For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

PNB Detects Fraud Transactions Worth $1.77 Billion

By Olga
|

Punjab National Bank in a BSE filing today said that it had detected fraudulent transactions worth $1.77 billion (Rs 113 thousand crores approx) in one of its Mumbai branch causing the share price to fall as much as 5.7% in early trading today.

PNB Detects Fraud Transactions Worth $1.77 Billion
 

It said, "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. In the Bank these transactions are contingent in nature and liability arising out of these on the Bank shall be decided based on the law and genuineness of underlying transactions. The quantum of such transactions is USD 1771.69 Mio (approx). The matter is already referred to law enforcement agencies to examine and book the culprits as per law of the land."

Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X