Rs 11,500 Crore Fraud Detected In PNB Mumbai Branch, It Could Be India’s Biggest Banking Scam

Government-run Punjab National Bank said on Wednesday it had detected some “fraudulent and unauthorised” transactions worth about $1.8 billion (more than Rs 11,500 crore) at one of its branches in Mumbai.

In a communique to the Bombay Stock Exchange, the bank said the transactions were “for the benefit of a few select account holders with their apparent connivance” and that “based on these transactions other banks appear to have advanced money to these customers abroad.”

AFP

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