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A USD 2 billion fraud at India’s Punjab National Bank (PNB) may have been orchestrated by a few rogue employees, but it escaped detection because of widespread risk-control and monitoring lapses in many areas of the bank, the bank’s own internal probe has found.

Lapses at many levels of bank led to huge PNB fraud, says report

The bank’s CEO Sunil Mehta told in April he had suspended 21 officials and “will not spare” others found involved in lapses.

20 Jun 2018 11:04 AM

Moody's also placed PNB's baseline credit assessment and adjusted BCA of Ba3 and counterparty risk assessment of Baa3(cr)/P-3(cr) under review for downgrade. (Photo: PTI)

Trouble for PNB: Fitch, Moody's put bank under review for downgrade

Fitch and Moody's warned scam-hit PNB of rating downgrades, citing likely networth erosion and widening losses.

20 Feb 2018 3:07 PM

In letter, Nirav Modi blames PNB for 'haste', urges bank to 'be fair'

In the letter that Nirav Modi wrote on February 15/16 to PNB, he pegged the amount his companies owe to the bank is under Rs 5,000 crore.

20 Feb 2018 8:20 AM

The bank was asked to provide details of inspection that resulted in detection of the fraud and provide copy of inspection reports.

PNB refuses to disclose details on over Rs 13,000 cr scam

RBI had also earlier declined to share inspection reports for scam-hit PNB.

21 May 2018 8:40 AM

You should stay away from such scams and never click on any links in messages from WhatsApp, Messenger, SMS or emails. Also refrain from sharing it with your friends and family, who can also fall victim to such scams.

Xiaomi Redmi Note 4 for Rs 1,099: What are these pre-GST offers on WhatsApp?

You may have already been scammed and the scamster is probably laughing on his way to the bank.

08 Jul 2017 10:29 AM

Since last week, Kothari's office in Kanpur's City Center road has been locked and he himself has been untraceable ever since. (Photo: ANI)

UP: Rs 837 Cr loan, Rotomac-owner missing, reports say PNB-like scam

Rotomac-owner Vikram Kothari took loans of Rs 352 crore from Kanpur branch of Allahabad Bank and Rs 485 crore from three other banks.

18 Feb 2018 8:33 PM

PNB detects Rs 11,346 crore fraud, other lenders may be hit too

Billionaire jeweller Nirav Modi seen behind fraud; CBI, ED probing case.

15 Feb 2018 2:10 AM

The Rating Watch Negative reflects the possibility of a downgrade of PNB's Viability Rating. (Photo: File)

Fitch puts PNB on 'Rating Watch Negative', hints at downgrade

Fitch Ratings has placed PNB's Viability Rating of 'bb' on Rating Watch Negative, following the large fraud reported by the bank.

20 Feb 2018 11:21 AM

Sunil Mehta, chief executive officer of Punjab National Bank

PNB says internal probe into USD 2 billion fraud ongoing

In March, PNB agreed to pay 65 billion rupees ($996 million) to counterparty banks.

12 Apr 2018 8:40 AM

As on December 31, 2018, PNB held 32.79 per cent stake in PNB Housing Finance.

PNB to sell stake in PNB Housing to General Atlantic, Varde Partners for Rs 1,851 cr

PNB has entered into agreements in relation to the said transactions on Friday.

29 Mar 2019 11:59 AM

The CBI has received two complaints from the PNB against billionaire diamantaire Nirav Modi and a jewellery company alleging fraudulent transactions. (Photo: File)

PNB scam: Nirav Modi got fraudulent LOUs for overseas credit

PNB has suspended 10 officers over the USD 1.77 billionscam and referred matter to CBI for investigation.

15 Feb 2018 10:11 AM

Special CBI court remanded all the six arrested, including Vipul Ambani, President (Finance) of Nirav Modi’s Firestar Group of Companies, to CBI custody till March 5. (Photo: Rajesh Jadhav)

PNB fraud case: Nirav Modi's aide Vipul Ambani knew about fake LoUs, says CBI

CBI said applications for such letters were made from Vipul Ambani’s South-Central Mumbai office.

22 Feb 2018 9:14 AM

The government action comes as police briefly locked down the PNB branch in south Mumbai that was at the heart of the scam and continued searches today to gather evidence. (Photo: File)

Govt says PNB fraud points to 'supervisory failure' at RBI: report

The RBI did not immediately respond to a request for comment on Monday, which was a holiday in Mumbai. A FinMin spokesman declined comment.

19 Feb 2018 9:40 PM

The Shiv Sena joined the Oppostion party in attacked the Prime Minister Narendra Modi over the PNB scam and alleged that Nirav Modi, who is at the centre of the scandal, had been a “partner” of the BJP and helped it collect funds for elections.

PNB scam: BJP links Abhishek Manu Singhvi to Nirav Modi

Gandhi said that such a big scam could not have taken place without the knowledge or protection of people within the government.

18 Feb 2018 6:43 AM

PNB fraud: ED conducts multi-city raids on Nirav Modi showrooms

ED teams raided three sites in Surat, four in Mumbai and two in Delhi on Thursday morning.

15 Feb 2018 11:46 AM

Lawyer Vijay Aggarwal, speaking by telephone, declined to comment on where Nirav Modi was. (Photo: PTI)

All PNB dealings documented, allegations wrong: Nirav Modi's lawyer

Lawyer Vijay Aggarwal said the state-owned bank had regularly levied fees on its dealings with the jeweller’s firms.

20 Feb 2018 1:20 PM

PNB said it has not received any instruction from the government to compensate other lenders for losses arising out of the fraud.

PNB fraud put at close to USD 2 billion

Bank had earlier put the defrauded amount at Rs 11,394.02 crore (USD 1.77 billion).

27 Feb 2018 1:43 PM

The bank had sought the additional funds to tide over its shaky financial position.

FinMin rejects PNB’s Rs 7,000 cr extra capital infusion demand

PNB had received Rs 5,473 crore recap funds last year during the first round of infusion.

04 Jun 2018 9:18 AM

PNB reported a loss of Rs 940 crore for the April-June period of financial year 2018-19. It clocked a profit of Rs 343.40 crore in the corresponding quarter of 2017-18. (Photo: File)

Nirav Modi scam bygone, bank getting back on growth path: PNB MD

Nirav Modi and his uncle Mehul Choksi duped PNB of Rs 14,000 crore through issuance of fraudulent LoUs.

02 Oct 2018 5:38 PM

In January, PNB filed an initial criminal complaint with the CBI, accusing celebrity jeweller Nirav Modi and others of defrauding the bank and causing it a loss of 2.8 billion rupees (more than USD 43 million). (Photo: File)

Ex-PNB official used, shared passwords to help Nirav Modi

Failure to notice largest fraud in Indian banking history reveals a 'rot' in the state financial sector, said an ex-PNB official.

19 Feb 2018 11:09 AM

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Syed Ata Hasnain