Live
- UpStudy: The Smart Solution for Homework Hassles
- Actress Rithika and models inaugurate Sutraa Lifestyle Exhibition
- Loud campaign
- Faculty students celebrated english literature day in Government Degree College
- Huge fire accident.. Shops of street vendors burnt in the fire
- Pawan Kalyan promises to protect the coastal area from sea erosion
- EC Transfers Two Senior IPS Officers in AP ahead of Elections
- DMK analysis predicts victory for INDIA bloc in TN but concedes gains for BJP and NDA too
- India showcasing innovative technologies at World Energy Congress
- IPL 2024: Mitchell comes in for Ravindra as Lucknow opt to bowl first against Chennai
USD 1.8 billion fraud in Punjab National Bank
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.
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.
The bank authorities found that the branch has advanced huge amounts to persons abroad through unauthorized transactions. The bank has informed the investigating authorities about the fraud. However, it is not clear as to what would be the impact on the bank and and its finances The bank has also not revealed the names of the lenders.
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.
