Rs 91-million Chandri Paper fraud reported to CBI on February 13, says PNB

People stand in front of the logo of Punjab National Bank outside a branch of the bank in New Delhi | Photo: Reuters

The Punjab National Bank (PNB) on Saturday clarified that Rs 91 million fraud unearthed pertaining to Chandri Paper and Allied Products was not a new fraud.

"It is not a new fraud. Fraud had already been declared in respect of the fradulent and unauthorised issuance of two LoUs for Rs 91 million on the account of Chandari Paper and Allied Products. The fraud had been reported to CBI on February 13, 2018 and simultaneously, on the same day compliant was lodged with CBI which has now been registered on March 9, 2018," the bank said in a regulatory filing in the BSE.

Earlier, the Central Bureau of Investigation (CBI) has filed another case against former Deputy Manager of PNB, Gokulnath Shetty -- who was arrested in multi-crore fraud involving Nirav Modi and Mehul Choksi -- for allegedly issuing Letters of Undertaking worth Rs 91 million to Chandri Papers.


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