The Punjab National Bank had made a shocking revelation after it announced some fraudulent transactions worth Rs 11,360 crore at one of its branch in Mumbai.
As soon as the news about fraudulent and unauthorized transactions broke out, the CBI had started probing the jeweller and diamond merchant Nirav Modi.
One of the leading banks in India, Punjab National Bank is a second-biggest state-run lender and fourth-biggest overall by assets. Though PNB revealed about the fraudulent transaction, it didn’t reveal the names of people involved in it.
“In the bank, 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,” PNB said, without giving further details.
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