PNB finds fraud transact's Scam of Rs 110bn;stock price drops 7%

Fraudulent transact's of about Rs 110 billion found by Punjab National Bank from one of its Mumbai branch allegedly by diamond merchant Nirav Modi, his relatives & business partner Mehul Choksi in this year. PNB share prices fell about 7% in trade on Feb'14 after bank reported about it to Bombay Stock Exchange(BSE).Due to these transact's other banks appear to have advanced money to these customers abroad,PNB(Delhi) said in its report to BSE.

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PNB finds fraud transact's Scam of Rs 110bn;stock price drops 7%

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PNB finds fraud transact's Scam of Rs 110bn;stock price drops 7%