New Delhi [India], Feb 15 (ANI): In wake of the fraud being detected by Punjab National Bank (PNB), Axis Bank on Thursday wrote to National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), notifying the Buyer's Credit transactions it has undertaken with PNB.
In the letter, the bank informed that it does undertake transactions against Letters of Undertakings (LoU) issued by other banks through its overseas branches, and that it has in the past undertaken such transactions with PNB against their authenticated SWIFT LoUs.
"Axis Bank is also an active participant in the secondary market for such transactions, and the bank had sold down all of the referred transactions," the letter further read.
On February 5, the Central Bureau of Investigation (CBI) booked noted jewellery designer Nirav Modi, his brother Nishal Modi and Punjab National Bank (PNB) officials for cheating the bank to the tune of Rs 280.7 crore. (ANI)