| PNB fraud: Ex-deputy bank manager Gokulnath Shetty, two others arrested | | | Agencies
NEW DELHI: The Central Bureau of Investigation (CBI) has arrested Gokulnath Shetty, the then deputy Manager (now Retd) of the Punjab National Bank in connection with the multi-crore fraud of the national bank. Along with Shetty, Manoj Kharat, the SWO (single window operator) PNB and Hemant Bhat, Authorised Signatory of the Nirav Modi Group of Firms have also been arrested.
The three will be produced before the CBI special court in Mumbai later on Saturday. It had emerged that the fraudulently issued Letters of Undertaking (LoUs) from the Mumbai branch of PNB were in favour of Hong Kong branches of Allahabad Bank and Axis Bank, that helped facilitate Rs 280.7 crore fraud by jewellery designer Nirav Modi among others.
As per the FIR lodged with the CBI by the Deputy General Manager of PNB's Mumbai branch, Shetty and Kharat had transmitted SWIFT instructions to the above-mentioned banks for raising buyers credit and for funding the Nostro accounts of PNB, without due procedure. The LoUs were issued on behalf of Diamond R US, Solar Exports, Stellar Diamonds.
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