Whooping 1.77 million fraud-Punjab National Bank

The lead bank-Punjab National Bank-second largest bank to cater loans in rural and urban India has unearthed a mammoth fraud of Rs.1.77 million, that too from a brach in Mumbai, a history of its kind. Ledgers filled with figures by 147 billion dispersed as loans despite knowing the limitation it had, loan amounts crossed the limits beyond any justification.

The banking sector, on one hand, commits fraudulent dealings, asphyxiate the lending flow, derail the bank's stability, on the other, the Central government extends bailout package often, US$14 billion to ailing state Banks, out of US$32 billion rescue plan.Banks may need more money in coming years as they need higher capital to meet global banking rules 'Basel-III".

Punjab National Bank filed a criminal case against three companies and four individuals- One NIRAV MODI, a billionaire, and jeweler, Mehul Choksi, Managing Director, Gitanjali Gems Ltd., to have fraudulently obtained 2.8 billion rupees or US$ 43.8 million Dollars loan. The case is under investigation.

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