Punjab National Bank says scam may cost bank nearly $2 bln

Gitanjali Gems

27/02/2018 03:54

Feb 27 (Reuters) - India's Punjab National Bank  PNBK.NS  
said late on Monday that the amount of fraudulent transactions 
involving the bank could go up by about $204 million in addition 
to the $1.77 billion it had earlier reported.  
    Earlier this month, the state-run bank said it detected 
unauthorised transactions of about $1.77 billion at one of its 
Mumbai branches.  urn:newsml:reuters.com:*:nL4N1Q45DF 
    Billionaire jewellers Nirav Modi and his uncle Mehul Choksi, 
owner of Gitanjali Gems Ltd  GTGM.NS , are suspected of 
colluding with two employees from Punjab National Bank in the 
fraud.   
    At least a dozen people - six from the bank and six more 
from Modi's and Choksi's companies - have been 
arrested. urn:newsml:reuters.com:*:nL4N1QB2XZ 
 
 (Reporting by Arnab Paul in Bengaluru; Editing by Raju 
Gopalakrishnan) 
 ((arnab.paul@thomsonreuters.com; +91 8067491310; Reuters 
Messaging: arnab.paul.thomsonreuters.com@reuters.net)) 
 
Keywords: PUNJAB NATL BANK FRAUD/