Scam worth Rs 110 bn: PNB detects fraud transactions; stock price drops 7%

PNB, punjab national bank, pnb news

The scam could turn out to be the biggest scam in Indian corporate history


LATEST NEWS   :  In what may turn out to be one of the biggest scams in Indian corporate history, Punjab National Bank has detected fraudulent transactions worth around Rs 110 billion from one of its Mumbai branch allegedly by diamond merchant Nirav Modi, his relatives and business partner Mehul Choksi during this year.
PNB share prices fell around 7% in the early trade on Wednesday morning after the bank reported fraudulent transactions worth $1.77 billion to Bombay Stock Exchange.
“The bank has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions other banks appear to have advanced money to these customers abroad," Delhi-based public sector bank said in its BSE filing.
The bank said that the transactions are contingent in nature and liability arising out of these on the bank will be decided based on the law and genuineness of underlying transactions. “The matter was already referred to law enforcement agencies to examine and book the culprits as per law of the land. The bank is committed to clean and transparent banking," PNB said.

ALSO READ THIS :  PNB's $1.8 bn fraud at its Mumbai branch can spread to other banks too

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