Explorer

PNB suspends 10 in a fraud involving top jewellery designer

New Delhi [India], Feb 14 (ANI): The Punjab National Bank (PNB) on Wednesday suspended its ten officials, including a branch Deputy Manager, in a fraudulent transaction case that also involved noted jewellery designer Nirav Modi.

The suspension comes following the bank uncovering fraudulent and unauthorised transactions worth USD 1771.69 million from its branch in Mumbai.

Earlier in the day, the state-owned lender said that they had cracked a case of swindling, which was contingent in nature.

"The bank has detected some fraudulent and unauthorised transactions in one of its branches in Mumbai for the benefit for a few select account holders with their apparent connivance. Based on these transactions, other banks appear to have advanced money to these customers abroad," an official statement read.

Few days ago, the Central Bureau of Investigation (CBI) had booked the noted jewellery designer Nirav Modi, his brother Nishal Modi and some PNB officials for allegedly cheating the bank to the tune of more than Rs. 280 crore.

Meanwhile, Secretary of the Department of Financial Services (DFS), Rajiv Kumar, assured that all necessary action would be taken in the case.

"This is part of NPA resolution reforms agenda. Cleaning of banks is the top priority of the government, and it directed all the banks on NPA clean up to help honest borrowers avail loans. After having recapitalized, we will ensure all banks are cleaned up. This is a one-time cleaning exercise. Whatever it takes, we will do it," he told ANI. (ANI)


This story has not been edited. It has been published as provided by ANI

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

Kejriwal To Stay Delhi CM From Jail As High Court Finds 'No Legal Bar,' Ball In LG's Court Now
Kejriwal To Stay Delhi CM From Jail As High Court Finds 'No Legal Bar,' Ball In LG's Court Now
PM Modi Calls Congress A 'Bully' After Lawyers Write To CJI. Here's What He Said
PM Modi Calls Congress A 'Bully' After Lawyers Write To CJI. Here's What He Said
Roof Collapses During Renovation Work At Chennai Bar, 3 Dead
Roof Collapses During Renovation Work At Chennai Bar, 3 Dead
Arvind Kejriwal To Stay In ED Custody For 3 More Days — A Timeline Of Delhi CM's Battle In Courts
Arvind Kejriwal To Stay In ED Custody For 3 More Days — A Timeline Of Delhi CM's Battle In Courts
Advertisement
for smartphones
and tablets

Videos

Elvish Yadav's reaction on Munawar Faruqui's arrest, Watch Video | HOT NewsNawazuddin Siddiqui And Aliya Fixes Relationship Disbalance For Kids Upbringing | Khabar Filmy HaiRamayana: Sakshi Tanwar dismisses speculations of being a part of the movie, Watch videoWill there be a date clash between Bigg Boss 18 and Lock Up Season 2? | HOT News

Photogallery

Embed widget