Punjab National Banks reports fraud transactions worth $1.7 billion

Punjab National Bank

Punjab National BankPublic lender Punjab National Bank has detected fraudulent transactions of more than $ 1.7 billion.

In its official communiqué to Bombay Stock Exchange the bank said that the fraud was detected in one of its branches in Mumbai and it has also reported the matter to law enforcement agencies.

“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. Based on these transactions other banks appear to have advanced money to these customers abroad,” said the bank.

Further, the bank said that its liability will be determined after analyising the transactions closely.

“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,” added the bank.

Recently, in a reply to the Parliament, Centre said that so far four Public Sector Banks have reported fraud of around Rs 1.5 crore.

Shiv Pratap Shukla, Minister of State for Finance has said that four Public Sector Banks (PSBs) have reporte incidents of money being fraudulently withdrawn from bank accounts misusing the customers’ Aadhaar number.


The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.