CBI is probing the role of other officers in the PNB fraud case. Photo: Indranil Bhoumik/MintNew Delhi: Top honchos of Punjab National Bank (PNB) “misrepresented” the factual position on letters of understanding (LoUs) to the RBI and ignored its warnings when credit facilities worth over $2 billion were fraudulently cleared by its branch in Mumbai, according to a CBI charge sheet. The modus operandi in the IOB case was similar to the Nirav Modi case. This was a clear “misrepresentation” of facts to the RBI by top officials of PNB, they said. Both Norav Modi and Choksi had left the country before PNB filed the complaint with the CBI.

Source: Mint May 14, 2018 15:33 UTC