Quartz Media on 14th February reported that Punjab National Bank (PNB), India’s second-largest government-owned lender, has discovered a fraud worth $1.77 billion at one of its branches in Mumbai. This amount is nearly a third of the bank’s market value. It reports that PNB was already under scrutiny, after the Central Bureau of Investigation (CBI) booked billionaire diamond merchant Nirav Modi, his business partner, and his family members for allegedly cheating the bank in 2017, with 2 employees also alleged to have colluded with Modi.
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