News Wire

Ex dy GM of PNB illegally accessed SWIFT password; shared it with Modi firm

Gokulnath Shetty, deputy branch manager at a PNB branch in South Mumbai, had the passwords required to log into the SWIFT system. That allowed him to effectively game the system in favour of Modi's firms. SWIFT is an inter-bank messaging system that doesn't transfer any money but informs banks around the world that loans or fund transfers have been authorised. SWIFT messages are sent in set formats and hold information relevant to a particular transfer. In fact, with the password handed over by Shetty, Modi's staff were logging into the SWIFT system using passwords of PNB officials, including Shetty, in the capacity of verifier/authoriser and enabling the fraudulent SWIFT messages. What this means is that the accused were issuing and approving the consent of their own accord.

India, Iran sign 9 deals, one on Chabahar links; to stop terror forces

India and Iran have pledged to stop the forces of terrorism and extremism, delinking it from religion and agreed that there should be an end to terror sanctuaries even as the two countries broad-based their relationship by signing nine agreements, including one on connectivity relating to the strategic Chabahar port.