DCW Monthly: June 2026
A letter of credit is built on a simple promise: the bank pays on a complying demand, and the underlying
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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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