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TOG NEWS

PNB detects approx Rs 11k crore fraud via unauthorized transactions
By TOG News Service
Feb 14, 2018

TOG News Service, NEW DELHI, FEB 14, 2018: THE Punjab National Bank, one of the largest public sector banks in India, today uncovered a massive fraud & unauthorized transactions in one of its branches in Mumbai. The massive embezzlement was admitted by the Bank in its filings to the Bombay Stock Exchange (BSE). Such fraud was appararently committed through a series of unauthorized transactions. The cumulative fraud amounts to US $1,771.69 million i.e. about Rs 11,378.68 crores. Such fraud and unauthorized transactions had been executed for the benefit of a few select account holders, apparently with their connivance. Further deepening the mess, other banks apparently advanced money to these customers abroad, based on these transactions.

In its statement in this regard, the Bank stated these transactions to be contingent in nature, and liability arising out of it would be decided based on the law and genuineness of underlying transactions. The Bank has referred this matter to law enforcement agencies to examine and book the culprits as per law of the land.