Punjab National Bank Adopts Strict SWIFT Controls After Rs 11,400 Crore Scam

Mumbai: Punjab National Bank has stepped up its controls on the use of global payments network SWIFT following the Rs 11,360 crore fraud, according to memos issued this month and seen by Reuters.

India’s second biggest state lender this month revealed the country’s biggest loan fraud, which it alleges was committed by two junior officials at a Mumbai branch, who issued unauthorised “letters of undertaking” (LOU) via SWIFT, for firms linked to a billionaire jeweller Nirav Modi and his uncle Mehul Choksi.

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