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Amid the multi-agency probe into the Punjab National Bank (PNB) fraud case, the state-run bank on Tuesday said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore.

The latest announcement from the public sector lender assumes significance against the backdrop of the probe going on into the Rs 11,400 crore fraud case, which is already one of the biggest in the Indian banking sector.

On February 14, the bank had detected the fraud wherein billionaire jeweller Nirav Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders.

In a filing to the BSE late on Monday night, the bank said the amount of unauthorised transactions could go up by more than Rs 1,300 crore.

“...We have to inform that quantum of reported unauthorised transactions can increase by USD 204.25 million (approximately),” the filing said.

At the current exchange rate, the amount comes to around Rs 1,323 crore.

The bank also referred to its filing made on February 14 when it first disclosed the fraud and at that time, the “fraudulent and unauthorised transactions” was estimated at US $1.77 billion (about Rs 11,400 crore).

The fraud was perpetrated by way of fraudulent Letters of Undertaking (LoUs) generated in the name of Punjab National Bank.  


Source: HindustanTimes

Smog and dust in Delhi and north India have for long hogged the headlines, sidelining the dangerous levels of air pollution in south India and Maharashtra.

NEW DELHI: King of Jordan Abdullah II bin Al-Hussein arrives in India for a three-day visit starting today. He will hold official talks with PM Narendra Modi on Thursday.

NEW DELHI: Voting is underway in the Assembly elections in Meghalaya and Nagaland amid tight security. While the two states have a 60-member house each, voting is being held only for 59 constituencies in both. With consecutive victories in Manipur and Assam, the BJP is hoping for a clean sweep in Meghalaya and Nagaland. Simultaneously, the Congress is seeking to regain its hold in the northeast.

In a continued standoff with  AAP Government over the alleged assault of Delhi Chief Secretary Anshu Prakash at Chief Minister Arvind Kejriwal's residence as IAS Joint Forum on Monday sought a written apology from the Delhi Chief Minister as a prerequisite to any talks with the state government.

The government is considering crucial changes in criminal law that will allow for the confiscation of the property of NRI men for deserting their wives and not responding to repeated notices issued to them, Union women and child development (WCD) minister Maneka Gandhi said on Monday.

NEW DELHI: The Supreme Court today dismissed a petition by an NGO seeking an investigation into alleged irregularities in the purchase of an AgustaWestland chopper by the Chhattisgarh government for VIP use in 2006-07.

NEW DELHI: Underlining that the political crisis in Maldives poses a threat to India's security, senior BJP leader Yashwant Sinha on Sunday urged the government to act immediately and said it should not remain a "mute spectator" with China strengthening its presence in the island nation.

New Delhi: Senior Congress leader and former finance minister P Chidambaram on Sunday hit out at the Centre for failing to restore peace in the Kashmir Valley saying that Modi government`s "hard, muscular and militaristic" approach had failed to end militancy in the state.

NEW DELHI: The Delhi High Court has directed the AAP government to inquire whether there was any medical negligence by the Aruna Asaf Ali Hospital, accused of denying admission to a pregnant woman having labour pain that resulted in her giving birth in an autorickshaw while returning home.

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