In 2011, when a letter of undertaking (LOU) was opened at the Fountain branch of PNB in Mumbai by the alleged fraudster
What is LOU
A bank guarantee. The bank opening an LOU for a client agrees to unconditionally repay the principal and interest on client's loan.
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- http://www.bankexamstoday.com/2018/02/pnb-fraud-story-11400-cr-scam-by-nirav.html
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