PNB scam: Gokulnath Shetty issued LoUs at frenetic pace before retirement

Published on 18 Feb 2018, 6:54
As Gokulnath Shetty, the retired deputy manager of Punjab National Bank (PNB) arrested on Saturday for defrauding the public sector bank to help Nirav Modi and Mehul Choksi, approached the end of his tenure, the frequency with which he issued letters of undertaking (LoUs) to the two diamond traders reached feverish proportions. According to data shared by PNB, at the centre of an over Rs 11,300 crore fraud involving the diamond czars, at least 143 LoUs were issued in 63 days, starting March 1, 2017, compared to around 150 issued since 2011, when the alleged fraud began.

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