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Punjab National Bank detects $1.8 bn fraud at a Mumbai branch, Links to Nirav Modi

Punjab National Bank, the second largest public sector bank in India

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Punjab National Bank is India's second largest bank. Wikimedia Commons
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.
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
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

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The Craft of Distilling Is Ancient, Different Story Behind Every Bottle

The craft of distilling is very ancient and recipes have been handed down generations. To me, food and spirits are very culture-centric and each dish or drink is an experience of this culture and have a lot of story to it.

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The aim is for the curated audience to meet curated brands and learn about their stories. We consciously wanted to create a small, well-curated festival that encourages such conversations amongst the visitors," Prakash elaborated. Pixabay

Every bottle of alcohol has a tale to tell and to celebrate this, over 20 international masters, distillers, mixologists and story tellers will gather in Mumbai over the weekend on a platform that celebrates the craft of distillers and distilleries. It will also be a rite of passage for the new consumer who is open to experiencing luxury beverages that are a product of passion and commitment and are produced in small batches, without any compromise on quality.

“Every bottle has a tale, waiting to be shared – of its founder, of the distiller, of the wood in which it lay, of the people who built the spirit, of the mixologist who decided to `play’ with it and more. Listen, learn and celebrate the people behind the spirits,” Keshav Prakash, who began his career as an advertising filmmaker and then travelled the world to discover the world of fine spirts, told IANS of The Vault Biennale at the Mahalakshmi Race Course.

“The craft of distilling is very ancient and recipes have been handed down generations. To me, food and spirits are very culture-centric and each dish or drink is an experience of this culture and have a lot of story to it.

“For example, making whiskey is a tradition native to Scotland, much like rum to the Caribbean, Mezcal to the Mexico and so on. These are parts of their values and teachings handed over from generation to generation, with much love and celebration, making it an intrinsic part of a living culture,” Prakash explained.

bottle
will also be a rite of passage for the new consumer who is open to experiencing luxury beverages that are a product of passion and commitment and are produced in small batches, without any compromise on quality. Pixabay

The event is open to only 400 aficionados each day.

“We envision two kinds of visitors at the Biennale – one who are newly immersing themselves in fine spirits and others who know their single malt, gin, whiskey etc. The aim is for the curated audience to meet curated brands and learn about their stories. We consciously wanted to create a small, well-curated festival that encourages such conversations amongst the visitors,” Prakash elaborated.

Also Read: The Unconventional Way of Learning: Textbooks Come Alive in Gujarat’s Schools
What will be on offer?

Over 50 handpicked fine beverage brands like Kilchoman Machir Bay, Rémy Martin, Cotswolds Gin, and Amrut Peated Port Pipe. Leading the audience will be mixologists from World’s 50 Best Bars, among them Hiroyasu Kayama of Tokyo, Alex Simonidis & Georgia Georgakopoulou of Athens and Jose Luis Leon of Mexico City. (IANS)