Punjab National Bank Detects Fraud At Mumbai Branch

Punjab National Bank Online, Punjab National Bank Usa, Punjab National Bank Life Certificate, Punjab National Bank Robbery, Punjab National Bank Online Login, Punjab National Bank Home Loan, Punjab National Bank Interest Rates, Punjab National Bank Credit Card, Punjab National Bank Swift Code, Punjab National Bank Nse, Punjab National Bank

Mumbai: Punjab National Bank said it was detected a Rs. 11,360 crore ($1.8 billion) fraud at in Mumbai branch. Mumbai is India’s financial hub. Fraud detects at Candy in Mumbai.

“Based on these transactions other banks appear to have advanced money to these customers abroad.” according to the report in Bloomberg

Punjab National Bank has detected some fraudulent and unauthorized transactions in one of its branches in Mumbai “for the benefit of a few select account holders with their apparent connivance,” it said in an exchange filing on Wednesday.

  • Rs. 11,360 crore ($1.8 billion) fraud at in Mumbai branch

The fraudulent transactions are the equivalent of eight times the lender’s 2017 net income of about 13.2 billion rupees ($206 million), exchange filings show. PNB shares fell as much as 7.5 percent as of 11:20 a.m. in Mumbai, poised for the steepest drop since October.