PNB detects Rs 11,344 crore fraud


PTI, 14-02-2018 20:18:12


Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print


PNB detects Rs 11,344 crore fraud

The Punjab National Bank (PNB) has detected a fraud of Rs 11,344.40 crore in one of its Mumbai branches.

The transactions are supposed to be linked to billionaire diamond merchant Nirav Modi and a jewellery company.

PNB has registered two complaints with the CBI against these transactions.

The fresh complaints could add further trouble to Modi and his associates, who are already named in a CBI FIR registered on January 31 on a complaint by the PNB.

The bank had said it was cheated of Rs 280.70 crore through fraudulent transactions.

It is not clear whether the jewellery company mentioned in the complaint is linked to Modi.

Modi could not be contacted for his version of the developments.

While CBI sources confirmed receipt of the complaints, it has not provided details about the contents of the complaint.

PNB filed the complaints late on Tuesday night after its officers detected the fraudulent transactions in the Mumbai branch.

The PNB informed the Bombay Stock Exchange (BSE) on Wednesday morning that it 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".

"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," it said.The PNB said the quantum of such transactions is $1771.69 million and that it has already referred the matter to law enforcement agencies to examine and book the culprits as per law of the land.

The bank has not provided details of the persons involved in fraudulent activities in the BSE filing.

The PNB declaration resulted in its shares plunging around 8% - the stock opened at Rs 160 on the BSE and soon fell as much as 7.82% to hit the day’s low of Rs 149. In National Stock Exchange, it plunged 8% to touch an intra-day low of Rs 148.80.

According to an earlier complaint on which the CBI filed an FIR, Modi, his wife Ami, brother Nhal and business partner Chinubhai Choksi had conspired with officials of the PNB for fraudulent issuance of Letters of Undertakings.

All partners of Diamon R US, Solar Exports and Stellar Diamonds and PNB employees Gokulnath Shetty and M H Kharat were also named in the FIR.

Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment   You have characters left.
Security Validation
Enter the characters in the image above
    
Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Kemmannu.com will not be responsible for any defamatory message posted under this article.
Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on kemmannu.com to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using kemmannu.com will be purely at your own risk, and in no way will Kemmannu.com be held responsible.
Similarly, Kemmannu.com reserves the right to edit / block / delete the messages without notice any content received from readers.




Kemmannu Main Road [Work-in-progress, Pictures upd [1 Comments]
View More

Mount Rosary Church Annoucement for the weekMount Rosary Church Annoucement for the week
Rozaricho Gaanch Easter 2018Rozaricho Gaanch Easter 2018
Dist & State Level Yoga Competiton at the Thonse Health Centre on 28th May.Dist & State Level Yoga Competiton at the Thonse Health Centre on 28th May.
Milarchi Lara - Issue April - 2018Milarchi Lara - Issue April - 2018
Delite Caterers and Delite Event ManagementDelite Caterers and Delite Event Management
An appeal to Kemmannu Parishioners, Friends and Well Wishers:

[Comments]

An appeal to Kemmannu Parishioners, Friends and Well Wishers:<P> <Center>[Comments]</P> </Center>
Milarchi Laram - Issue Jan 2018Milarchi Laram - Issue Jan 2018
Souza’s Mega Festival SaleSouza’s Mega Festival Sale
Read online Uzvaad:<font color=red> Read online Uzvaad</font color=red>:
Visit Axis Bank Now open in Kallianpura, SanthekatteVisit Axis Bank Now open in Kallianpura, Santhekatte
For all your travel needs contact Sequeira TouristFor all your travel needs contact Sequeira Tourist
Power Care Services, MoodubellePower Care Services, Moodubelle
Read Online RaknnoRead Online Raknno
Kemmannu Platinum Jubilee Souvenir – Amruth KaanikKemmannu Platinum Jubilee Souvenir – Amruth Kaanik
Udupi TodayUdupi Today
St. Alphonsa of India
Mangalorean Fertility Physician in New York

 

Mangalorean Fertility Physician in New York

 

For information, please email nigelepereira.wcmc@gmail.com or contact Megi Zeku at 646-962-7499, prompt 3.

 

 

Thank you from Kemmannu.comContact for all your Travel, Tours and For Rent a Car

Contact Maria Travels  for all your Travel, Tours and For Rent a Car Mob: 9980889512 or 9819444307

Thanksgiving to St. Lawrance

Thanksgiving to St. Lawrance

Sponsored Albums