PNB fraud: CBI finds major lapses, to file chargesheet next month

CBI has found major lapses by bank officials while issuing LoUs to jewellery Nirav Modi's entities via the foreign branches of other Indian banks

The Central Bureau of Investigation (CBI) is expected to file its first chargesheet in the Rs 130-billion Punjab National Bank (PNB) letters of undertaking (LoUs) fraud in the second week of May. 

According to sources, it has found major lapses by bank officials while issuing LoUs to jewellery Nirav Modi’s entities via the foreign branches of other Indian banks. Sources say the chargesheet would detail flaws in the bank’s credit facilities to foreign branches and in its so-called SWIFT infrastructure, which appears to have been misused by some officials who have been arrested. 

It would also mention irregularities by the