City Union Bank down 3% on fraudulent remittances via SWIFT of $2mn
City Union Bank has reported three fraudulent remittances amounting to $2mn i.e. ~Rs13cr, which was done through SWIFT system.
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.
The stock of City Union Bank is trading at a price of Rs167.25, down by 3.27% or Rs5.65, on February 19, 2018.