Never miss a story

Get subscribed to our newsletter


×
Punjab National Bank is India's second largest bank. Wikimedia Commons
  • Punjab National bank has detected a $1.8 billion fraud
  • The fraud happened in their Mumbai branch
  • The matter has been referred to law enforcement

Punjab National Bank, the second largest public sector bank in India, has detected a $1.8 billion fraud in one of its branches here, the bank said in a regulatory filing to the stock exchanges on Wednesday.


Punjab National Bank experiences a fraud of $1.8 bn.


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

It had quoted the quantum of such transactions was to the tune of around $1,771.69 million (around Rs 11,515 crore).

The amount of fraudulent transactions is equivalent to eight times the bank’s net income of about Rs 1,320 crore ($206 million).

Also Read: Raghuram Rajan: The Man Who Revolutionized The Indian Banking System

This case has happened at a time when the Indian banking system is already grappling to tackle its swelling non-performing assets.

“Based on these transactions other banks appear to have advanced money to these customers abroad. 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,” the filing said.


Punjab National Bank’s Mumbai branch is now under high scrutiny. Wikimedia Commons

The bank informed: “The matter is already referred to law enforcement agencies to examine and book the culprits as per law of the land.”

On February 5, the Central Bureau of Investigation had booked billionaire diamond service provider Nirav Modi, his brother, wife and an enterprise companion for allegedly cheating Punjab National Bank of over Rs 280.70 crore last year.

Also Read: Con man in Delhi Duped Amazon for over Rs. 50 Lakh; Arrested by Delhi Police for Fraud

Following the complaint, the CBI registered a FIR under the Indian Penal Code sections related to criminal conspiracy, cheating and provisions of the Prevention of Corruption Act against the four.

The stock of Punjab National Bank was trading at Rs 149.20 per share, down 7.70 percent at the BSE at 1.59 p.m. IANS


Popular

Wikimedia Commons

At the recently held Lake Fashion Week X Fashion Design Council of India event which took place in Mumbai, actress Soha Ali Khan was muse for Megha Jain Madaan

At the recently held Lake Fashion Week X Fashion Design Council of India event which took place in Mumbai, actress Soha Ali Khan was muse for Megha Jain Madaan. The festive collection by Madaan for her label Abstract was a luxurious line of creations. Khan dazzled in a sensational, black, will-powered gown with horizontal gold braiding, while the deep olive train added a regal touch. IANSlife caught up with the celebrity on the sideline of the events to discover her take on fashion.

Read Excerpts:

Q: Are you looking forward to on-ground fashion events and the energy that comes with physical shows and appearances?
A: I am I mean, I think that it's been a while that we've all been at home and the livelihood of artisans, designers make-up artist, hairdressers has suffered. Everyone's looking forward to being backed and last but not least me; there's a different energy, of course.

Q: The outfit chosen for you at the show, how does it complement your style?
A: I really think that the outfit complimented my body type because it sort of showed off my arms which are very toned and strong. I've been working on them. So I'm happy that they chose, an off-shoulder outfit. The beautiful train, added length which I require a little bit off. So, I think it was very feminine, and I think the silhouette was a good one for me.

Q: What are your travel essentials?
A: Wetwipes, sanitiser, spare masks and water. I would say a book but I haven't read a book since I've become a mother. I would say iPad, cotton wool for ears, and a lollipop.

Buy less choose well make it last "One should reuse their clothes. You don't need to buy new clothes, all the time." said Soha Ali Khan. | Photo by Edward Howell on Unsplash

Keep Reading Show less

This total or complete One, is so significant that even if one literally decides to deduct or remove the cosmos and universe from that complete or total energy, it shall remain constant, i.e., total

OṀ SAMPŨRṆABHŨMYAI NAMAH:

OṀ (AUM) - POOR-ṆA-MA-DA-HA-BHOO-MYAI—NA-MA-HA

Keep Reading Show less
Photo by Jonathan Borba on Unsplash

With the baby keeping you busy all day and night, your skincare takes a backseat.

When you become a mother, you tend to forget about your own needs because you are so focused on your child. With the baby keeping you busy all day and night, your skincare takes a backseat. It's not always changes in skin texture and looks post-pregnancy are a bad thing, but not taking care of your skin may lead to acne, melasma, stretch marks, puffy eyes, and even dark circles. Syed Nazim, Dermatologist, Aesthetic and Hair Transplant Surgeon, Royal Lush Skin Clinic Saket, New Delhi, shares simple and easy tips for you to follow, to get a glowing post-pregnancy.

* Cleansing: As you sleep, your skin goes through a renewal cycle, by dispensing toxins and debris. So you only need a light-textured cleanser to wash your face with a face wash that is suitable for your skin type.

* Steam: Take steam for 2-3 days a week, it will help you to open up your clogged pores.

* Scrub & face pack: Use a face scrub, to remove the dead skin cells, scrub your face for like 5 minutes and wash it with normal tap water. It will help you to make your skin softer and radiant, leave the mask until it dries off.

* Toner & moisturizer: Apply toner to your face, look for clarifying toners that rebalance your pH to maintain the pH value of your skin. In the end, you only have to moisturize your face, to give hydration.

* Steal baby products: Baby products are always mild in nature so that the baby's sensitive skin doesn't have to compromise. They are created to lock moisture in babies skin. So, you can also use them. Whether it's a body oil, lotion or cream, apply some on your skin every time you're applying them on your baby. If you do this, you can flaunt your skin, this way, you don't have to dedicate a specific time every day for your skincare.

Keep reading... Show less