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PNB scam: UCO Bank has $412 mn in exposure to fraudulent transactions

The alleged fraud at PNB benefited billionaire jeweller, Nirav Modi and jewellery retailer Gitanjali

Reuters  |  Mumbai 

India's state-run UCO Bank said it has $411.82 million in exposure to fraudulent transactions carried out at Punjab National Bank (PNB).   ALSO READ: Nirav Modi scam at PNB: Other banks also involved, alleges Mamata Banerjee PNB, India's second-largest state-run lender, said on Wednesday that it had detected fraudulent transactions worth $1.77 billion at a single Mumbai branch that had benefited "a few select account holders", and that it had reported the matter to law enforcement agencies.   ALSO READ: Rs 114-bn PNB scam: 200 shell ...

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First Published: Sun, February 18 2018. 18:15 IST