United Bank of India issued bank guarantee of Rs 155.5 crore to NSIC

Kolkata, March 17: State-run United Bank of India on Saturday said it had issued bank guarantee of Rs 155.5 crore to National Small Industries Corporation (NSIC) against 100 percent margin after the ED filed a money laundering case in an alleged over Rs 1.73 billion scam in the bank.

The Enforcement Directorate officials had recently registered a money laundering case in connection with an alleged scam of over Rs 1.73 billion in the UBI in 2016, related to an FIR filed by the West Bengal CID.

"...we would like to clarify that the Bank had issued Bank Guarantees (BG) amounting to Rs 155.50 crore to NSIC against 100 percent margin," UBI said in a regulatory filing.