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Indian lenders, overseas branches scrutinized as probe into Punjab bank scandal deepens

( February 19, 2018, 07:11 GMT | Insight) -- Officials at several Indian banks are under scrutiny as investigations into the $1.77 billion Punjab National Bank fraud gain momentum, the Press Trust of India reports.Officials at several Indian banks are under scrutiny as investigations into the $1.77 billion Punjab National Bank fraud gain momentum, the Press Trust of India reports. These include the Hong Kong branches of Indian lenders State Bank of India, Allahabad Bank, Union Bank, Axis Bank, and UCO Bank. Sources said bank officials should have flagged irregularities related to fake Letters of Undertaking cashed at their branches, because the fraudulent activity spanned seven years. Live Mint also reports that 200 shell companies are under review, as the Enforcement Directorate conducted searches and raids at jeweler Nirav Modi’s various properties and business premises....

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