Jan Man: PNB transfers fraud details to BSE and NSE, official press release on hold. The fraudulent transactions are allegedly linked to designer and jeweler Nirav Modi, against whom a complaint has been filed with the Central Bureau of Investigation. The first such complaint was filed by PNB on 28 January 2018.
While the initial complaint speaks of an amount of Rs 280 crore being involved in the alleged fraud, further internal investigations conducted by the bank showed that the amounts involved were much larger, said three people familiar with the matter. This led the bank to issue a revised statement saying that fraudulent transactions worth Rs. 11,500 crore have been detected.
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