Indian bank suffers fraudulent remittances via SWIFT

MUMBAI, Feb 18 (Reuters): India's City Union Bank Ltd has said it has suffered three "fraudulent remittances" of nearly US $2.0 million that had been pushed through the SWIFT financial platform.

City Union said the transfers had been made through correspondent banks even though the Indian lender had not requested the transfers.

The Indian lender said it had been able to block a remittance of $500,000.

A second transfer of 300,000 euros ($372,150.00) was routed through a Standard Chartered Bank account in Frankfurt to a Turkish account, while a third totalling $1.0 million was sent through a Bank of America account in New York to a China-based bank.