Thu, Feb 15, 2018
PNB has detected a USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from other Indian lenders.
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India`s Punjab National Bank, the second-biggest state-run lender, stunned the country`s financial sector when it announced this week it had discovered fraudulent transactions worth $1.77 billion at a single branch in Mumbai.
Wed, Feb 14, 2018
Shares of Punjab National Bank (PNB) tanked 10 per cent on Wednesday soon after the public sector lender informed bourses about a financial fraud of over Rs 11,000 crore at one of its Mumbai branches. With this huge sell-off, Rs 3800 crore worth of investor wealth has gone in a day.
Agency sources said Modi is already facing a CBI probe on a complaint from the Punjab National Bank.
State-run Punjab National Bank (PNB) said on Wednesday it had detected some "fraudulent and unauthorised" transactions worth about $1.77 billion at one of its branches in Mumbai.
Tue, May 30, 2017
RBI deputy governor S S Mundra while speaking at an event in Mumbai on Tuesday said that the central bank has received the feedback from the concerned stakeholders and final guidelines on limiting liability of customers in case on fraudulent banking transactions are expected to be issued shortly.
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