PNB head Sunil Mehta appears before SFIO
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
Mumbai: Sunil Mehta, managing director and CEO of Punjab National Bank (PNB), appeared before the Serious Fraud Investigation Office (SFIO) on Wednesday after being summoned for recording his statement in connection with the Rs12,636 crore fraud at the bank.
Senior officials from Axis Bank and ICICI Bank on Tuesday 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 Modi and Choksi had obtained letters of undertaking (LoUs) and foreign letters of credit (FLCs) of Rs12,636 crore 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.
The Central Berau of Investigation has so far arrested over a dozen persons, including former and current officials of PNB and companies related to Modi and Choksi.
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