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
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.