PNB detects $1.77 bn fraud

Updated: Wed, Feb 14, 2018
11:52 pm
PTI
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State-owned Punjab National Bank today said it has detected a USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from other Indian lenders.

PNB has suspended 10 officers and referred the matter to CBI for investigation.

Financial Services Secretary Rajiv Kumar said this seems to be an isolated case and is not going to impact other lenders. "The finance ministry has taken proactive steps by asking the lender to report the matter to CBI and Enforcement Directorate (ED) so that action can be taken quickly," he told

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)