PNB Fraud Case: Percentage was fixed; commission distributed among PNB employees, says CBI

The Central Bureau of Investigation (CBI) sources have said that the arrested bank officials have revealed that for every Letter of Undertaking (LoU) a percentage of amount was fixed depending on what amount was to be sanctioned and a commission in exchange of issuing the LoU was distributed among all employees of Punjab National Bank (PNB) involved in it.

The involvement and connivance of more staff members and outsiders, including Nirav Modi and Mehul Choksi at this stage are being probed. The arrested accused are not co-operating in the investigation, said the CBI sources.

Meanwhile, the Enforcement Directorate (ED) carried out early morning raid at a Gitanjali store in Raipur in connection with the PNB fraud case.