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Eyes wide shut: The $1.8 billion PNB fraud that went completely unnoticed

The accounts given by executives suggest an answer as simple as it is alarming: no one was paying attention

Reuters  |  New Delhi/Mumbai 

The Punjab National Bank branch in south Mumbai sits just down the road from both the Bombay Stock Exchange and the Reserve Bank of India, at a physical centre of one of the world's fastest-growing major economies. The branch, clad in a stately colonial edifice, is now also at the heart of a fraud case linked to billionaire jeweller Nirav Modi that has shaken confidence in a state banking sector that accounts for some 70 per cent of India's banking assets. It was here, according to accounts from Punjab National Bank executives and government investigators, that a lone ...

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First Published: Mon, February 19 2018. 08:59 IST