City Union Bank has reported three fraudulent remittances amounting to $2mn i.e. ~Rs13cr which was done through SWIFT system, through its filing on exchanges.
The first remittance of $500,000 made through Standard Chartered Bank, New York to a Dubai-based bank was blocked and returned to the bank immediately.
The second remittance of €300,000 was made via Standard Chartered Bank, Frankfurt to a Turkey-based bank. This fund was blocked in beneficiary’s account in Turkish bank.
The third remittance was made via Bank of America, New York for $1mn to a China-based bank. The beneficiary claimed the funds by submitting forged documents.
The bank, with the help of Ministry of External Affairs, Consulate General of Shanghai and Istanbul, is making all diplomatic and legal efforts to repatriate the money, it mentioned in its filing.