PNB Fraud Story - 11400 cr Scam by Nirav Modi

Published on Friday, February 16, 2018
In 2011, when a letter of undertaking (LOU) was opened at the Fountain branch of PNB in Mumbai by the alleged fraudster

What is LOU

A bank guarantee. The bank opening an LOU for a client agrees to unconditionally repay the principal and interest on client's loan.

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