PNB scam: How SWIFT was used to send messages about fraudulent LoUs
The Central Bureau of Investigation and the Enforcement Directorate have intensified their probe in the Punjab National Bank scam involving Nirav Modi.
On Saturday, the CBI made its first arrest in the case. The agency arrested retired bank official, Gokulnath Shetty, Manoj Kharat, the single window operator and Hemant Bhat, an authorised signatory of the Nirav Modi group of firms.
During the questioning, the CBI learnt that a percentage amount had been fixed for every letter of understanding. This would be dependant on the amount to be sanctioned, it was further revealed. Once the commission was collected from the client it would be distributed among the employees of PNB involved in the scam, the CBI probe has revealed.
CBI officials tell OneIndia that Shetty had been for the past seven years bypassing the main banking system and issuing the LoUs in a fraudulent manner. The officer also said that Kharat and Shetty would use the international banking system, SWIFT (Society for Worldwide Interbank Financial Telecommunication). Messages of these LoUs would be sent using SWIFT and banks globally would be asked to transfer funds, the probe also revealed.
Further the CBI also learnt that these messages to Indian banks located in Antwerp, Hong Kong, Bahrain, Frankfurt and Mauritius were sent without the entries being made in the banking software about the LoUs.