DCW maintains a list of recently-decided court cases involving commercial letters of credit, standby LCs, demand guarantees, and other trade
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This month we’re digging into the legal, operational, and regulatory tensions at the core of LC and guarantee practice.
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.
A 75-year old disbarred attorney and convicted felon from California pleaded guilty in a New York federal court on 10
A 67-year-old Singapore citizen was arrested in India on 22 April 2025 for his alleged involvement in a timber import
Following Woori Bank’s publication of a financial incident disclosure that its subsidiary in Indonesia has confirmed fraud allegations involving
Following a request from India for Mehul Choksi’s extradition, Belgium arrested the fugitive former diamond trader on 12 April
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