Punjab National Bank AGM and 3 other employees sentenced to 5 years in jail for bank fraud

- Advertisement -

Four people, including a former assistant general manager of Punjab National Bank (PNB), have been sentenced to five years in jail for their involvement in a bank fraud scheme.

The accused were found guilty of colluding to fraudulently obtain loans for a Hyderabad-based pharmaceutical company, totalling nearly Rs. 1.24 billion.

The former PNB assistant general manager, along with two employees of the pharmaceutical company and a chartered accountant, were accused of falsifying documents, inflating invoices, and submitting false financial statements to obtain loans.

- Advertisement -

They were charged under various sections of the Indian Penal Code and the Prevention of Corruption Act.The case was initially investigated by the Central Bureau of Investigation (CBI) and later transferred to the Anti-Corruption Bureau (ACB).

The prosecution presented evidence that the accused had conspired to cheat the bank and misappropriate funds. The court found them guilty and sentenced them to five years in jail, along with a fine of Rs. 100,000 each.The judgement sends a strong message to those involved in financial fraud and white-collar crimes, highlighting the consequences of such illegal activities.

It also highlights the importance of ethical conduct and compliance in the banking industry. Banks must implement strong risk management practices and robust internal controls to prevent fraud and ensure the integrity of their operations.

- Advertisement -

This case is a reminder that financial institutions must be vigilant and take steps to detect and prevent fraudulent activities. The PNB fraud case in 2018, involving celebrity jeweler Nirav Modi and his associates, exposed significant weaknesses in the bank’s systems and controls. The case resulted in a loss of over Rs. 140 billion for PNB and highlighted the need for stronger risk management practices in the Indian banking sector.

In conclusion, the sentencing of the former PNB assistant general manager and others involved in the bank fraud scheme serves as a warning to those who engage in fraudulent activities. It underscores the importance of ethical conduct and compliance in the banking industry and the need for strong risk management practices to prevent fraud and protect the interests of financial institutions and their customers.

- Advertisement -

Share this article...

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

ED arrests Husband of Senior IPS Officer in Rs 263 Crore Fraud Case

Enforcement Directorate Arrests Husband of Senior IPS Officer in Rs 263 Crore Income Tax Refund Fraud Case

Retirement Planning: Invest Rs.3500 in NPS per month and get Rs.40,000 pension

Retirement Planning: Invest Rs.3500 in NPS per month and get Rs.40,000 pension

RBI infuses Rs 7.75 trillion via VRR

RBI Conducts Repo Auction to Address Rising Liquidity Deficit

SBI changes Loan Rules, Customers will have to pay more for Loan

SBI changes Loan Rules, Customers will have to pay more for Loan

Rules changed for Public Sector Enterprises, Now Finance Minister will grade CPSEs

Rules changed for Public Sector Enterprises, Now Finance Minister will grade CPSEs

Meet Priyanka Gupta who left her corporate job to fulfill her passion

Meet Priyanka Gupta who left her corporate job to fulfill her passion

Female Cashier handling all work of Branch alone, Huge staff shortage in Bank

Female Cashier handling all work of Branch alone, Huge staff shortage in Bank

Tata Power looking for $1 Billion Loan for new projects

Tata Power Plans to Raise $1 Billion for Clean Energy Projects in India

Google invests $350 Million in Flipkart

Google Invests $350 Million in Flipkart, Boosting Indian E-commerce Startup

Make in India! Google will start Manufacturing Pixel Smartphones in India

Google to Manufacture Pixel Smartphones and Drones in India

Latest News