India’s second largest bank in assets, Punjab National Bank has detected some fraudulent transactions worth more than Rs 11,000 crore in one of its Mumbai branch. The amount of fraudulent transaction is approximately 1/3rd of its total market capitalization of Rs 36,000 crore and 2.55 percent of total loan book of Rs 4.5 lakh crore as on 31st December 2017. Investor of Punjab National Bank has lost nearly Rs 3,000 crore of wealth on single day. Bank has informed that the matter was already referred to law enforcement agencies to examine and book the culprits as per law of the land.
Bank has said in statement “The bank has detected some fraudulent and unauthorized transactions (messages) 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, Bank has informed that these transactions 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.