NEW DELHI, FEBRUARY 05: It's not travesty of truth . It's clean banking in truest form by all reckoning .
Punjab National Bank was taken aback at an incident when it came across certain fraudulent letter of undertakings (LoUs)issued by two of its employees namely Mr. Gokulnath Shetty and Mr Manoj Hanument Kharat at Brady House Branch Mumbai in connivance with firm belonging to Mr Nirav Modi, Mr Nishal Modi, Mrs. Ami Nirav Modi and Mr Mehul Chinubhai Choksi partners of Diamond R US, Solar Exports and Stellar Diamond.
The bank's ideal customers are attracted to the brand that rests on the fabulous banking culture it
created over the years.
On unearthing these fraudulent activities the bank rejected the request for rollover and decided to inform the Regulator and CBI for investigation and booking of culprits. The bank will take all necessary steps to ensure zero tolerance of such activities by its employees and customers.
On preliminary investigation such LoUs aggregating Rs 280.70 crore have been detected. The detailed investigation is in progress by the bank and CBI officials. The bank is committed to pursue the clean banking and reforms agenda of the Government.