Rs11,400 crore fraud at Punjab National Bank involving jeweller Nirav Modi
The PNB fraud was perpetrated by bank employees who issued authorized bank guarantees to Nirav Modi's companies without making any entries in the bank's books or its core banking system
New Delhi/Mumbai: State-run Punjab National Bank (PNB) said it has unearthed fraudulent transactions of around Rs11,400 crore in one of its branches in Mumbai and filed a complaint with the Central Bureau of Investigation (CBI) on the fraud amid concern that the contagion could spread to other banks.
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