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India 4th Largest Bank Punjab National Bank Uncovered $1.77 Billion of Fraudulent Transactions

India 4th Largest Bank Punjab National Bank Uncovered $1.77 Billion of Fraudulent Transactions

India’s 4th Largest Bank, Punjab National Bank (PNB) had uncovered $1.77 billion of “fraudulent and unauthorised” transactions for the benefit of a few account holders that are alleged to include billionaire jeweller Nirav Modi.

” Billionaire Jeweller Nirav Modi Linked to India’s 4th Largest Bank $1.77 Billion Fraud “

Nirav Modi founded global diamond jewelry house Nirav Modi (named after him) in 2010 and Nirav Modi was the first Indian jeweler to have been featured on the covers of Christie’s and Sotheby’s Catalogue.  He is estimated to have a personal fortune of more than $1.7 billion.

Punjab National Bank, listed on Bombay Stock Exchange (BSE), had seen its stock price declining more than 20% since the uncovering of the transactions.  The current market capitalisation is $4.72 billion (304 billion Rs; USDINR at 64.36).  The four largest bank in India are State Bank of India, HDFC Bank, ICICI Bank and Punjab National Bank.

Source: Times of India, CNN










About Punjab National Bank

Punjab National Bank, India’s first Swadeshi Bank, commenced its operations on April 12, 1895 from Lahore, with an authorised capital of Rs 2 lac and working capital of Rs 20,000. The far-sighted visionaries and patriots like Lala Lajpat Rai, Mr. E C Jessawala, Babu Kali Prasono Roy, Lala Harkishan Lal and Sardar Dyal Singh Majithia displayed courage in giving expression to the spirit of nationalism by establishing the first bank purely managed by the Indians with Indian Capital.

During the long history of over 122 years of the Bank, 7 banks have merged with PNB and it has become stronger and stronger with a network of 6941 Domestic branches and 9753 ATMs as on 30th September 2017.

Visit: Punjab National Bank


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