"... Gokulnath Shetty and Manoj Kharat entered into criminal conspiracy with Aditya Rasiwasia and Ishwardas Agarwal-the object of which was to defraud PNB to the tune of Rs9.09 crore in the matter of dishonest and fraudulent issuance of two Letters of Undertaking (LoUs) favouring SBI Antwerp (State Bank of India)".
The Punjab National Bank (PNB) on Thursday has exposed another fraud case at a Mumbai branch, which is at the centre of around Rs 9.9 crore swindle, according to a complaint with the police.
The development comes weeks after the country's second-biggest public sector bank detected unauthorised transactions worth nearly Rs 12,600 crore conducted by jewellery designer Nirav Modi and his uncle Mehul Choksi with the purported involvement of a few employees of the bank.
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Apart from Shetty, those arrested in connection with Choksis firms are Nakshatra group and Gitanjali group CFO Kapil Khandelwal, Gitanjali group manager Niten Shahi, Aniyath Shiv Raman Nair (then director Gili) and Vipul Chitalia (VP Banking operations). Firms linked to Choksi were also beneficiaries of the scandalous LoUs issued by the bank.
On January 31, the CBI had registered an FIR against Modi, his companies, and Choski. Their current location has not been confirmed.
It stated that neither was there any available credit limit to the company nor did the bank retain 110% margin while issuing the LoUs.
An LoU is a service whereby the bank guarantees a customers payment obligation of a specified amount to an oveseas bank.