Rs 11,000 Cr Fraud Detected in Punjab National Bank

It is unbelievable, Public sector Bank, PNB has detected a whopping Rs 11,000 crore fraud in one of its branch in Mumbai. The fraudulent transaction amount is close to 1/3rd of its total market capitalization of Rs 36,000 crore and 2.55 percent of total loan portfolio of Rs 4.5 lakh crore. This news has driven the fears among investors and share of PNB fell by more than 7.50% on day trading. With the sharp fall, investors lost nearly Rs 3,000 crore of wealth in a day.

The quantum of transactions is USD 1,771.69 million (approximately) and case is forwarded to enforcement/law agencies for investigation. Bank has stated in the filling statement :

[box type=”info” ]The bank has detected some fraudulent and unauthorised transactions (messages) in one of its branch 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. 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. [/box]



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