Money & Banking

CBI arrests eight officials of PNB in fraudulent LoU case

Our Bureau New Delhi | Updated on December 19, 2018 Published on December 19, 2018

The Central Bureau of Investigation (CBI) has arrested two Directors of a Mumbai-based private firm Chandri Paper & Allied Products and eight officials associated with Punjab National Bank.

These arrests have been made in the fraudulent Letter of Undertaking (LoU) case.

According to the CBI, the arrested are Ishwardas Agarwal and Aditya Rasiwasia, both Directors of Chandri Paper & Allied Products.

The arrested officials then associated with the PNB, Brady House, Mumbai branch are Sanjay Kumar Prasad, then AGM/Branch Head (presently DGM, PNB, New Delhi), Amar Sukhdev Jadhav, the then Single Window Operator, Sagar Dattaram Sawant, the then Single Window Operator, and Bechu Bansi Tiwari, the then Chief Manager, Foreign Exchange Department.

Yashwant Trimbak Joshi, the then Manager, Foreign Exchange Department, Prafful Prakash Sawant, the then Officer, Foreign Exchange Department, Mohinder Kumar Sharma, the then Chief Internal Auditor and Manoj Hanumant Kharat, the then Single Window Operator, have also been arrested. The CBI had registered a case on March 9 against then Deputy Manager (Retd), then Single Window Operators, Punjab National Bank, MCB, Brady House, Mumbai and the two Directors of Chandri Paper & Allied Products on a complaint received from Punjab National Bank.

“The case was registered on the allegations of defrauding of Punjab National Bank, MCB, Brady House to the tune of around $14,21,311.82 (equivalent to ₹9,09,63,956.48 at ₹64 per $) in the matter of dishonest and fraudulent issuance of two Letters of Undertakings aggregating to the said amount, in favour of SBI, Antwerp, Belgium,” the CBI said.

Published on December 19, 2018
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