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PNB finds fraud transactions of USD 1.77 bn

Press Trust of India  |  New Delhi 

State-owned (PNB) today said it has detected some fraudulent transactions with financial implication of USD 1.77 billion (about Rs 11,346 crore) and the matter has been referred to enforcement agencies for the recovery.

The has detected some fraudulent and unauthorised transactions (messages) in one of its branches in for the benefit of a few select account holders with their apparent connivance, PNB said in a statement.

Based on these transactions, other banks appear to have advanced money to these customers abroad, it said.

In the these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the and genuineness of underlying transactions. The quantum of such transactions is USD 1,771.69 million (approx), it said.

The matter is already referred to enforcement agencies to examine and book the culprits as per law of the land. The bank is committed to clean and transparent banking, PNB said.

This is the second incidence in less than 10 days where a bank has been defrauded. On February 5, the CBI booked billionaire diamond merchant Nirav Modi, his wife, brother, and a business for allegedly cheating of over Rs 280.70 crore during 2017.

The CBI has acted on a complaint from the PNB, which alleged that Modi, his brother Nishal, wife Ami and were in conspiracy with officials of the bank and cheated it, causing "wrongful loss".

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 14 2018. 16:20 IST
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