Another fraud at PNB Mumbai; Nirav Modi type LoU issued to Aditya Rasiwasia & Ishwardas Agarwal

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Central Bureau of Investigation has registered a fresh FIR as per which it again booked retired PNB employee Gokulnath Shetty and Manoj Kharat, the duo accused in Nirav Modi case as well

The Hush Post: After Nirav Modi-Mehul Choksi, the beleaguered Punjab National Bank (PNB) has witnessed a fresh fraud at a Mumbai branch.

Gokulnath Shetty and Manoj Kharat,the duo which had alleged given LoU to NIrav Modi and his company, it has come to light also entered into criminal conspiracy with directors of the company Aditya Rasiwasia and Ishwardas Agarwal.

The fraud amount disclosed this time round is Rs. 9.1 crore and it involves officials of the company Chandri Paper and Allied Products Pvt Ltd. As stated above, the case pertains to fraudulent Letters of Undertaking (LoUs).

This report is as per a complaint posted by the Central Bureau of Investigation on its website.

In this case, PNB’s Brady House branch – fraudulently – issued Rs 9 crore of LoUs to Chandri Papers and Allied Products. The Central Bureau of Investigation has registered a fresh FIR in which it again booked retired PNB employee Gokulnath Shetty and single-window operator at the branch Manoj Kharat, the same officials who are facing agency probe in the Nirav Modi-Mehul Choksi case.

According to the CBI, Shetty and Kharat entered into criminal conspiracy with directors of the company Aditya Rasiwasia and Ishwardas Agarwal. The agency has alleged that as part of the conspiracy to defraud the public sector bank, they got issued two LoUs for USD 1.4 million (about Rs 9.09 crore at the rate of Rs 64 per USD) favouring SBI Antwerp, Belgium. The due date of payment for the LoUs was January 20, 2020.

It is alleged that for the issuance of the two LoUs neither there was any available credit limit to the company nor any 110 per cent margin was retained by the bank. An LoU is a service whereby the bank guarantees a customer’s payment obligation of a specified amount to an overseas bank.

No official comments were available from either the Bank or the company in this regard.

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