of defrauding of Punjab National Bank, MCB, Brady House to the tune of around USD 1421311.82 (equivalent to Rs.9,09,63,956.48 @ Rs.64 per USD) in the matter of dishonest and fraudulent issuance of two Letters of Undertakings (LoU) aggregating to the said amount, in favour of State Bank of India (SBI), Antwerp, Belgium.

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