India's Central Bureau of Investigation (CBI) has arrested three people suspected of at least four letter of credit (L/C) frauds.

The suspects are alleged to have cheated a State Bank of India (SBI) branch out of the equivalent of around US$2.2 million.

Encashment

According to the CBI, the suspects submitted four forged L/Cs for encashment to an SBI branch in Mumbai.

Each L/C was apparently issued earlier this year by the Punjab National Bank in Solapur.

Suspects

The three men arrested are the director of Krishna Corporate Services, Anoop Roy, the proprietor of Meroo Polymers, Akhilesh Pandey and a director of Micro Bit Associates, Satish Pujari. They were arrested in July and released on bail.

Investigators at the CBI have suggested to local media that the suspects may have attempted other similar L/C frauds.

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