PNB detects $1.8 bn fraud

It has put the quantum of such transactions at $1,771.69 million (around Rs 11,515 crore).

IANS
Mumbai, Publish Date: Feb 15 2018 12:44AM | Updated Date: Feb 15 2018 12:44AM
PNB detects $1.8 bn fraudRepresentational Pic

Punjab National Bank (PNB), the second largest public sector bank in India, has detected a $1.8 billion fraud in one of its branches here, the bank said in a regulatory filing to the stock exchanges on Wednesday.

"The bank has detected some fraudulent and unauthorised transactions (messages) in one of its branches in Mumbai for the benefit of a few select account holders with their apparent connivance," the filing by PNB earlier said.

It has put the quantum of such transactions at $1,771.69 million (around Rs 11,515 crore).

The amount of fraudulent transactions is equivalent to eight times the bank's net income of about Rs 1,320 crore ($206 million).

Following the regulatory filing, the bank's shares plunged drastically. It had closed the day's trade on Wednesday down 9.81 per cent at the BSE.