AMN
Punjab National Bank Managing Director and CEO Sunil Mehta today appeared before the Serious Fraud Investigation Office, SFIO, in Mumbai after being summoned for recording his statement in connection with more than 12 thousand crore rupees fraud at the bank.
Yesterday, officials from Axis Bank and ICICI Bank had also appeared before SFIO, which is the investigating arm of the ministry of corporate affairs. SFIO is also expected to call officials of nearly 31 banks which have an exposure to the companies of diamond traders Nirav Modi and Mehul Choksi.
It is alleged that they got Letter of undertakings (LoUs) and Foreign Letters of Credit (FLCs) of 12,636 crore rupees issued in favour of foreign branches of Indian banks based on fraudulent claims. The transactions were carried out from PNB’s Brady House branch in Mumbai.CBI has so far arrested over a dozen persons, including former and current officials of PNB and companies related to Nirav Modi and Mehul Choksi.
