SEBI Registration No - INA000003197 Investment in stock and commodity market are subject to market risk. Please do not trade on those tips which are not provided through SMS.

Blog

city

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.

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.

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.