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PNB placed on ‘watch’ by CRISIL

By Vicky
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    The Punjab National Bank has been put on 'watch' by rating agency CRISIL. The decision was taken in the aftermath of the Rs 11,400 crore scam breaking out.

    PNB placed on ‘watch’ by CRISIL

    The fraudulent transactions were carried out by diamond jeweller Nirav Modi and his companies by acquiring fraudulent letters of undertaking (LoUs) from the lender's Brady House branch at Horniman Circle branch in south Mumbai to secure overseas credit from other lenders. These are mostly domestic lenders such as SBI, Uco Bank, Allahabad Bank, Union Bank, Axis Bank among others.

    Read | Nirav Modi told family, directors to hide gems with friends: ED

    Meanwhile the ED conducted searches at 45 locations in 15 cities which include, Hyderabad, Guwahati, Jalandhar, Mumbai, Bengaluru, Chandigarh and Lucknow. The ED said that it had raided 10 places in Bengaluru, seven in Delhi and 5 in Mumbai and Kolkata. Further raids were conducted in 4 places in Chandigarh and Hyderabad, three each in Patna and Lucknow, two in Ahmedabad and one each in Chennai and Guwahati.

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