PNB (Punjab National Bank) India’s second largest Bank, a fraudulent transaction of Rs 1.13 lakh Crore detected at a Mumbai Branch and the matter is reported to law enforcement agencies.
PNB 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.”
“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 bank also said that ‘the bank is committed to clean and transparent banking’. The bank did not name the people involved in these transactions.
PNB is already dealing another case of fraudulent transactions and Indian Federal agents had launched an investigation last week of Rs 282 crore transactions to one of the country’s richest man Nirav Modi a billionaire Jeweller.
Today the share price of PNB bank slipped in the share market. The price was at Rs 155.15 per share and dropped down to Rs 4.02 per cent on the BSE.
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