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Politics

Punjab National Bank Says Scam May Cost Bank Nearly $2 Billion

Billionaire jewelers Nirav Modi is suspected of colluding with two employees from Punjab National Bank in the fraud.
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India's Punjab National Bank (PNBK.NS) said late on Monday that the amount of fraudulent transactions involving the bank could go up by about $204 million in addition to the $1.77 billion it had earlier reported.

Earlier this month, the state-run bank said it detected unauthorized transactions of about $1.77 billion at one of its Mumbai branches.

Billionaire jewelers Nirav Modi and his uncle Mehul Choksi, owner of Gitanjali Gems Ltd (GTGM.NS), are suspected of colluding with two employees from Punjab National Bank in the fraud.

At least a dozen people - six from the bank and six more from Modi's and Choksi's companies - have been arrested.

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This article exists as part of the online archive for HuffPost India, which closed in 2020. Some features are no longer enabled. If you have questions or concerns about this article, please contact indiasupport@huffpost.com.