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14
February 2018
 |
PNB
(The Total Investment & Insurance Solutions)
State-run
Punjab National Bank has reported some fraudulent and unauthorised
transactions, worth $1.771 billion (over Rs11,270 crore) from one of its branch
in Mumbai. The Total
Investment & Insurance Solutions
In
a regulatory filing, PNB said, "The Bank has detected some fraudulent and unauthorised
transactions in one of its branch in Mumbai for benefit of few select account
holders with their apparent connivance. Based on these transactions other banks
appear to have advanced money to these customers abroad. In the Bank these
transactions are contingent in nature and liability arising out of these on the
Bank shall be decided based on the law and genuineness of underlying
transactions. The quantum of such transactions is USD 1771.69 Million
(approximately). The matter is 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." The Total
Investment & Insurance Solutions
Earlier
this month, the Central Bureau of Investigation (CBI) booked billionaire
diamond jeweller Nirav Modi, his wife, brother and his maternal uncle Mehul
Choksi in connection with a Rs280 crore cheating case after it received a
complaint from PNB.
According to the complaint filed by the Bank, two of its employees had “fraudulently” issued eight letters of undertakings (LoUs) and “transmitted SWIFT instructions to the overseas branches of Indian Banks” to raise buyers credit of Rs280 crore for Modi’s firms without “making entries in the bank system”. The Total Investment & Insurance Solutions
The bank requested CBI to issue a look-out notice against all of the alleged accused to ensure that they do not leave the country “to avoid the process of law”. The Total Investment & Insurance Solutions
According to the complaint filed by the Bank, two of its employees had “fraudulently” issued eight letters of undertakings (LoUs) and “transmitted SWIFT instructions to the overseas branches of Indian Banks” to raise buyers credit of Rs280 crore for Modi’s firms without “making entries in the bank system”. The Total Investment & Insurance Solutions
The bank requested CBI to issue a look-out notice against all of the alleged accused to ensure that they do not leave the country “to avoid the process of law”. The Total Investment & Insurance Solutions
PNB
closed Wednesday 9.8% down at Rs145.80 on the BSE, while the 30-share Sensex
ended the day marginally down at 34,155.The
Total Investment & Insurance Solutions
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