You are here: Home » Companies » News
Business Standard

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

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

Reuters  |  Mumbai 

India's Punjab National Bank said on Wednesday it had detected "fraudulent and unauthorised" transactions worth about $1.77 billion at one of its branches in Mumbai. The bank 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 bank did not name the people involved but said it had reported the deals to law enforcement agencies and would decide whether it faces any ...

This article is no longer available in our repository.

There could be multiple reasons for this.

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