Yet another LoU fraud has emerged at Punjab National Bank's Brady House branch, months after the popular Nirav Modi LoU fraud was detected by the bank which shook the Indian banking system to its core.

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According to sources, the bank has filed a case against a company called Chandani Papers which was issued two LoUs in April, last year worth Rs 9 crore.

Though the amount is small as compared to the previous fraud, what is stunning is that the two employees accused in the Nirav Modi scam have also been involved in the new fraud. The two accused are Gokulnath Shetty and Hemant Karat.

(Further details awaited)

First Published:Mar 15, 2018 7:27 AM IST