Eyes wide shut: the $1.8 billion Indian bank fraud that went unnoticed
Gokulnath Shetty
According to court documents filed on Saturday by the CBI   branch deputy manager Gokulnath Shetty  issued a series of fraudulent Letters of Undertaking â essentially guarantees sent to other banks so that they would provide loans to a customer  in this case a group of Indian jewelry companies.
 Shetty  did so using the bankâs SWIFT system to log in with passwords that allowed  him   and in at least some instances a more junior official  to serve as both the person who sent messages and as the person who reviewed them for approval  according to court documents and interviews with bank executives.
 Shetty  is now in custody and  he  has not publicly responded to the allegations. Calls to a cell phone listed for  his  wife on court documents were not answered.
âWhen you are flooded with customers in the morning  with 101 demands  you look for shortcuts â  he  said. âYou do somebody elseâs work  somebody else does your work. You are not working in an ideal situation.â
According to court documents filed on Saturday by  [TGT] issued a series of fraudulent Letters of Undertaking â essentially guarantees sent to other banks so that they would provide loans to a customer  in this case a group of Indian jewelry companies.
  [TGT] did so using the bankâs SWIFT system to log in with passwords that allowed   [TGT]    and in at least some instances a more junior official  to serve as both the person who sent messages and as the person who reviewed them for approval  according to court documents and interviews with bank executives.
  [TGT] is now in custody and   [TGT]   has not publicly responded to the allegations. Calls to a cell phone listed for  his  wife on court documents were not answered.
âWhen you are flooded with customers in the morning  with 101 demands  you look for shortcuts â  he  said. âYou do somebody elseâs work  somebody else does your work. You are not working in an ideal situation.â