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HDFC Mutual Fund holds more than 4% stake in fraud clad Punjab National Bank

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HDFC Mutual Fund holds more than 4% stake in fraud clad Punjab National Bank: HDFC Mutual Fund held a 4.37 percent stake in the beleaguered Punjab National Bank as at the end of the October-December quarter. The bank has been hit by fraudulent transactions of over Rs 11,000 crore. According to data on BSE, Punjab National Bank's total outstanding shares stood at 243 …: Google Alert – Fraud

Indian bank is cheated of .8 billion in complex fraud: Indian investigators are probing a $ 1.8 billion bank fraud, an official said Thursday, with a wealthy jeweler reportedly using fake bank documents to obtain overseas loans. State-owned Punjab National Bank said in a Wednesday statement that the "fraudulent and unauthorized transactions" had been …: Google Alert – Fraud

Can recover from PNB fraud, says CEO Sunil Mehta: New Delhi: Punjab National Bank (PNB), India's second-largest state-run lender, said on Thursday it has the capability and capacity to recover after uncovering a staggering $ 1.77 billion fraud at one of its branches that went undetected for years. The loan fraud—the largest ever in Indian history—has …: Google Alert – Fraud

Nirav Modi, accused of swindling .8 billion, was with Narendra Modi at Davos: Nirav Modi, accused of pulling off possibly India's biggest bank fraud, was posing for pictures with prime minister Narendra Modi just a few weeks ago. The billionaire diamond merchant was part of the delegation of Indian businessmen and corporate leaders at the World Economic Forum in Davos last …: Google Alert – Fraud

India's PNB says has ability to recover after uncovering giant fraud: The loan fraud – the largest ever in Indian history – has sent PNB's (PNBK.NS) shares tumbling about 20 percent this week. “This cancer that's been going on since 2011, we have brought it out and we are resolving it,” PNB's Chief Executive Sunil Mehta said at a press briefing, adding that the bank would …: Google Alert – Fraud

PNB shares reeling, but other Indian banks stabilize after giant fraud shock: Given the scale of the fraud, the fallout from the case could spread and give rise to fresh questions about lending procedures at Indian lenders, particularly public sector banks, mired in soured debt. PNB first notified India's Central Bureau of Investigation (CBI) of its discovery in late January, and on …: Google Alert – Fraud

A freshly appointed official first noticed the fraud at Punjab National Bank: It took a retirement to unearth one of the biggest frauds in the banking sector. Punjab National Bank (PNB) on Wednesday revealed in a stock exchange filing, fraudulent and unauthorized transactions worth Rs 11,360 crore at one of its Mumbai branches. The case came to light on January 16, after …: Google Alert – Fraud

PNB shares reeling, but other Indian banks stablise after giant fraud shock: MUMBAI, Feb 15 (Reuters) – Indian bank shares broadly recovered on Thursday a day after being hit by news of the country's biggest ever bank fraud, although Punjab National Bank – the lender at the centre of a $ 1.77 billion scam – has lost a fifth of its market value. PNB, India's second-largest state-run …: Google Alert – Fraud

Inside the PNB fraud: What an LoU is, how case may impact the bank: State-owned lender Punjab National Bank (PNB) has informed the Bombay Stock Exchange that it has detected fraudulent transactions worth $ 1,771.7 million (over Rs 11,000 crore) in its mid-corporate branch at Brady House, South Mumbai. PNB has alleged that two employees had “fraudulently …: Google Alert – Fraud

After Punjab National Bank Rs 11000-crore fraud, Nirav Modi's 'vague' offer to repay money: Embattled jeweller and diamond trader Nirav Modi, who is being linked to the Rs 11,000-crore Punjab National Bank fraud, has written to the state-run bank promising to repay the money. Modi, who is under the scanner of both the Central Bureau Investigation (CBI) and the Enforcement Directorate (ED) …: Google Alert – Fraud