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Fraud transactions worth Rs 10,000cr found in Punjab National Bank’s Mumbai branch

Fraud transactions worth Rs 10,000cr found in Punjab National Bank’s Mumbai branch

 Feb 14, 2018

The public sector bank, Punjab National Bank (PNB), on Wednesday has reported that the Bank’s Mumbai branch found fraud transactions worth Rs 10,000 crore. The share price of the PNB has slipped six per cent today after the news report came in.

PNB found these fraudulent transactions in one of its Mumbai branch. "The bank has detected some fraudulent and unauthorised transactions in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions, other banks appear to have advanced money to these customers abroad.", reported that bank in its Bombay Stock Exchange  filing.

Due to this incident, the stock of Punjab National Bank tanked as much as 5.7% to the day’s low of Rs 152.45 on NSE.

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

Recently, PNB had accused diamond merchant Nirav Modi and kin of cheating it of Rs. 280.7cr.

It's not known if "these transactions are reversed, or if PNB is holding collateral that could back them,"

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