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PNB Fraud: Hong Kong Central Bank Seeks Answers from Indian Banks
February 22, 2018
Hong Kong’s central regulator Hong Kong Monetary Authority (HKMA) has started inquiring Indian banks over the massive Rs. 11,300 crores fraud involving Punjab National Bank (PNB).
According to two senior bank officials, HKMA has asked for status reports from the Indian banks that financed the firms of Mehul Choksi and Nirav Modi on the basis of letters of undertaking (LoU) issued by PNB. These include UCO Bank, United Bank of India, Allahabad Bank, and Axis Bank.
