- News>
- India
PNB suspends 10 officials in connection with Nirav Modi fraud case
The complaints deal with fraudulent transactions reported from the bank`s branches and the amount involved is over Rs 10,000 crore.
New Delhi: Punjab National Bank on Wednesday suspended 10 officials in connection with jewellery designer Nirav Modi fraud case.
The CBI has received two complaints from PNB against billionaire jewellery designer Nirav Modi and a jewellery company about fraudulent transactions worth Rs 10,000 crore.
The agency received the complaints about the transactions detected by the public sector bank late last night.
The complaints deal with fraudulent transactions reported from the bank's branches and the amount involved is over Rs 10,000 crore.
Separately, the bank today said that it has detected "fraudulent and unauthorised" transactions worth about $1.77 billion at one of its branches in Mumbai.
The bank said in a statement the transactions were "for the benefit of a few select account holders with their apparent connivance" and that "based on these transactions other banks appear to have advanced money to these customers abroad."
The bank did not name the people involved but said it had reported the deals to law enforcement agencies and would decide whether it faces any liability arising out of the transactions later.
With Agency Inputs