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PNB Identifies Frauds Amounting to $1.77 bn
February 19, 2018
Public sector Punjab National Bank (PNB) said that it has detected fraudulent transactions worth $1.77 billion at one of its branches in Mumbai. These transactions were for the benefit of certain individuals based on which other banks lent money to them overseas.
The lender didn’t specify the names of the people involved but said that the “unauthorized” transactions have been reported to the law enforcement agencies which are now investigating the case.
