PNB Fraud: Another fraud detected at Brady House
A little-known company Chandri Paper & Allied Product Private Limited is alleged to have fraudulently acquired LoUs from Punjab National Bank's (PNB) Brady House branch.
PNB has detected Rs. 9 crore fraud at the branch which is involved in the approx. Rs. 13,600 crore Nirav Modi scam. The modus operand of this new scam is similar to that of the Modi fraud and the same bank officials are alleged to be involved in the scam.
The directors of the company Chandri Paper Aditya Rasiwasia, Ishwardas Agarwal conspired with bank officials Gokulnath Shetty and Manoj Kharat to get two Letter of Undertaking (LoU) of approx Rs. 9 crore favouring SBI Antwerp.
Meanwhile, the stock of PNB was trading at Rs. 99.10 per share, down by 0.15 per cent on Thursday.