A pedestrian walks past a Punjab National Bank branch in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

CBI Arrests Eight PNB Officials For Swindling Rs 9 Crore By Issuing False Letters

The Central Bureau of Investigation arrested eight officials of Punjab National Bank and two businessmen for defrauding the lender to the extent of Rs 9 crore.

The bank, according to a statement by the investigating agency, said that two fraudulent letters of undertaking aggregating to Rs 9.09 crore were issued at its Brady House branch in Mumbai in favour of State Bank of India branch in Antwerp, Belgium. A case was registered after a complaint was filed by PNB.

The arrested persons include the deputy general manager of PNB, Delhi and two directors of Chandri Paper and Allied Products Pvt. Ltd. They were produced before a designated court in Mumbai and remanded in police custody till Dec. 21.