 "Punjab National bank, PNB")
A $2 billion fraud at India's Punjab National Bank (PNB) may have been orchestrated by a few rogue employees, but it escaped detection because of widespread risk-control and monitoring lapses in many areas of the bank, the bank's own internal probe has found.
PNB, India's second-biggest state-controlled lender, has previously alleged that a handful of staff at a single Mumbai branch issued fake bank guarantees over several years to help two jewellery groups - controlled by Indian diamond magnate Nirav Modi and his uncle Mehul Choksi - raise billions of dollars in foreign credit and commit India's biggest-ever bank fraud.
