Today, the Punjab National Bank (PNB) detected fraudulent transactions amounting to more than $1.7 billion. It is said upon finding out about the fraudulent transactions, PNB informed the stock exchanges.
PNB in a statement said, “The Bank has detected some fraudulent and unauthorised transactions (messages) in one of its branches 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.”
PNB further added, “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 statement further added PNB is committed to clean and transparent banking. Liability of the bank will be determined after taking a closer look at these transactions.
PNB is also dealing with other allegations of fraudulent transactions. Last week, Indian Federal Agency (IFA) said they launched a probe on billionaire jeweller Nirav Modi. Modi and a few others defrauded PNB of $44 million. It is said Nirav Modi is one of India’s richest men.
Read Also: PNB Fraud: The Biggest Ever Fraud In The Indian Banking Sectors
