Punjab National Bank reports a fraud of $1.8 billion

pnbIndian lender Punjab National Bank has detected fraudulent transactions of – wait for it – $1.77 BILLION in a single branch. Some money seems to have changed hands overseas.

Bank detected some fraudulent & unauthorised transactions in one of its branches in Mumbai for benefit of few select account holders with their apparent connivance. Based on these transactions other banks appear to have advanced money to these customers abroad.

The matter is already referred to law enforcement agencies to examine and book the culprits as per law of the land. Punjab National Bank suspends 10 officials in connection with jewellery designer Nirav Modi fraud case.

The CBI has booked billionaire diamond merchant Nirav Modi, his brother and wife and a business partner for allegedly cheating Punjab National Bank of over Rs 280.70 crore during 2017. Its shares fall more than 6% on Wednesday