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Rs. 11,400 cr Mega Fraud: PNB Warns Other Banks
February 19, 2018
As the public sector Punjab National Bank (PNB) is still coming to terms with the fact that it was duped by its own employees in a fraud of whopping Rs. 11,400 crores, a word of caution has been shared with the other banks.
PNB sent a letter to other private and public sector banks informing them that a fraud was carried out by its staff in one of its Mumbai branches. It also mentioned that one junior official had issued Letters of Undertaking (LoUs) on the behalf of some companies without any authorization through the SWIFT network.
