After Rs 12,600 cr fraud, PNB appoints group Chief Risk Officer

Mumbai Feb 27 (IANS) It may be seen as a classic case of shutting the door after the horse has bolted but the multi-crore fraud hit Punjab National Bank appointed A.K.Pradhan as Group Chief Risk Officer a regulatory filing by the bank said here on Tuesday.

The PNB reported an additional Rs 1 300 crore unauthorised transactions taking the estimated quantum to Rs 12 600 crore in the scam related to diamond trader Nirav Modi and owner of Gitanjali Gems Mehul Choksi.

In a late night filing on Monday with the stock exchanges the bank said: "In continuation to our filing with stock exchanges on February 14 2018 we have to inform that quantum of reported unauthorised transactions can increase by $204.25 million."

According to PNB Modi Choksi and their associates worked with rogue PNB employees and used fake guarantees to obtain loans from abroad which were then illegally rolled over.

--IANS
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