PNB detects new fraud amounting to Rs 9 crore

MUMBAI: Punjab National Bank (PNB) has said that it has detected another fraud, amounting to Rs 9 crore, involving Chandri Paper and Allied Products that had allegedly misused letters of undertaking issued by the lender.

The CBI has registered a fresh case in which it had already booked retired PNB staffer Gokulnath Shetty and single-window operator at the Brady House branch Manoj Kharat. Both are facing the agency’s probe into the Nirav Modi-Mehul Choksi case involving an alleged fraud.

According to the CBI, Shetty and Kharat entered into criminal conspiracy with Chandri Paper’s directors Aditya Rasiwasia and Ishwardas Agarwal. The agency has alleged that as part of the conspiracy to defraud the public sector bank, they got two letters of undertaking issued for $1.4 million favouring SBI Antwerp, Belgium. The due date of payment for the instruments was January 20, 2020.