https://www.taxtmi.com/news?id=19622 Detection of large scale banking fraud arising from issuance of fraudulent letters of undertaking by a single branch led to suspension of multiple officers and referral to investigative agencies. Unauthorised LOUs purportedly enabled other lenders and foreign branches to advance buyers' credit to select account holders without required margins or proper procedural entries, prompting FIRs and regulatory scrutiny of banks and beneficiary firms and directing system and process reviews to prevent recurrence. en-us Thu, 15 Feb 2018 11:58:28 +0530 Thu, 15 Feb 2018 11:58:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=19622 Detection of large scale banking fraud arising from issuance of fraudulent letters of undertaking by a single branch led to suspension of multiple officers and referral to investigative agencies. Unauthorised LOUs purportedly enabled other lenders and foreign branches to advance buyers' credit to select account holders without required margins or proper procedural entries, prompting FIRs and regulatory scrutiny of banks and beneficiary firms and directing system and process reviews to prevent recurrence. News - Thu, 15 Feb 2018 11:58:28 +0530 https://www.taxtmi.com/news?id=19622