State-owned Punjab National Bank (PNB) today said it has detected some fraudulent transactions with financial implication of USD 1.77 billion (about Rs 11,346 crore) and the matter has been referred to law enforcement agencies for the recovery.
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, PNB said in a statement.
Based on these transactions, other banks appear to have advanced money to these customers abroad, it said.
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 quantum of such transactions is USD 1,771.69 million (approx), it said.
This is the second incidence in less than 10 days where a bank has been defrauded. On February 5, the CBI booked billionaire diamond merchant Nirav Modi, his wife, brother, and a business partner for allegedly cheating Punjab National Bank of over Rs 280.70 crore during 2017.
The CBI has acted on a complaint from the PNB, which alleged that Modi, his brother Nishal, wife Ami and Mehul Chinubhai Choksi were in conspiracy with officials of the bank and cheated it, causing "wrongful loss".
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