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in order to understand this case study one needs to understand what a letter of undertaking is mr x is a businessman who wants to buy raw materials from pqr company which is in singapore now this pqr company has to be paid through a singapore bank and mr x doesnt have any account in any singapore bank but mr x has an account in say i see i see i bank in india so mr x approaches icici bank and asks for a letter of undertaking letter of undertaking is given to mr x based on the credit limits allowed to mr x or mr x placing some collateral with the bank mr x can then show this letter of undertaking to a bank in singapore and get buyers credit from that bank which he then uses to pay pqr company so in other terms letter of undertaking is like a guarantee or assurance from icici bank to the bank in singapore that if mr x is unable to pay or settle the amount isis i bank will settle it fraudulent transactions worth 11 400 rupees crore found at pnbs punjab national bank brady house branch in
