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Punjab National Bank says detects $1.77 billion worth of fraudulent transactions

14 February, 2018 4:26 AM
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Punjab National Bank says detects $1.77 billion worth of fraudulent transactions

India's Punjab National Bank said on Wednesday it had detected "fraudulent and unauthorised" transactions worth about $1.77 billion at one of its branches in Mumbai.

The bank said in a statement the transactions were "for the benefit of a few select account holders with their apparent connivance" and that "based on these transactions other banks appear to have advanced money to these customers abroad."

The bank did not name the people involved but said it had reported the deals to law enforcement agencies and would decide whether it faces any liability arising out of the transactions later.

Also read: Punjab National Bank fraud: A political hot potato

Source: moneycontrol.com

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