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As per case files, the main accused, Ashu Mehra, former assistant manager, IOB, Chandigarh main branch, had fraudulently issued letters of undertaking through SWIFT messages that resulted in liability to the tune of ₹299 crore that IOB is yet to pay to Punjab National Bank, Dubai, and Bank of Baroda, Bahamas
Another loan fraud emerges: IOB swindled out of Rs 299 crore PTI New Delhi: The Enforcement Directorate (ED) is currently probing a Rs 299-crore Indian Overseas Bank (IOB) loan fraud case. The case is similar to the alleged USD 2 billion worth PNB swindle. The Enforcement Directorate has discovered that the accused ‘paid’ for the air travel and hotel stay of a senior bank manager and his family as kickbacks. The central probe agency said ‘lapses’ were also detected on the part of at least three IOB managers. They are Anil Kumar, PC Rana and N Chokalingam. They all belong...
ED attaches properties of various accused in bank fraud case By IANS | Published on Tue, Dec 22 2020 19:42 IST | 0 Views ED raids 5 locations of UP ex-MLC in illegal sand mining case. Image Source: IANS News New Delhi, Dec 22 : The Enforcement Directorate (ED) on Tuesday said that it has attached properties to the tune of Rs 6.03 crore of various accused in connection with a case related to Buyers Credit Fraud of Rs 299 crore in a Chandigarh branch of the Indian Overseas Bank. The properties, attached under the provisions of money laundering act, include FDRs of amounts of...