How did fraud in Punjab National Bank take place?
ABP News Bureau | 15 Feb 2018 06:39 AM (IST)
How did fraud in Punjab National Bank take place?
Neerav Modi and his aides had conspired this scam via their companies Daimond R US, Solar Export and Stellar Diamond. On the basis of these companies, Neerav told the bank that he wants to import things from Hong Kong. For this he asked the bank to issue Letter Of Undertaking in the name of Allahabad Bank and Axis bank of Hong Kong.
Post this, 5 LOU were issued to Allahabad Bank and 3 to Axis Bank. Things worth Rs 280 crore was imported via Allahabad Bank. On 18 January, all three men reached Mumbai branch of PnB and asked to pay. Bank asked them to pay in cash. The owners then showed the LOU issued to them and asked to pay. But then the bank was left awestruck when no records of the letters of undertaking were found. Actually the money was issued without any kind of mortgage.
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Neerav Modi and his aides had conspired this scam via their companies Daimond R US, Solar Export and Stellar Diamond. On the basis of these companies, Neerav told the bank that he wants to import things from Hong Kong. For this he asked the bank to issue Letter Of Undertaking in the name of Allahabad Bank and Axis bank of Hong Kong.
Post this, 5 LOU were issued to Allahabad Bank and 3 to Axis Bank. Things worth Rs 280 crore was imported via Allahabad Bank. On 18 January, all three men reached Mumbai branch of PnB and asked to pay. Bank asked them to pay in cash. The owners then showed the LOU issued to them and asked to pay. But then the bank was left awestruck when no records of the letters of undertaking were found. Actually the money was issued without any kind of mortgage.
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