Fraud of crores in the Mumbai branch of Punjab National Bank

Punjab National Bank has seized unauthorized transactions through a broker from Mumbai, which was benefiting some selected account holder.

The bank has informed the Bombay Stock Exchange about this. The effect of this fraud can be seen on some other banks.

PNB, however, has not named any person involved in the fraud but has said that it has given information to investigating agencies about it. The bank said that it would later assess whether any of these transactions would have no liability.

After this information, the share of PNB broke more than 4 percent. However, on Wednesday, PNB’s share in the initial trading fell to 5.7%.

Significantly, PNB is already investigating such frauds. Last week, the CBI had said that he had started investigations against billionaire Julur Nirav Modi on PNB’s complaint. In fact, PNB filed a report of $ 4.4 million fraud on Julur and some others. It is not known whether the current disclosure is related to this matter or is different from it.

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