Mumbai, Feb 14: The share price of Punjab National Bank (PNB) on Wednesday fell in early trade after the detection of fraudulent transactions in its Mumbai branch. In its regulatory filing, the PNB said it had detected “some fraudulent and unauthorised” transactions amounting to around Rs 11,360 crore (approximately).
“The bank has detected some fraudulent and unauthorised transactions in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions, other banks appear to have advanced money to these customers abroad,” said PNB to Bombay Stock Exchange (BSE).
While the PNB has informed law enforcement agencies about the fraudulent deals, it is yet to reveal the names of people involved in fraudulent transactions. At 9.43 am, the stock price of PNB was at Rs 155.15 a piece, down by 4.02 per cent on the BSE. PNB is the third largest lender of the country.