ALSO READPNB scam: Will not spare anyone who was involved, says MD & CEO Sunil Mehta PNB may have to pay Rs 113 bn to banks in fraud involving Nirav: Report PNB Rs 114 bn fraud: How 2 bankers, Nirav Modi & his cohorts pulled it off PNB fraud case: ED searches Nirav Modi's residence, 11 other locations PNB names Nirav Modi and Gitanjali Gems in the mega Rs 114-bn fraud
Punjab National Bank's twitter account is keeping mum on its Twitter handle about the Rs 114 billion fraud that hit it. However, it has been running a 'PNB Digital quiz' and a game on predicting Virat Kohli's runs in the sixth ODI versus South Africa.
After the fraud, that is worth a third of its market capitalisation now emerged on Wednesday, the bank's shares lost 17% in value, eroding about Rs 70 billion of investor wealth.
A disgruntled account holder asked if the bank has gone to sleep after popping a few pills. Another quipped, ''Be the early birds not the one in the queue." Yet another angry Twitter user advised,"Replace your useless staff."
Punjab National Bank (@Indiapnb) February 15, 2018
The Public Sector Bank is neck deep in problems after the RBI said it has to pay up for the losses of Allahabad Bank and Axis Bank too for furnishing fake loan documents. Two of its employees had conducted the fraudulent transactions that helped billionaire jewellery designer Nirav Modi and another apparel house gain a windfall billion dollar loan.