PNB fraud: LoU granted against fixed commission, reveals CBI
February 18, 2018  11:05
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Punjab National Bank officials arrested in connection with the fraudulent transaction scam were sanctioned fixed commission for granting Letters of Undertaking (LoU), the Central Bureau of Investigation revealed on Sunday.

As per CBI sources, arrested bank officials, during interrogation, disclosed that for every LoU, a commission was fixed depending on the amount to be sanctioned as loan.

Commission in exchange of issuing the aforementioned document was distributed between all employees of PNB involved in it, the CBI said.

Furthermore, the investigative agency stated that the involvement and connivance of more staff members and outsiders, including accused jewellery designer Nirav Modi and relative Mehul Choksi is being probed. -- ANI
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