PNB Shares slip, $1.8 Billion fraud Transactions detected at Mumbai Branch

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PNB Shares fall by more than 7% as about $1.8 billion fraud transactions has been detected by India’s one of the leading banks at its Mumbai branch.

PNB has found some high amount of fraud and illegal transactions in its Mumbai branch and this all was done to provide the benefit to few account holders with the conspiracy.

According to the sources, PNB had already filed a complaint to CBI against its two billionaire account holders in the same case earlier, which came to light on Feb 5 and this is the second time in a very less period which was detected by the PNB on Wednesday.

The bank has informed about the fraudulent transactions to the law enforcement investigating agencies for the further investigations on fraud transactions.

As per the exchange files, the overall unauthorized transaction amount is equivalent to the eight times the lender received in 2017 which was about 13.2 billion.

However, PNB has not disclosed about the impact of the fraudulent amount in its economy but definitely, the impact of it may be faced by other lenders too.

After struggling with the bad loans ratio PNB showed the growth in its assets in Q3 as compared to the previous quarter, but the huge amount fraudulent transactions drop its stock price by 7% after which the stock rate stands at Rs. 147.05 faces the down by Rs. 14.60 till 14:00 hrs IST.

The name of the fraudulent is not disclosed by the bank yet, but the CBI has registered the case against four people who might have involved in the conspiracy.

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