A major financial fraud has been detected in the state-run Punjab National Bank. The fraud, said to be of the order of $ 1.8 billion took place in a single branch in Mumbai.
USD 1.8 billion fraud in Punjab National Bank
Last year, PNB and other 12 banks were fined for forex violations to a tune of $ 1 billion. The transactions in the latest fraud unearthed on Wednesday are the equivalent of eight times the lender's 2017 net income of $206 million. With the news of the fraud, the shares of the Punjab National Bank fell down.