How did PNB employees issued fake LoUs?


 PNB employees issued fake LoUs

On the back of which foreign branches of a few Indian banks — including Axis and Allahabad Bank — gave dollar loans to PNB. These foreign currency loans were used to fund PNB’s Nostro accounts and from these accounts funds moved to certain overseas parties. A Nostro account is the account an Indian bank (here, PNB) has with an overseas bank.

Content source: https://economictimes.indiatimes.com/industry/banking/finance/banking/pnb-fraud-how-the-professionals-pulled-off-the-con/articleshow/62922878.cms
How did PNB employees issued fake LoUs? How did PNB employees issued fake LoUs? Reviewed by Vishal Jaiswal on February 19, 2018 Rating: 5

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