Nirav Modi kind Bank Fraud exposed! CBI arrests 8 officials of PNB and 2 directors of private firm!

The Central Bureau of Investigation has arrested 8 top officials of Punjab National Bank (PNB) and two directors of Mumbai-based private firm in a fraud case of cheating Punjab National Bank for the fraudulent issuance of two Letters of Undertakings (LoU).

It may be noted the scam is similar to the Nirav Modi-PNB scam, where Nirav Modi cheated Punjab National Bank by issuing Issuance of fraudulent LoUs

The CBI informed media the accused allegedly got LoUs issued worth Rs 9 crore from PNB’s Brady House branch in Mumbai. The CBI has arrested two Directors of Mumbai-based private firm and eight officials including AGM/Branch Head of the presently DGM, PNB, New Delhi, Chief Manager, Manager, Officer, Chief Internal Auditor, Single Window Operators of Punjab National Bank, MCB, Brady House, Mumbai for Informing about the crime the Police told media that CBI had registered a case on 9, March, 2018 against then Deputy Manager(Retd), Ex- 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 arrested accused were produced before the Designated Court at Mumbai and remanded to Police Custody.