July 2026
DCW Monthly: July 2026
Courts have been circling the same idea since 1765: the bank pays unless there is fraud. What they have never
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From 2014 to 2017, Indian businessman Mehul Choksi colluded with associates and bank officials to fraudulently obtain LCs and letters of undertaking from Punjab National Bank (PNB), resulting in losses of more than INR 6,097.63 crore (USD 720 million). ICICI Bank also suffered substantial losses attributed to loans on which Choksi defaulted.
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