Bank says won’t spare anyone in $1.8 billion fraud

NEW DELHI: Reeling under the $1.8 billion fraud blow, Sunil Mehta, MD and CEO of Punjab National Bank (PNB) on Thursday said the bank “will not spare anyone” involved in the crime. “We are known for clean banking. The fraud started in 2011. We have brought it under the notice of regulatory and law enforcement agencies as soon as we came to know about it. We will not spare anyone involved in the fraudulent practice,” Mehta told reporters here in a hurriedly called press meet on Thursday.
The Rs 11,515 crore fraud had been going on since 2011 at the Brady House branch of the bank but could only be detected on January 25 this year, the PNB chief said, adding that it was reported to the investigative agencies, including the Central Bureau of Investigation (CBI), on January 29.
“We have scanned all our branches also. This is a standalone case in one of our branches. There is nothing (such) in other branches,” he added.
He said he had received a “vague email” from the customers involved in the fraudulent transaction about settling the dues and the bank had asked them to send their detailed response. As for other banks, he said overseas branches of other Indian banks were affected by the transactions, except in one case. — IANS