Ex-PNB official Shetty booked in another company's LoU fraud

2nd PNB scam detected Official accused in Nirav Modi case facilitated another Rs 9.9 crore fraud

The same Mumbai Branch that was at the centre of Nirav Modi scam is once again on the radar of Central Bureau of Investigation (CBI), and this time a case of small fraudulent.

During the workshop, Gupta said, participants also debated on the common areas for strengthening credit process.

"This is one assurance on behalf of all public sector banks that we are giving that thorough review has been made and there are no other unauthorised fraudulent letters of undertakings or letters of comfort found except those which are already reported", he added.

The bank has outlined a multi-pronged agenda to tighten checks and balances in the system and the top management said that they will honour all bonafide LoUs, sources said.

The revised processes are robust and go a long way in checking fraud, said Bank of Maharashtra Executive Director RK Gupta. So, it cannot be inferred right now.

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Shetty has been accused of colluding with jeweller Nirav Modi in cheating the Brady Road, Mumbai branch of the PNB and also for conniving with Mehul Choksi for getting loans approved for Choksi's Gitanjali Gems.

According to the FIR, Shetty and Kharat entered into a criminal conspiracy with directors of the company Aditya Rasiwasia and Ishwardas Agarwal for the issuance of two LoUs for $14.21 lakh (Rs 9.09 crore) favouring SBI's Antwerp branch on April 25, 2017, with a due date of payment on January 20, 2020.

Both houses of Parliament have witnessed repeated disruptions over the issue.

The RBI notification said that letters of credit (LC) and bank guarantees (BG) for trade credits for imports into India may continue to be issued, subject to compliance with the provisions. Earlier, the LoUs issued were with a maturity period of 360 days, although the Reserve Bank of India stipulates a maturity period of only 90 days.

The LC and BG will make trade finance slightly costlier but it is accepted instrument world-wide, Sastry said.

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