Punjab National Bank (PNB), has detected some fraudulent transactions worth USD 1,771.7 million in its Mumbai branch.

In a BSE filing the bank stated, “The bank has detected some fraudulent and unauthorized transactions 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.”

Further it stated that, these transaction 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.

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