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The reason why extent of fraud unravelling at PNB could rise beyond $2 bn

Investigators had not yet recovered all the papers and loan guarantees allegedly issued by rogue employees of the bank

Reuters  |  MUMBAI 

The extent of the unravelling fraud at India's state-run Punjab National Bank could rise beyond the nearly $2 billion mark so far outlined by the lender, according to a source involved in the probe and court documents reviewed by Reuters. The source, who asked not to be named, said investigators had not yet recovered all the papers and loan guarantees allegedly issued by rogue employees of the bank, and consequently believed the bank's exposure could be greater than revealed so far. In what has been dubbed as the biggest fraud in India's banking history, Punjab ...

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First Published: Wed, March 07 2018. 00:05 IST
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