A bird flies past the logo of Punjab National Bank installed on the facade of its office in Mumbai, India February 21, 2018. REUTERS/Danish Siddiqui
February 27, 2018
(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 unauthorized transactions of about $1.77 billion at one of its Mumbai branches.
Billionaire jewelers 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.
(Reporting by Arnab Paul in Bengaluru; Editing by Raju Gopalakrishnan)
