City Union Bank hit by â¹12 crore fraud
City Union Bank has said it had suffered three "fraudulent remittances" of over $1.8 million (over â¹12 crore). No entries were made in the bank's ledgers and transfers were pushed through SWIFT messaging platform. The lender said it was able to block a remittance of $500,000 immediately which was made to a Dubai-based bank from Standard Chartered in New York.