Punjab National Bank in Mumbai detects fraudulent transactions of around $1.7 bn

Mumbai, February 14: Punjab National Bank informed today that it has detected fraudulent and unauthorized transactions in one of its branches in Mumbai. The cumulative fraud amounts to US $1,771.69mn i.e. Rs11,378.68 Crores. 

The fraud and unauthorized transactions have been executed 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.

 

“The Bank has detected some fraudulent and unauthorized transactions in one of its branch in Mumbai for the benefit of a few select account holders with their apparent involvement. Based on these transactions other banks appear to have advanced money to these customers abroad,” PNB said. It added the liability of the bank will be determined after taking a closer look at these transactions.

According to the bank, these transactions are contingent in nature and liability arising out of it shall 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.