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After unearthing mega fraud, PNB appoints group Chief Risk Officer

According to PNB, Modi, Choksi and their associates worked with rogue PNB employees

IANS  |  Mumbai 

Punjab National Bank, pnb

It may be seen as a classic case of shutting the after the horse has bolted, but the multi-crore fraud hit National appointed as Group Chief Risk Officer, a regulatory filing by the 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 and owner of Gitanjali Gems,

In a late night filing on Monday with the stock exchanges, the 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.

First Published: Wed, February 28 2018. 00:07 IST
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