 "After unearthing mega fraud, PNB appoints group Chief Risk Officer")
It may be seen as a classic case of shutting the door after the horse has bolted, but the multi-crore fraud hit Punjab National Bank appointed A.K.Pradhan as Group Chief Risk Officer, a regulatory filing by the bank said here on Tuesday.
The PNB reported an additional Rs 13 billion unauthorised transactions, taking the estimated quantum to Rs 126 billion in the scam related to diamond trader Nirav Modi and owner of Gitanjali Gems, Mehul Choksi.
In a late night filing on Monday with the stock exchanges, the bank said: "In continuation to our filing with stock exchanges on February 14, 2018, we have to inform that quantum of reported unauthorised transactions can increase by $204.25 million."
According to PNB, Modi, Choksi and their associates worked with rogue PNB employees and used fake guarantees to obtain loans from abroad which were then illegally rolled over.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app