Punjab national bank reports $1.8 billion fraud at a Mumbai branch


NDTV.com reports:
India's second-biggest state-run bank said it has detected a $1.8 billion fraud at a single branch in the nation's financial hub, the impact of which could extend to other lenders as well. Punjab National Bank has detected some fraudulent and unauthorized transactions in one of its branches in Mumbai "for the benefit of a few select account holders with their apparent connivance," it said in an exchange filing on Wednesday. "Based on these transactions other banks appear to have advanced money to these customers abroad."
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