An Indian bank just uncovered a $1.7 billion fraud at a single branch

Punjab National Bank (PNB), India’s second-largest government-owned lender, has discovered a fraud worth $1.77 billion at one of its branches in Mumbai. This amount is nearly a third of the bank’s market value of Rs36,444.45 crore (as on Feb. 14), and close to 50 times its net profit in the October-December 2017 quarter.

This may just be the tip of the iceberg, as the impact of the crime is likely to spill over to other banks, too.

“The bank has detected some fraudulent and...

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