Mumbai: Punjab National Bank, the state owned lender is currently at the centre of a $1.8 billion fraud, one of the largest to be detected across the Indian banking sector.
In a statement issued to stock exchanges on Wednesday, PNB said that it has detected some 'fraudulent and unauthorised' transactions. The fraudulent transactions are allegedly linked to designer and jeweler Nirav Modi, who is currently under the ED scanner over a 280 Cr cheating case with the PNB bank.
The bank has suspended ten officials and referred the matter to the Central Bureau of Investigation. Following the declaration, the shares in PNB, the country's second biggest state run lender and fourth biggest overall assets, fell by 9.8 percent.
