SWIFT: The messaging system at the heart of the $1.8 billion PNB fraud
The $1.77 billion (over Rs11,000 crore) fraud at Punjab National Bank (PNB) has sent shock waves across Indian banking. A multi-agency probe is now gradually unveiling the modus operandi followed in the country’s biggest banking scam. SWIFT, short for Society for Worldwide Interbank Financial Telecommunications, and letter of undertakings (LoU) are the two instruments allegedly…