Lapses led in PNB led to $2 billion fraud: Internal probe
Beeps By | Jun 20 2018

PNB's internal probe has found that a few employees were behind the $2 billion fraud. They had worked to issue fake bank guarantees over several years to help two jewelry groups - led by Nirav Modi and his uncle Mehul Choksi. However, it went undetected then due to prevalent risk-control and monitoring lapses in several areas of the bank.

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