PNB posts Rs13,417 crore Q4 loss after being hit by Nirav Modi fraud

Bengaluru: Punjab National Bank, the fourth-biggest Indian lender by assets, posted a $1.98 billion fourth-quarter net loss after being hit by a massive fraud.

The loss for the three months to 31 March came in at Rs13,417 crore compared with a net profit of Rs262 crore a year ago, the company said in a statement.

In what has been dubbed as the biggest fraud in India’s banking history, PNB in February disclosed two jeweller groups had defrauded it of more than $2 billion by raising credit overseas using fake guarantees issued by rogue PNB staff at a Mumbai branch over several years.