Everything You Need to Know about the PNB Scam
The second biggest state lender of the country, Punjab National Bank had yesterday informed about the fraudulent transactions of worth Rs 11400 crore, however, it didn't reported anything about the people involved in the scam.
Today morning around 10:12 am, it was reported that the suspected fraud has been carried out by the criminal in conspiration with 10 staff members of the bank in one of the branches in Mumbai, as written in the letter to private and public sector banks as well as foreign lenders. It also said, that the glitch was found through the Society for Worldwide Interbank Financial Telecommunication (SWIFT), that one un-authorised junior-level official fraudulently issued Letters of Undertaking (LoUs) on behalf of some companies belonging to Nirav Modi Group.
SWIFT, the ...