After witnessing a scam of Rs 12,000 crore in February, the state-run Punjab National Bank (PNB) has unearthed another fraud. The new 91 million fraud has been spotted at the PNB's Brady House Branch in Mumbai where the Nirav Modi scam had unfolded.
"The new alleged fraud of around 91 million rupees, involves officials of a little-known company called Chandri Paper and Allied Products Pvt Ltd, the Central Bureau of Investigation (CBI) said in the complaint posted on its website", reports Reuters.
CBI booked former PNB Deputy General Manager Gokulnath Shetty and Manoj Hanumat Kharawat, promoters of Chandri Papers, according to Mirror Now television report.
Shetty was the key accused in the Nirav Modi involved PNB scam. PNB also claimed that Shetty and PNB's single window operator Manoj Kharat had fraudulently issued issuance of letters of undertaking (LOUs) without following prescribed procedure by the bank.
After discovering India's largest corporate fraud in one of its Mumbai branches, the bank has suspended employees who said to have been in connection with the alleged fraud committed by Diamond jeweller Nirav Modi, his partner Mehul Choksi and family members.