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PNB: No cash shortage in ATMs. Wikimedia Commons

The fraud-hit Punjab National Bank (PNB) has reported an additional Rs 1,300 crore unauthorized transactions, taking the estimated quantum to Rs 12,600 crore in the scam related to diamond trader Nirav Modi and owner of Gitanjali Gems, Mehul Choksi.

In at 11.22 p.m., late night filing with the stock exchanges on Monday, the bank said: “In continuation to our filing with stock exchanges on February 14, 2018, we have to inform that quantum of reported unauthorized transactions can increase by $204.25 million.”


The Central Bureau of Investigation on Monday said it questioned PNB Executive Director K.V. Brahmaji Rao, two General Managers and a retired official in connection with its probe into the multi-crore fraud.


Earlier, PNB, the second largest public sector bank in India, had said it had detected a $1.8 billion fraud in the Brady House Branch in Mumbai. Wikimedia Commons

ALSO READ: From Bofor’s to Coalgate: 20 more cities could have had metro trains if India was scam free

“The bank has detected some fraudulent and unauthorized transactions (messages) in one of its branches in Mumbai for the benefit of a few select account holders with their apparent connivance,” the filing by PNB earlier said.

Initially, it had put the quantum of such transactions at around Rs 11,300 crore.

The bank’s shares dropped drastically on Tuesday after this regulatory filing and it was trading at Rs 102.45 per share, down 8.45 percent at 10.46 a.m. (IANS)


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