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Punjab-National-Bank

Punjab National Bank reports fraud of US $1,771.69mn, stock down 4%

The fraud and unauthorized transactions have been executed for the benefit of a few select account holders with their apparent connivance.

Punjab National Bank, through its filing on BSE, has informed that it has detected some fraudulent and unauthorized transactions in one of its branch in Mumbai. The cumulative fraud amounts to US $1,771.69mn i.e. Rs11,378.68cr.

The fraud and unauthorized transactions have been executed 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.

According to the bank, these transactions are contingent in nature and liability arising out of it shall be decided based on the law and genuineness of underlying transactions. The bank has referred this matter to law enforcement agencies to examine and book the culprits as per law of the land.

The stock is trading at a price of Rs154.85, down by 4.21% or Rs6.8, on NSE at 9.31am.