PNB scam: 8 employees sacked today, number of suspension rises to 18

PNB has suspended 10 officers and referred the matter to the CBI for investigation.

Punjab National Bank (PNB) suspended eight employees on Friday, with this the number of suspended employees now stands at 18, which also includes General Manager level officers. An internal investigation of the bank is still underway. The CBI has received two complaints from the PNB against Nirav Modi and a jewellery company alleging fraudulent transactions.

PNB suspended 10 officers on Thursday and referred the matter to the CBI for investigation.

The country's second-largest lender PNB has detected a USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.

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