India: Punjab National Bank detects Rs 11,360-crore fraud at Mumbai branch, stock slips 8 per cent

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February 14 2018

State-run Punjab National Bank today said it had detected “some fraudulent and unauthorised” transactions amounting to around Rs 11,360 crore at a branch in Mumbai.

The bank said the fraudulent transactions were for the “benefit of [a] few select account holders with their apparent connivance”. Based on the fraudulent transactions, “other banks appear to have advanced money to these customers abroad”, Punjab National Bank added.