Feb 15, 2018

Indian bank hit by $1.8bn fraud case

India's second largest state-run bank has uncovered a $1.8bn scam linked to a single Mumbai branch. The fraud amounts to nearly a third of Punjab National Bank's market value, and 50 times its profits for the last quarter of 2017. The bank said the fraudulent transactions appeared to benefit a handful of customers. There are concerns the fraud could affect other banks, and hurt confidence in India's banking sector. Shares in the bank have fallen by more than 10%. Separately, PNB has made a fraud complaint against prominent Mumbai jeweller, Nirav Modi.

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