The Punjab National Bank today had reported that it has uncovered fraudulent and unauthorised transactions worth about 1.7 billion USD in one of its branches in Mumbai. The bank has said in a letter that they have found these transactions to have happened with a few select accounts and with the connivance of the respective account holders. Based on these transactions other banks had advanced money to the account holders in their offshore accounts. The PNB had estimated the total liability of the fraudulent transactions to be around 1.7 billion USD. They have also stated that they have alerted the Law Enforcement Authorities regarding this matter.
— Doordarshan News (@DDNewsLive) February 14, 2018
As per reports, the Central Bureau of Investigation has received two complains against billionaire jewellery designer Nirav Modi and his company from the PNB. As per latest reports, PNB shares had fallen as much as 8% after news of these fraudulent transactions came to light.
— Press Trust of India (@PTI_News) February 14, 2018
More than a week ago, CBI had booked Nirav Modi, his family members and a business partner for another case of cheating worth Rs 280 crores on a complaint by PNB.
After today’s news of massive financial scam came out, social media is abuzz with opinions and allegations regarding this scam.
— Miguel Palma (@PalmaFinServ) February 14, 2018
Further details on the scam are awaited.