Home World Business PNB detects $1.77 bn fraud: Money siphoned off overseas from Mumbai branch

PNB detects $1.77 bn fraud: Money siphoned off overseas from Mumbai branch

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The bank did not name the people involved but said it had reported the deals to law enforcement agencies

Reuters  |  Mumbai  Last Updated at February 14, 2018 10:08 IST

India’s Punjab National said on Wednesday it had detected “fraudulent and unauthorised” transactions worth about $1.77 billion at one of its branches in

The said in a statement the transactions were “for the benefit of a few select account holders with their apparent connivance” and that “based on these transactions other banks appear to have advanced money to these customers abroad.”

The did not name the people involved but said it had reported the deals to enforcement agencies and would decide whether it faces any liability arising out of the transactions later.

shares fell as much as 5.7 per cent in early trading on Wednesday.

First Published: Wed, February 14 2018. 10:08 IST

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