PNB adopts strict SWIFT controls after mega fraud case

MUMBAI: The state-run Punjab National Bank has stepped up its controls on theuse of global payments network SWIFT+ following an alleged $1.77 billion(Rs 11,300 crore) fraud, according to memos issued this month and seen by Reuters.

India’s second biggest state lender this month revealed the country’s biggest loan fraud+ , which it alleges was committed by two junior officials at a Mumbai branch, who issued unauthorized “letters of undertaking” (LOU) via SWIFT, for firms linked to a billionaire jeweler Nirav Modi and his uncle Mehul Choksi.

by Kajal Mishra on February 22, 2018

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