$1.77 bln fraudulent transactions in Mumbai PNB branch: Filing

New Delhi: Punjab National Bank on Wednesday said it has found fake and fraudulent transactions of 1 point 77 billion dollars (around Rs 11,420 crore) in a Mumbai branch bank.

The Bank told the stock market in a statement, "The bank has found a case of fake and unauthorised transactions in which some of the selected account holders have been tried to benefit. It seems that based on the records of these transactions, some banks have given them loans abroad."It added that the total amount of these transactions was 1,771.69 million dollars.

These transactions were limited and the matter is referred to the law enforcement agencies to examine and book the culprits as per the law of the land.Lok Ranjan, Joint Secretary, the Department of Financial Services, said on the sidelines of a programme here, "I do not think the situation is out of control or it is a big concern."(UNI)