Ex-PNB DM admits giving LoU software access to Nirav's aides
Former PNB Deputy Manager Gokulnath Shetty has admitted to sharing password of Letters of Undertaking (LoU)-issuing software with employees and directors of Nirav Modi's companies. He also admitted to having unauthorised access to the Level-5 password (AGM level), which is the key for software used to issue LoUs. The fraudulent LoUs were used to get overseas credit worth $1.77 billion.