1. Punjab National Bank fraud case not out-of-control, says finance ministry official

Punjab National Bank fraud case not out-of-control, says finance ministry official

The finance ministry today sought to allay worries over the Rs 11,300-crore fraud case at Punjab National Bank, saying the case not "out-of-control" and it is taking action in this respect.

By: | New Delhi | Published: February 14, 2018 4:10 PM
PNB fraud case, punjab national bank,  finance ministry, Nirav Modi, news on punjab national bank fraud case,  In the bank 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. (Reuters)

The finance ministry today sought to allay worries over the Rs 11,300-crore fraud case at Punjab National Bank, saying the case not “out-of-control” and it is taking action in this respect. “I don’t think this is out of control or too big a worry at this point. That is my broad sense,” Joint Secretary in Department of Financial Services Lok Rajan said on the sidelines of an event here. Earlier in the morning Punjab National Bank (PNB) disclosed that it has detected some fraudulent transactions with financial implication of $1.171 billion (about Rs 11,334.4 crore) and the matter has been referred to law enforcement agencies for the recovery. Based on these transactions, other banks appear to have advanced money to these customers abroad, it said.

In the bank 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. The quantum of such transactions is $1771.69 million (approx), it said. The matter is already referred to law enforcement agencies to examine and book the culprits as per law of the land. The bank is committed to clean and transparent banking, PNB said. This is the second incidence in less than 10 days where a bank has been defrauded.

On February 5, the CBI booked billionaire diamond merchant Nirav Modi, his wife, brother, and a business partner for allegedly cheating Punjab National Bank of over Rs 280.70 crore during 2017. The CBI has acted on a complaint from the PNB, which alleged that Modi, his brother Nishal, wife Ami and Mehul Chinubhai Choksi were in conspiracy with officials of the bank and cheated it, causing “wrongful loss”.

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  1. Kushal Kumar
    Feb 16, 2018 at 1:39 pm
    the alert prediction of this Vedic astrology writer in article - “ Astrologically speaking , some highlights for India in coming year 2018” - published last year at theindiapost , simultaneously at wionews on 19 October , 2017. Just reproducing the text in the related prediction of the said article :-“ (1) Mid-March to 31 May 2018. ………….Chunk of industries may have tough time while looking for vitality. Those involved in decision making or governance of big enterprises or big organizations or think-tanks in the Govt , could be prone to errors or fault-lines or controversies giving rise to revision or amendment. … Some agreements with countries having economic or trading or commercial angle could pose issues causing concern and impeding economic growth”. Here , ‘giving rise to revision or amendment’ obviously means reform or necessary
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