Odishatv Bureau

New Delhi: Carrying out investigation into the USD 2 billion fraud, CBI arrested an Odia officer Bishnubrata Mishra who was working as the Internal Chief Auditor at Punjab National Bank (PNB), Mumbai.

Mishra, who was responsible for concurrent audit for 2011-2015 at PNB Brady House branch, was arrested on Thursday, the CBI said.

He has been remanded to the CBI custody till March 14 by a Mumbai court.

He was responsible for auditing the procedures and practices followed in the PNB branch and reporting them.

Besides, CBI carried out searches basing on information surfaced during questioning of some arrested accused and other persons.

The agency claimed to have recovered documents related to Letter of Undertaking (LoU) from a chawl in Mumbai.

The LoU is a guarantee which is given by an issuing bank to Indian banks having branches abroad to grant a short-term credit to the applicant. In case of default, the bank issuing the LoU has to pay the liability to credit giving bank along with accruing interest.

(With agency inputs)