Rs 11,334 Crores Fraud detected in Punjab National Bank
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Punjab National Bank discovered that a fraud of Rs 11,334 Crores took place in Mumbai PNB branch. In its Stock Exchange filings, the PNB stated it has discovered illegal and fraudulent transactions from the Mumbai branch. It further stated that, few account holders, along with bank officials are a part of the fraud. Subsequently, the fraudulent amount has been transferred to offshore accounts via other banks. The bank has already informed the government agencies regarding the fraud, and the authorities are investigating.
The bank officials are yet to confirm to what extent did the fraudulent transactions impact the bank’s revenue.
Additionally, the CBI confirmed that it received two complaints from the bank, stating that, it found suspicious transactions to the tune of Rs 10,000 crores from famous jewellery designer Nirav Modi and his companies.
In fact, the money involved in the fraud is 8 times that of the net earnings of PNB (Rs 1,324 crores) in 2017. This is the first time in the history of Republic India that a public sector bank like PNB has become a victim of fraudulent transactions.
