PNB fraud: CBI seeks details of nostro transactions from 5 banks

The CBI has sought from the Chief Vigilance Officers of five banks the details of financial transactions in the nostro accounts of Punjab National Bank on the basis of 293 fraudulent Letters of Undertaking (LoUs) issued by it to jewellers Nirav Modi and Mehul Choksi, officials said on Tuesday.

The agency has also collected documents related to Nirav Modi from Cyril Amarchand Mangaldas, a leading law firm, at the start of the investigation, they said.

During the course of the searches after registering the FIR against Nirav Modi, the CBI felt that some files could be with the law firm, officials said, adding a team went to the office of the firm early this month and collected those documents.

The agency on Tuesday questioned three General Managers of the Punjab National Bank(PNB) who have handled the -International Banking Division and Treasury department of the bank, officials said without revealing their identity.

The General Managers handling these departments get daily reports of the transactions taking place in the nostro accounts of the bank, they said.

The CBI has written to Canara Bank, Bank of India, State Bank of India, Allahabad Bank and Axis Bank seeking financial transactions into the nostro accounts of the Punjab National Bank on the basis of the LoUs, they said.


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