India’s federal agency probing money laundering in bank fraud case: source

February 15, 2018
Samaa Web Desk

NEW DELHI: India’s Enforcement Directorate, a government agency that fights financial crime, will probe the possibility of money laundering in a $1.77 billion fraud case at the state-run Punjab National Bank (PNB), a finance ministry official said on Thursday, reported Reuters.

PNB, the country’s second-largest state-run lender with assets of $120 billion, said in a regulatory filing that the fraud benefited “a few select account holders” and that it has reported the matter to law enforcement agencies.

This was an isolated case of a banking fraud and would be investigated by federal agencies, the finance official, who declined to be named as he was not authorized to speak to media, told Reuters.

Published in Economy

Story first published: 15th February 2018