Fraudulent LoUs issued since 2008: Arrested PNB official
Retired PNB Deputy Manager Gokulnath Shetty, who was arrested in the â¹11,400-crore fraud case, has told CBI that fraudulent Letters of Undertaking (LoUs) were issued since 2008. PNB had earlier said the fraud dates back to 2011 in its complaint. PNB alleged that Shetty provided jeweller Nirav Modi and his associates with fake guarantees to obtain loans from abroad.